Solid half-year performance from Peet
Key results1
- Operating profit2 and statutory profit3 after tax of $23.1 million, up 5.6%
- Earnings per share of 4.7 cents, up 6%
- 1,417 lots4 settled, up 32%
- Contracts on hand5 as at 31 December 2018 of 1,804 with a value of $456 million
- Gearing6 of 22.2%
- Fully franked interim dividend of 2.0 cents per share
Financial commentary
The Peet Group today announced an operating profit2 and statutory profit3 after tax of $23.1 million for the half-year ended 31 December 2018, which represents an increase of 5.6% compared with the previous corresponding period.
Peet Managing Director and CEO, Brendan Gore, said the solid result was underpinned by an increase in settlements across the Group’s national portfolio.
The Group’s performance during the half year resulted in earnings per share of 4.74 cents, representing an increase of 6% compared with 1H18.
“There was, however, a decrease in the number of sales achieved across the Group’s projects in the first half of the year,” said Mr Gore. “This was due to changing lending conditions for purchasers, the completion of several Syndicates in Victoria and more moderate market conditions, particularly in that state. Peet does not have a direct exposure to the Sydney market.
“The change in lending conditions has seen delays in buyers being able to secure finance approvals and more stringent assessment criteria impacting the availability of finance, particularly for first home-buyers,” added Mr Gore. “However, Peet expects a normalisation of the finance approvals process to emerge as property buyers become accustomed to financiers’ new lending requirements.”
Revenue for the period was impacted by lower project management fees as a result of lower sales activity and a strategic englobo land sale in Victoria in 1H18.
During the period, the Group achieved EBITDA7 of $36.3 million, compared to $41.7 million in the previous corresponding period. The EBITDA7 for 1H19, adjusted for interest, tax and depreciation on the net profit of associates, increases to $40.6 million.
“The Funds Management business continues to perform well, achieving a strong margin of 69% in 1H19, which is in line with the 70% achieved in 1H18,” said Mr Gore. “It contributed to the Group’s overall EBITDA7 margin for 1H19 of 31% and this compares to an EBITDA7 margin of 33% for the previous corresponding period,” said Mr Gore.
The Group continues to maintain a strong balance sheet on the back of prudent capital management, including the active management of its landbank.
The Group has pro-actively managed the recent strong property cycle in Melbourne and, by FY20, excluding any new acquisitions, will have only three active projects in Melbourne.
Peet has avoided replenishing its land bank in Victoria and New South Wales and divested a number of assets in Melbourne over the last several years to capitalise on that strong cycle.
“The capital raised from these sales has been redeployed across strategically targeted opportunities in Queensland, Western Australia and South Australia over the past three years, ensuring a strong market position in improving markets with a low cost base, enabling the Group to deliver an affordable price point,” said Mr Gore.
During the first half of the year, the Group secured an 80-hectare property in Perth’s northern coastal corridor, with approvals in place to develop more than 1,000 lots. The property acquisition has been funded by the establishment of a new wholesale syndicate. Peet retains a 19.9% interest in the Syndicate and will act as development manager of the property.
Operational commentary
As at 31 December 2018 there were 1,804 contracts on hand9 with a gross value of $456 million, compared with 2,257 contracts on hand9 with a gross value of $616 million at 30 June in 2018.
Capital management
The Group derived solid cash inflows from operations (before payments for purchase of land) in 1H19 and kept its gearing10 at the lower end of its target range of 20% to 30% (22.2% at 31 December 2018, 18.2% at 30 June 2018).At the end of the period, the Group had interest-bearing debt (including Peet Bonds) of $238.4 million, compared with $217.2 million at 30 June 2018. Approximately 92% of the Group’s interestbearing debt was hedged as at 31 December 2018, compared with 91% at 30 June 2018.
Peet enters 2H19 with a strong balance sheet, including cash and debt facility headroom of approximately $100 million as at 31 December 2018 and a weighted average debt maturity of two and half years.
During 1H19, Peet Limited implemented a 12-month on-market share buy-back of up to 5% of its issued ordinary shares. As at 31 December 2018, the Company had acquired 6.4 million of its ordinary shares, representing approximately 26% of the total shares to be acquired.
Dividend payments
Subsequent to 31 December 2018, the Directors have declared an interim dividend of 2.0 cents per share, fully franked, in respect of the year ending 30 June 2019, which is in line with the interim dividend for the year ended 30 June 2018. The dividend is to be paid on 9 April 2019, with a record date of 22 March 2019.Group strategy
The Group has continued to operate in line with its strategy which is based on leveraging the diversity of its national land bank; working in partnership with wholesale, institutional and retail investors; and continuing to meet market demand for a mix of product in the growth corridors of major Australian cities.The key elements of Peet’s strategy include:
- accelerating production where possible and appropriate, and active management of product mix;
- selectively acquiring residential land holdings, as cycles, markets and opportunities allow to restock the project pipeline with a focus on securing low cost projects, and predominantly under its Funds Management platform;
- expanding market share by broadening its product offering in Completed Homes and Medium Density product;
- delivering affordable product targeted at the low and middle market segments; and maintaining a strong balance sheet and cash flow position.
Outlook
Market conditions and the availability of credit for customers are expected to remain difficult for the next 12 months.“Peet expects that Victorian residential property market conditions will continue to moderate as the current cycle changes,” said Mr Gore.
Peet has avoided acquiring land holdings across Victoria and New South Wales during the past three years and has divested a number of non-core assets in Victoria and redeployed capital into improving and affordable markets.
“Peet’s large and diverse land bank with a low cost base that has exposure to affordable markets, its lowly geared balance sheet and with a strong visibility of future operating cash flows, including from new projects commencing development within the next two to three years, underpins Peet’s positive medium to long term outlook,” said Mr Gore.
2 Operating profit is a non-IFRS measure that is determined to present the ongoing activities of the Group in a way that reflects its operating performance. Operating profit excludes unrealised fair value gains/(losses) arising from the effect of revaluing assets and liabilities and adjustments for realised transactions outside the core ongoing business activities.
3 Statutory profit after tax means net profit measured in accordance with Australian Accounting Standards, attributable to the owners of Peet Limited. The effective tax rate is lower than the statutory tax rate due to additional tax-deductible employee benefits and higher share of profits from associates and JVs.
4 Includes equivalent lots.
5 Includes equivalent lots. Excludes englobo sales.
6 Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash) / (Total assets adjusted for market value of inventory less cash, less intangible assets). Excludes syndicates consolidated under AASB10.
8 Includes equivalent lots.
9 Includes equivalent lots. Excludes englobo sales.
10 Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash) / (Total assets adjusted for market value of inventory less cash, less intangible assets). Excludes syndicates consolidated under AASB10.
News and Events
Peet prioritises mental health through new Black Dog partnership
POSTED ON 30 Jun 2022
Leading Australian property developer Peet has announced a three-year partnership with independent not-for-profit medical research institute, Black Dog Institute, which delivers research to help treat, manage, and prevent common mental health conditions and suicide.
Peet secures two high quality projects in Adelaide
POSTED ON 24 Jun 2022
Peet has entered into a Development Management Agreement with Renewal SA on two inner-city sites in Adelaide, South Australia.
Lakelands AFL facility named best in Australia
POSTED ON 23 Jun 2022
Peet’s Lakelands Estate is set to become a breeding ground for the next generation of AFL all-stars, with the Lakelands Park Sporting Complex taking home the prestigious award for National Project of the Year.
Reconciliation Week
POSTED ON 26 May 2022
This National Reconciliation Week 2022, Peet would like to acknowledge and show respect to Aboriginal and Torres Strait Islander peoples as the Traditional Custodians of this land.
Peet Limited FY22 Earnings Update
POSTED ON 2 May 2022
Peet Limited announced today that it expects its operating profit after tax for the year ending 30 June 2022 to be in the range of $48 million to $52 million.
Tonsley Village wins REA SA Land Campaign of the Year
POSTED ON 31 Mar 2022
We were thrilled to have won the REA SA Land Campaign of the Year award for our Tonsley Village project, announced at last week's 2021 Annual REA Excellence Awards.
Collaboration key amidst evolving market
POSTED ON 16 Mar 2022
For developers, the past two years have been critical when it comes to forward thinking, utilising industry experience and longstanding relationships in order to mitigate the wave of challenges arising across the property market.
Peet Launches Fort Largs
POSTED ON 4 Mar 2022
After an overwhelming response to our VIP database release, Peet will launch its first public release this weekend at Fort Largs, our newest master-planned community in Adelaide.
Half Year Results FY22
POSTED ON 24 Feb 2022
Today, Peet was pleased to announce its results for the half-year ended 31 December 2021, achieving an operating profit and statutory profit after tax of $20.6 million, an increase of 103% on the previous year.
Eden's Crossing Bio Basin
POSTED ON 14 Feb 2022
Peet is pleased to have now completed the Bio Basin at Eden's Crossing in Redbank Plains, QLD.
Perth Scorchers win BBL11 Final
POSTED ON 28 Jan 2022
From all of us at Peet, a huge congratulations to the Perth Scorchers on winning an incredible final match to become the BBL11 Champions!
Scorchers Finish Top of BBL Ladder
POSTED ON 17 Jan 2022
As proud Principal Partner, Peet would like to congratulate the Perth Scorchers on an incredibly successful season, finishing top of the BBL ladder!
We will be cheering you on from Perth and around the country throughout the final series. Best of luck!
Peet moves to 100 percent ownership of Flagstone City project
POSTED ON 31 Dec 2021
Peet Limited today announces that it has acquired Spirit Super’s (formerly MTAA Super’s) 50% shareholding in the Flagstone City project in Queensland.
Peet has agreed to acquire the 50% share in the project for $46.15 million, with settlement to occur in January 2022.
Developer approval received for Glyde Street Apartments, Mosman Park
POSTED ON 17 Dec 2021
Peet is pleased to announce that today development approval was received for Glyde Street Apartments, Mosman Park, Peet’s latest apartment development located in Perth’s premium western suburbs.
Strong demand at Jumping Creek
POSTED ON 16 Dec 2021
Jumping Creek, Peet’s newest community in NSW, has exceeded expectations with the launch of its first land releases.
Wishing you a Happy Festive Season
POSTED ON 8 Dec 2021
From all of us at Peet, wishing you a Happy Festive Season!
Please note, Peet offices will be closed from Thursday 23rd December 2021, re-opening Tuesday 4th January 2022. For Sales Centre opening hours, please check the estate website for details.
Perth Scorchers Win WBBL Title
POSTED ON 29 Nov 2021
As proud Principal Partner, Peet would like to congratulate the Perth Scorchers for winning their first WBBL title!
WBBL Perth Scorchers to host Home Final
POSTED ON 22 Nov 2021
Congratulations to the Perth Scorchers who finished on top of the table and will now host the #WBBL07 Final at Optus Stadium this Saturday!
Peet acquires strategic landholding from University of Canberra
POSTED ON 22 Nov 2021
Peet is pleased to announce the strategic acquisition of approximately 15 hectares of land from the University of Canberra (UC) in Belconnen, ACT.
Peet launches Ellery at Wollert
POSTED ON 19 Oct 2021
Peet was pleased to successfully launch our newest community in Melbourne’s north, Ellery at Wollert.
Peet's Fort Largs to commence historic restoration
POSTED ON 18 Oct 2021
Today signified the first step in an exciting development for Peet’s newest community in South Australia, Fort Largs.
Burns Beach awarded Best Residential Development
POSTED ON 17 Sep 2021
At Saturday evening’s UDIA WA Awards for Excellence, Peet’s Burns Beach development was named the 2021 Best Residential Development.
Full Year Results FY21
POSTED ON 26 Aug 2021
Today, Peet announced its results for the financial year ended 30 June 2021, achieving an operating profit and statutory profit after tax of $28.5 million, an increase of 89% and 195%, respectively on the previous year.
Federal HomeBuilder Extension
POSTED ON 23 Apr 2021
On 17 April 2021, the Federal Government announced that the construction commencement requirement for its Homebuilder program is being extended from six months to 18 months for all existing applicants.
Aston Craigieburn recognised as Best Masterplanned Community
POSTED ON 25 Mar 2021
Peet was recently awarded the UDIA Victoria 2020 Best Masterplanned Development for Aston Craigieburn.
Peet Group 1H21 Financial Results
POSTED ON 25 Feb 2021
Today, Peet announced its results for the half year ended 31 December 2020, achieving an operating profit and statutory profit after tax of $10.1 million, up 101% compared to the previous corresponding period.
HomeBuilder Grant Extension
POSTED ON 30 Nov 2020
On 29 November, the Federal Government announced an extension to its popular HomeBuilder program. The incentive is designed to stimulate the residential construction industry by encouraging the commencement of new builds and renovations.
Government extends the First Home Loan Deposit Scheme
POSTED ON 13 Oct 2020
The Australian Government has announced the Federal Home Loan Deposit Scheme has been extended to an additional 10,000 places until 30 June 2021.
The move will provide eligible first home buyers with the continued support they need to secure a home loan and enter the property market.
Peet maintains its focus on prudent capital management during FY20
POSTED ON 27 Aug 2020
Today the Peet Group announced its FY20 results, achieving an operating profit after tax of $15.1 million, in line with guidance, for the year ended 30 June, 2020.
Peet welcomes $25,000 HomeBuilder grant
POSTED ON 4 Jun 2020
Australian property developer Peet has welcomed today’s announcement of the Federal Government’s new HomeBuilder scheme.
The HomeBuilder grant will give Australian home buyers access to a $25,000 grant to go towards the cost of building a new home up to the value of $750,000, or to assist with renovations of between $150,000 and $750,000.*
Peet guiding first time buyers on the property journey
POSTED ON 29 May 2020
Recently Peet Managing Director and CEO Brendan Gore spoke with Dan Wilkie from Australian Property Investor Magazine about the challenges first home buyers face when starting their property journey, and how Peet’s new five-step First Home Buyer Toolkit can help them through the process.
Closure of playgrounds, skate parks and outdoor gyms
POSTED ON 31 Mar 2020
In line with the latest government restrictions to slow the spread of COVID-19, we advise that all playgrounds, skate parks and outdoor gyms will be closed across all Peet communities. When utilising open spaces for exercise, social distancing and maximum numbers do apply. We understand how important these community facilities are to everyone and that they will be dearly missed, and we thank you for doing your part and adhering to the Government’s guidance. Stay safe and we’ll get through this together.
A message from Peet
POSTED ON 24 Mar 2020
The effect of COVID-19, and the impact it has on each of us, continues to evolve rapidly. It’s times like this that community is extremely important.
COVID-19: Update on Peet community events
POSTED ON 21 Mar 2020
At Peet, we hold the safety and well-being of our communities, visitors, suppliers and staff in the highest regard.
Following advice from the Chief Medical Officer to national, state and territory leaders around COVID-19 (Coronavirus), we regret to inform you that Peet has postponed or cancelled events at its estates around Australia.
Flagstone’s $3million Water Play Park
POSTED ON 13 Dec 2019
Flagstone’s $3 million state of the art Water Play Park is opening to the public on Saturday 21 December 2019.
New McDonald’s store opens in Flagstone
POSTED ON 13 Dec 2019
Peet’s Flagstone community in Jimboomba Queensland has celebrated the opening of a McDonald’s restaurant, bringing with it an exciting boost for the community and local economy.
Wishing you a Happy Festive Season
POSTED ON 10 Dec 2019
From all of us at Peet, wishing you a Happy Festive Season!
Please note, Peet offices will be closed from Monday 23rd December 2019, re-opening Thursday 2nd January 2020. For Sales Centre opening hours, please check the estate website for details.
First sod turned at Brabham
POSTED ON 3 Oct 2019
The first sod has been turned at Brabham, WA’s newest master-planned community. Department of Communities appointed Peet and Perron Group as its Development Manager, with Peet as the Project Manager.
Peet renews a strong partnership for a scorching summer of cricket
POSTED ON 9 Sep 2019
Peet is proud to be the Perth Scorchers’ Major Partner of the Men’s team and Official Partner of the Women’s team, for the next two Big Bash League seasons!
Peet well positioned for residential market recovery
POSTED ON 29 Aug 2019
Today the Peet Group announced its FY19 results, achieving an operating profit and statutory profit after tax of $47.5 million for the year ended 30 June 2019.
Flagstone to be home to new McDonald’s restaurant
POSTED ON 20 Aug 2019
Construction has started on a 4,455 sqm site that will include a 498sqm signature McDonald’s restaurant, due to open in December 2019 at our Flagstone community in Jimboomba, QLD.
Googong takes top UDIA honours
POSTED ON 9 Aug 2019
Our Googong development, one of the biggest new towns in Australia, received top honours in the 2019 UDIA NSW awards on Friday night winning both the Excellence in Masterplanned Communities and Excellence in NSW Regional Development categories.
Flagstone signs historic $1.2 billion infrastructure deal
POSTED ON 18 Jun 2019
Peet has led an historic infrastructure agreement that will fund more than $1.2 billion of essential services for the Greater Flagstone Priority Development Area, in Queensland. The infrastructure deal is the biggest of its kind in Australia’s history and will secure the infrastructure needs of the Greater Flagstone community for the next 45 years.
Prime Minister doorstops in Googong
POSTED ON 8 Apr 2019
The Prime Minister’s visit included a press conference about the Government’s $525million commitment to vocational education and training (VET). The funding will deliver 80,000 new apprenticeships over five years — including bricklayers, carpenters and plumbers — as well as financial incentives for employers and trainees.
When big ideas meet big thinking
POSTED ON 27 Mar 2019
Peet has been featured in the National Australia Bank’s Big Ideas campaign – with Managing Director and CEO Brendan Gore sharing our big idea of making the dream of home ownership a reality for a million Australians, and how NAB is helping achieve that goal.
Solid half-year performance from Peet
POSTED ON 26 Feb 2019
Today Peet announced an operating profit and statutory profit after tax of $23.1 million for the half-year ended 31 December 2018, which represents an increase of 5.6% compared with the previous corresponding period. Managing Director and CEO, Brendan Gore, said the solid result was underpinned by an increase in settlements across the Group’s national portfolio. The Group’s performance during the half year resulted in earnings per share of 4.74 cents, representing an increase of 6% compared with 1H18.
Peet named preferred proponent to develop Tonsley Retail precinct
POSTED ON 21 Feb 2019
Peet is pleased to have been selected as the preferred proponent* to develop the Tonsley Retail precinct. Plans are now underway for the development of a vibrant new shopping, hospitality and commercial precinct at Tonsley Village.
$26million investment shapes first year for Tonsley Village
POSTED ON 7 Feb 2019
A year after launch, there is now 95 apartments and terrace homes under construction in Peet’s Tonsley Village – 25% of the 11ha development.
Lightsview Cycling Team takes top honours
POSTED ON 10 Jan 2019
The Lightsview Cycling Team has beaten the Australian Cycling Team in the elite men’s category to secure the series win in the 2018 Cycling South Australia Super Series. In addition to the team success, Justin Gassner took out the Series Leader competition.
Invita up for national housing affordability award
POSTED ON 13 Dec 2018
Peet’s Invita Apartments (Stage 3A) south of Perth has been named as a finalist in the Best Affordable Housing Development category of the Property Council of Australia / Rider Levett Bucknall Innovation & Excellence Awards.
Merry Christmas and Happy New Year
POSTED ON 3 Dec 2018
From all of us at Peet, wishing you a happy festive season with your family and friends.
Please note, Peet offices will be closed from Monday 24th December 2018, and will re-open on Wednesday 2nd January 2019. For Sales Centre opening hours, please check the estate website for details.
What's On - December
POSTED ON 26 Nov 2018
Get involved with whats happening in our communities around the country this December! Find out what's on in your state.
Peet ready for scorching summer of cricket
POSTED ON 24 Oct 2018
Peet will be taking cricket to the community this summer through an exciting partnership with the Perth Scorchers, having signed on as their Community Partner for the upcoming 2018-19 season.
What's On - October
POSTED ON 26 Sep 2018
Get involved with whats happening in our communities around the country this October! Find out what's on in your state.
Prestigious industry award for Lakelands
POSTED ON 18 Sep 2018
Peet’s Lakelands Estate has added to its continued success, being named the best Masterplanned Development in Western Australia at this year’s Urban Development Institute of Australia WA’s gala dinner at Crown Perth on Saturday 15 September.
What's On - September
POSTED ON 27 Aug 2018
Get involved with whats happening in our communities around the country this September! Find out what's on in your state.
Peet increases full year profit
POSTED ON 23 Aug 2018
Today the Peet Group announced an operating profit and statutory profit after tax of $49.1 million for the year ended 30 June 2018, representing an increase of 10% compared with the year ended 30 June 2017. MD and CEO, Brendan Gore, said the results were underpinned by continuing favourable conditions across east coast markets. “The benefits of the Group’s geographically diversified portfolio have underpinned the 2018 performance, with the favourable conditions on the east coast more than offsetting the subdued Perth market,” said Mr Gore.
Healthy Active by Design at The Village at Wellard
POSTED ON 16 Aug 2018
Peet’s award-winning The Village at Wellard community south of Perth has been featured as a case study by the Heart Foundation’s Healthy Active by Design program, shining a spotlight on its many design features which support healthy and active living.
Googong celebrates first public school
POSTED ON 9 Jul 2018
The Googong community has welcomed the NSW Government’s 2018 budget decision to fund the community’s first public school.
Home ground advantage at Flagstone
POSTED ON 6 Jul 2018
Flagstone’s new adventure zone is quickly taking shape in the future city centre. A million dollar playing field is now open and construction has started on one of the biggest community playgrounds in South East Queensland.
Prime Minister visits Lakelands Estate
POSTED ON 7 May 2018
On his visit to Perth last week Prime Minister Malcolm Turnbull stopped by the award-winning Lakelands Estate to make a welcome funding announcement which moves the proposed Lakelands train station another step closer to reality.
Tonsley takes out top property industry award
POSTED ON 3 May 2018
The transformation of a former car manufacturing site into the dynamic Tonsley Innovation District has seen the project awarded South Australia’s top property honour at the Property Council of Australia’s Awards for Excellence.
What's On - May
POSTED ON 30 Apr 2018
Get involved with whats happening in our communities around the country this May! Find out what's on in your state.
Peet Sales Centres - Easter Long Weekend Opening Hours
POSTED ON 26 Mar 2018
This Easter long weekend our Sales Centres will still be operating - but with reduced hours. Find out what days and times we will be open.
Big retail brands head to Flagstone
POSTED ON 23 Mar 2018
Flagstone, one of Australia’s biggest satellite cities, is fast taking shape in South East Queensland and some of Australia’s biggest retail brands have been quick to move in!
What's On - April
POSTED ON 22 Mar 2018
Get involved with whats happening in our communities around the country this April! Find out what's on in your state.
Revolutionising the home buying journey
POSTED ON 6 Mar 2018
Deciding on which community you want to build your new home in has just been made easier with Peet launching a virtual reality experience that brings Peet communities to life in the hearts and minds of homebuyers – introducing Peet Vision360.
Peet delivers a solid first half performance
POSTED ON 22 Feb 2018
Peet Limited today announced an operating profit and statutory profit after tax of $21.9 million for the half-year ended 31 December 2017, which represents an increase of 11% compared with the previous corresponding period. Peet Managing Director and CEO, Brendan Gore, said the result was underpinned by continuing strong conditions across east coast markets which saw the Group achieve strong growth in operating margins.
What's On - March
POSTED ON 20 Feb 2018
Get involved with whats happening in our communities around the country this March! Find out what's on in your state.
Googong unveils $143 million town centre
POSTED ON 19 Feb 2018
We are excited to unveil plans for our biggest expansion at Googong yet – a $143 million town centre that will bring 1800 new dwellings, 4500 residents and hundreds of jobs to the ACT region.
Parkindula Village – the new heart of Bluestone
POSTED ON 15 Feb 2018
There’s an exciting new precinct at Peet’s Bluestone, Mt Barker community in the Adelaide Hills – Parkindula Village – which is set to become a new focal point and central hub for this vibrant growing community.
Corporate cycling day raises funds for cancer sufferers
POSTED ON 2 Feb 2018
Important cancer research and therapy was the big winner at the annual Penny’s Hill Peloton corporate event on Saturday 20 January.
What's On - February
POSTED ON 23 Jan 2018
Get involved with whats happening in our communities around the country this February! Find out what's on in your state.
Introducing Tonsley Village – Adelaide’s most innovative new address
POSTED ON 16 Jan 2018
You can now be part of Tonsley Village, one of the most exciting and innovative residential developments in South Australia, which was officially launched by the Honourable Kyam Maher MLC, Minister for Manufacturing and Innovation, on Sunday 14 January.
Wishing you a happy festive season
POSTED ON 21 Dec 2017
From all of us at Peet, wishing you a happy festive season with your family and friends.
Please note, Peet offices will be closed from Monday 25th December 2017, and will re-open on Tuesday 2nd January 2018. For Sales Centre opening hours, please check the estate website for details.
2017 Annual General Meeting
POSTED ON 29 Nov 2017
Our shareholders gathered in Perth today for our 2017 Annual General Meeting and heard from Chairman Tony Lennon and Managing Director and CEO Brendan Gore about the performance of Peet last financial year, and how we’re positioned for the year ahead. It was also pleasing to have two Board Members, Vicki Krause and Bob McKinnon, re-elected for another term with overwhelming support from shareholders.
DOWNLOAD THE 2017 PEET AGM PRESENTATION
Googong landmarks receive new Aboriginal names
POSTED ON 27 Nov 2017
Four prominent landmarks in the new township of Googong have been given Aboriginal names in recognition of the area’s Indigenous heritage which dates back more than 20,000 years.
2017 Annual Report
POSTED ON 25 Oct 2017
The Peet Group has a diversified land bank across all mainland state and territories, with a pipeline of approximately 52,000 lots worth $13.8 billion. This represents 17 years’ lot supply based on current sales rates.
The Group acquires, develops and markets residential land, predominantly under a capital-efficient funds management model.
Our focus is to create high-quality masterplanned residential communities for homebuyers across Australia, and achieve the best possible results for our shareholders, investors and partners, which include State and Federal Government agencies and major Australian institutions. These are in addition to our syndicate and company investors.
Download the 2017 Peet Limited Annual Report
The OP LAKC 17 team complete Kokoda
POSTED ON 8 Sep 2017
Congratulations to the entire OP LAKC 17 team on their outstanding achievement having completed the gruelling 96km Kokoda Track in Papua New Guinea! The commitment, teamwork and physical and mental strength displayed by the Junior Legatees and their ADF mentors was impressive and their reflections along the way, captured in this video, incredibly moving. We are extremely proud to support Legacy Australia and to be able to share the experiences and wonderful achievements of these group of outstanding young Australians.
Operation Legacy Kokoda Challenge – ready for take off
POSTED ON 25 Aug 2017
As the group depart on Monday to take on the gruelling 96km track, hear from Peet Managing Director and CEO, Brendan Gore, on why we’re proud to be supporting some very special Legatees on this incredible journey.
Strong full year performance for Peet Group
POSTED ON 24 Aug 2017
The Peet Group today announced an operating profit and statutory profit after tax of $44.8 million for the year ended 30 June 2017, which represents an increase of 5% compared with last financial year. Managing Director and CEO, Brendan Gore, said the results were achieved on the back of continuing strong conditions across the Group’s east coast markets. “The Group has continued to achieve price growth in these key markets and particularly across the Victoria portfolio. There were also signs of improvement in the Queensland portfolio, with increased levels of enquiry and sales,” said Mr Gore.
Peet Community Partners
POSTED ON 19 Aug 2017
Supporting the community is in our DNA. Here are just some of the highlights of the wonderful local groups and organisations we have supported through our Community Partnership Program over the past year.
Peet teams up with the 'Experts in Fun!
POSTED ON 7 Aug 2017
Our commitment to innovation keeps us looking for new ways to deliver exciting lifestyle opportunities for residents in our communities across the country. Peet is excited to have joined forces with ‘experts in fun,’ the Mamma Knows Melbourne team, in an exclusive partnership to guide the design and development of our parks and playgrounds at Cornerstone and Newhaven in the west, and Aston and Aspect in the north.
Training in full swing in preparation for Kokoda
POSTED ON 31 Jul 2017
Operation Legacy Australia Kokoda Challenge 2017 (OP LAKC 17) reached a significant milestone recently, by bringing together Legacy youth from across Australia and their Australian Defence Force (ADF) Mentors for the first time on Exercise POPONDETTA PRELUDE.
Lego Travellers visit Peet Communities
POSTED ON 24 Jul 2017
Peet has been thrilled to have the Lego Travellers touring its communities in Western Australia throughout July.
Health and wellbeing at heart of Peet communities
POSTED ON 18 Jul 2017
Lifestyles are evolving and Peet is creating communities that respond to the changing needs of homebuyers at all stages of life. Not surprisingly, more residents are making the most of the shared spaces – parks and open spaces that are designed as a kind of ‘communal backyard’ with places to get active and also relax with parklands, waterways, walking and cycling trails, BBQs, shelters, and play equipment.
Flagstone Bridge Opening
POSTED ON 10 Jul 2017
We have a big, bold vision for Flagstone in Queensland where 12,000 homes and a complete city centre will be built over the next three decades and were excited to mark a major milestone on the project last week.
Peet preferred proponent for affordable housing project in Brabham
POSTED ON 5 Jul 2017
Peet is pleased to have been selected as the preferred proponent to partner with the WA Housing Authority to deliver the new Brabham project. With the potential to be home to thousands of residents with more than 3,000 dwellings, schools, neighbourhood shops and recreational areas, Brabham will be a major transit-oriented development linking the Swan Valley with the Perth CBD.
Doors open at Lakelands Shopping Centre
POSTED ON 27 Jun 2017
The new Lakelands Shopping Centre opened its doors to hundreds of waiting shoppers on Wednesday 21 June and is now the largest shopping centre between Mandurah and Rockingham south of Perth. The 20,000sqm centre is anchored by Coles, K-Mart and ALDI and boasts more than 40 specialty stores.
Military Art Program 2017 | Peet Limited
POSTED ON 1 Jun 2017
A unique exhibition of artworks from current and former serving defence personnel will be open – with some works available for sale – on the weekend of 25-26 June only at Wilkinson’s Gallery, Claremont Showgrounds. More than 100 works from participants in the Military Art Program Australia (MAPA), including representatives of Army (including SASR), Navy and Air Force, feature portraits, landscapes, abstracts and military war dogs, wildlife and other military and non-military subjects, a variety of sculptures and other works.
First Home Super Saver Scheme Explained | Peet Limited
POSTED ON 10 May 2017
If you’re looking to take that first step on the homeownership ladder, the Federal Government’s First Home Super Saver Scheme will help you save for a deposit by salary sacrificing into your superannuation account.
Flagstone regional park
POSTED ON 9 May 2017
We have reached a major milestone at Flagstone, with construction of the $6 million first Phase of the Flagstone Central Park now underway! Designed to be a real destination for the whole Flagstone region the Park covers 10 hectares and will be delivered in stages over the next four years. Stages 1 and 2 will include active and passive recreation areas with an adventure theme, including a dog park and innovative skate plaza, which are due to open before the end of this year. Flagstone Central Park will also incorporate a village meeting place, multi-purpose sports field, play equipment, plenty of open space, walking trails and picnic areas.
Peet A Gold Partner Of The 2017 UDIA National Congress | Peet Limited
POSTED ON 7 Apr 2017
Peet was pleased to be a gold partner of the 2017 UDIA National Congress which celebrated its 25th anniversary in Perth, welcoming industry leaders from around the country.
Small Lot Houses On Trend | Peet Limited
POSTED ON 3 Apr 2017
Peet’s commitment to innovation has always been a key driver of its success. Today’s affordability pressures; changing demographics and lifestyles; and the need to limit urban sprawl have all contributed to the increased demand for smaller lots and built form options that don’t compromise on space or quality.
Strong half-year performance
POSTED ON 3 Feb 2017
Continuing strong conditions across the Peet Group’s east coast markets were reflected in our performance during the first half of the 2017 financial year. The Group recorded an operating profit after tax and statutory profit for 1H17 of $19.8 million – a 7% increase on the previous corresponding period. Improved margins and earnings were achieved on the back of price growth in both Funds Management and Development projects in the Victorian portfolio; the contribution of new projects across Australia; and Peet’s continuing focus on efficiencies across the business. It’s all made possible thanks to the dedication and commitment of our team and we thank each and every one of you for what you bring to the business.
Art At Sea Helps WA Forces This Festive Season | Peet Limited
POSTED ON 7 Dec 2016
WA defence personnel are taking up ‘arms’ in the form of pencils and paints to help them cope with being far from family and home during this festive season. A new initiative is encouraging serving men and women to immerse themselves in drawing and painting while they are away on a tour of duty. The Art In The Field project provides individual art packs to defence bases, outposts and naval vessels to give military personnel an artistic alternative to the usual off-duty activities such as fitness, sports and games – with a high degree of therapeutic benefit.
Peet To Support Operation Legacy Australia Kokoda Challenge 2017 | Peet Limited
POSTED ON 16 Nov 2016
Major General Stuart Smith AO, DSC, Legacy Australia Ambassador and former Legacy ward, has today launched a joint initiative which will see Australian Defence Force (ADF) Members mentor Legacy youth in a leadership development challenge, to commemorate the 75th anniversary of the Kokoda Campaign.
Alongside Strengthens Support For Frontline Families | Peet Limited
POSTED ON 6 Sep 2016
More than half a million people make up Australia’s frontline, working as Defence or Emergency Services personnel, where exposure to trauma is unavoidable and there is an increased prevalence of mental health problems.
Peet Announces Major New Redevelopment Project In Tonsley SA | Peet Limited
POSTED ON 30 Jun 2016
The Peet Group will partner the South Australian Government in the redevelopment of the residential component of Tonsley – a major new education, industry and residential precinct just 10 kilometres from the Adelaide CBD.
University Of Canberra & Peet Plan $1.7 Billion Project | Peet Limited
POSTED ON 30 Jun 2016
The University and Canberra and Peet have entered a conditional agreement for the proposed development of a new and innovative residential community in the ACT.
Peet congratulates Perth Scorchers on BBL10 Final
POSTED ON 1 Jan 0001
After last night’s impressive win over the Brisbane Heat, the Peet team are thrilled to get behind the Perth Scorchers as they head into the BBL10 final this Saturday!
Congratulations on a fantastic season, and best of luck for the big game. From the entire Peet team.
Education Minister opens Coastal Lakes College
POSTED ON 1 Jan 0001
Western Australian Minister for Education and Training, the Hon Sue Ellery MLC visited Peet’s Lakelands Estate on Friday 15 February to officially open the new public secondary school, Coastal Lakes College.