House builder Cedar Woods says strong market conditions in Western Australia and Victoria will likely lead to profit growth.
The majority of the company’s projects are located in WA and Victoria, where residential property market conditions are strong and backed by solid fundamentals, chairman William Hames told the company’s annual general meeting.
“Based on those market conditions continuing, we expect to deliver a net profit after tax for fiscal year 2015 at least in line with last year’s record profit result,” he said.
Cedar Woods made a profit of $40.3 million in 2013/14, up 11 per cent on the previous financial year.
It has also recently expanded into the Queensland property market with the purchase of a development site at Upper Kedron in Brisbane.