Chanticleer
Housing crisis rages, but there’s no money in building flats
Mirvac’s shock profit downgrade is all about its struggles to make apartment projects profitable, even as housing shortages worsen.
Campbell Hanan is bracing for what he calls a “trough year” for $7.6 billion property developer Mirvac.
After announcing a solid enough result for the 2024 financial year – operating profit came in at $552 million, down 5 per cent in challenging conditions – Hanan shocked the market by announcing guidance for 2025 that was 10 per cent below what the market expected. Mirvac shares duly plunged 10 per cent in response.
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