The result represents close to a $13 million increase on 12 months ago.
Cedar Woods Properties has recorded a $15 million profit in the first half of the financial year, on the back of strong demand and price growth.
The land developer notched up $624 million in presales for the six months to December 2024, up from $525 million the same time last year.
It settled 479 lots across Western Australia, Queensland, South Australia and Victoria, up from 417 lots 12 months ago.
In the first half of 2024, Cedar Woods recorded a $2.6 million net profit after tax.
Price growth accounted for a significant portion of the profit lift, with Perth reporting the highest dwelling value growth of all the states, at 19.1 per cent in 2024.
Baldivis project Millar’s Landing was one of the developer’s leading projects, recording 14 per cent price growth in the first half.
Speaking to Business News, Cedar Woods Properties managing director Nathan Blackburne said the profit result was a result of increased sales and margin growth.
He added that the company had diversified its portfolio to not be so heavily reliant on WA.
“We used to be a WA centric company, but we’ve executed on our diversification strategy and now we have more even contribution from other states,” he said.
Cedar Woods’ diversification is reflected in its gross sales in the last three months of 2024, when Victoria dominated sales (see below).
Source: Cedar Woods
Cedar Woods is anticipating a 10 per cent profit uplift for this financial year.
“Following consistently strong demand for Cedar Woods’ products, at the end of the first half, the Company had amassed a record $642m in presales, up from $525m in the pcp with approximately 40 per cent of this expected to settle in H2 FY25,” Mr Blackburne said.
“For FY26, the company has secured presales equivalent to more than half of the forecast revenue for that year.
“Good enquiry and sales continue to be underpinned by low unemployment, strong population growth and a significant shortage of housing nationwide, conditions we expect to persist until meaningful levels of new supply can be delivered.”
