Property developer Stockland says consumer sentiment improved in the first three months of the financial year, as evidenced by its sales figures for the period.
Stockland said the number of deposits received in its residential communities business during September were the highest monthly result since October last year.
"Improved momentum has continued this month and while two months doesn't represent a trend, the figures are encouraging," the company said in a statement released in conjunction with its annual general meeting today.
Sentiment has particularly improved in south east Queensland, a market that softened after the floods early in the year, Stockland said.
The company's retirement living business recorded its best yet monthly sales result in September, leading to 130 reservations in the first quarter of the financial year, it said.
Turnover increased in the retail property business, Stockland said.
Managing Director Matthew Quinn told securityholders the first quarter figures demonstrated a recent general improvement in customer sentiment and buying activity at Stockland projects.
Meanwhile, Stockland has increased its target for asset sales by up to $200 million as it moved to improve its capital position.
The company is now aiming for over $600 million in sales in the current financial year.
About $260 million worth of assets had been sold so far this financial year, Stockland said.
