Diversified property giant Mirvac’s full-year profit has shot above $1 billion on the back of a booming real estate market in key cities.
The real estate group reported a 42% jump in revenue to $3.05 billion for 2015-16.
The group’s strong performance was underpinned by its office and industrial assets which contributed $796 million to a total profit of $1.033 billion, a 69% increase on earnings the year before.
All sectors of the market covered by the group reported large boosts.
Earnings from residential land divisions business more than doubled from the year before and profit from retail shot up to $243 million.
Residential settlement defaults – the big worry for many property developers exposed to Asian buyers – were less than 1%.
The group negotiated 258 Foreign Investment Review Board settlements (offshore buyers) and secured residential pre-sales for the year of $2.9 billion, up almost $1 billion on the previous year.