A Christmas Message From The Managing Director - Summer 2022
2022 has been a testing yet rewarding year and as I look back at Cedar Woods’ performance over the past 12 months, I am proud of all our achievements in the face of some challenges.
As we navigate the residual and ongoing pressures from the pandemic combined with difficult market conditions, including the first interest rate rises in twelve years, the team has still proactively seized opportunities that will grow our business and continue to set us up for success.
Fundamentally, building communities is at the cornerstone of what we do, and we are grateful to be playing an integral part in some of life’s greatest milestones, whether it’s a young family building their first home, retirees downsizing to better suit their lifestyle or business owners upgrading their office space. We are delighted to have welcomed over 1,000 residents into a Cedar Woods community this year.
At the end of FY2022, the Company announced a record $500m in presales ($514m at Q1 FY23), after experiencing good demand across jurisdictions and most product types over the year. Throughout 2022 Cedar Woods has added four new projects to its portfolio across Western Australia and Victoria and settled stages of townhouses, apartments and land lots across four states.
Cost pressures remain, driven by inflation and materials and labour shortages across the market, but the undersupply of dwellings, low rental vacancy rates and the recovery in inbound migration are expected to underpin housing demand, with the more affordable capitals of Adelaide, Perth and Brisbane expecting an increase in sales values and volumes in FY2024. With the diversity of our portfolio, across geography, product type and price, Cedar Woods is positioned strongly for the medium term.
In 2022, Cedar Woods continued to proudly support The Smith Family - Australia’s leading children’s education charity - with our national partnership sponsoring 100 students. The partnership aims to assist disadvantaged Australian children and young people through primary and secondary education, and we hope this will be a strong, long-lasting relationship. Cedar Woods employees participated in various activities throughout the year including The Smith Family Toy and Book Appeal, programs such as ‘StraightTalk’ career information sharing for Year 6 students, the WA team hosted a Work Inspiration Day for local high school students and the ‘Dream Run’ and ‘Bridge to Brisbane’ fitness fundraising events.
Looking forward to 2023, with a pipeline of over 10,000 lots/units, Cedar Woods is primed to capitalise on improving market conditions and is continuing to bring forward the release of new project stages to meet demand from new home buyers. Cedar Woods is continuing to present a steady stream of quality product to the market especially from projects like Glenside and Fletcher’s Slip in South Australia, Bushmead and The Rivergums in Western Australia, and Mason Quarter and Williams Landing in Victoria.
As we head into the festive season, I would like to wish everyone a safe and happy Christmas and I look forward to and providing updates on the Cedar Woods story in 2023.