Stockland chief executive Tarun Gupta needs two things to go right for the performance of his residential housing division: a run of good weather, and an end to the Reserve Bank’s interest rate rises.

Heavy rain meant the number of residential properties Stockland settled in the December half fell to 1804 from 3815 a year earlier, a result similar to outcomes seen across the listed property sector this reporting season. While the company has now cut its full-year target from 6000 lots to 5500 lots, Gupta will need plenty of sunshine (and no supply chain hiccups) to deliver.