Summerset Q3 24 sales report

Summerset Group Holdings Limited (ASX:SNZ) reported a total of 289 sales for the quarter ending 30 September 2024, comprising 129 new sales and 160 resales. The CEO, Scott Scoullar, highlighted an 11 percent increase in total sales compared to the same period last year, with resales increasing by 26 percent year-on-year.

Executive Commentary on Q3 24 Sales Performance

Total sales for Q3 were up 11 percent on the same time last year, with resales increasing 26 percent year-on-year. Summerset continues to sell homes despite the challenging economic conditions and is assisted by having 15 villages selling new homes across different locations in New Zealand. We are seeing a good balance of sales throughout the country with 55 percent of sales coming from outside Auckland, Wellington and Christchurch during this quarter. The first stage of Summerset's flagship St Johns village was delivered on time as expected this quarter, a major milestone for the company. The first of the St Johns' buildings was handed over in August, and the second building (which includes the care centre, café, bar, theatre and other resident amenities) was completed at the end of September. We are delighted to have welcomed our first residents into Summerset St Johns in October too. We're looking forward to introducing this premium village experience to our residents. The economy was still extremely difficult in Q3, with a slow property market, weak consumer confidence and inflation continuing to have an impact. Despite this we've continued to manage through. Our sales show that we still have highly motivated prospective residents, and we've worked hard to bring them into our villages. We're seeing positive signs too with an interest rate cut (and further cuts anticipated) bringing more optimism to the market.

Summary of Summerset Q3 24 Sales Report

Summerset Group Holdings Limited (ASX:SNZ) reported a total of 289 sales for the quarter ending 30 September 2024, reflecting a positive 11 percent increase in total sales compared to the same period last year, with resales increasing by 26 percent year-on-year. Despite challenging economic conditions, Summerset continues to sell homes, with 55 percent of sales coming from outside Auckland, Wellington, and Christchurch during this quarter. The completion of the first stage of Summerset's flagship St Johns village marks a major milestone for the company. The CEO, Scott Scoullar, expressed optimism despite the difficult economic environment, citing the company's ability to attract highly motivated prospective residents and the positive impact of anticipated interest rate cuts. Summerset's commitment to delivering premium village experiences remains strong, as evidenced by the successful introduction of residents to Summerset St Johns in October. The company's resilience and strategic positioning indicate a promising outlook for its continued growth and development.