Peet Delivers Record Earnings
Peet Limited (ASX:PPC) (“The Group” or “Peet”) today announced its results for the year ended 30 June 2023.
Key Results1
• Operating profit2 and statutory profit3 after tax of $70.1 million
• Earnings per share of 14.8 cents per share
• FY23 dividends of 7.5 cents per share, fully franked
• Revenue4 of $363.7 million, with 2,594 lots settled6
• EBITDA5 margin of 29% on EBITDA5 of $107.0 million
• Net cash inflows from operations (before acquisitions) of $89.0 million
• $476.4 million worth of contracts on hand6 as at 30 June 2023
• Gearing7 of 27.7%
Financial commentary
The Peet Group achieved a record operating profit2 and statutory profit3 after tax of $70.1 million for the year ended 30 June 2023 (“FY23”), which represents an increase of 34% on the previous financial year (“FY22”) which was also a record earnings performance.
The Group derived EBITDA5 of $107.0 million during FY23, compared to $86.0 million in FY22, with an EBITDA5 margin of 29%, compared to the margin achieved in FY22 of 30%.
Peet Managing Director and Chief Executive Officer, Mr Brendan Gore commented: “The strong FY23 result is on the back of the Group’s continuing focus on monetising the high number of contracts on hand at the start of the financial year, many of which had high margins as a result of strong price growth.
“Additionally, the changing product mix, including an improved performance from medium density townhouse product; continued focus on unlocking value by appropriately managing the Group’s significant landbank; and continued focus on cost management and operational efficiencies, contributed to the Group’s record performance,” said Mr Gore.
The FY23 performance has resulted in:
• an operating and statutory earnings per share of 14.8 cents for FY23, compared to operating and statutory earnings per share of 10.8 cents in FY22; and
• strong cash inflows from operations (before acquisitions) of $89.0 million, compared to $80.1 million in FY22.
Operational commentary
Sales activity during FY23 reduced from elevated levels in FY22 (FY23: 1,399 lots8, compared to FY22: 3,163 lots8). This is attributable to a combination of external factors and the Group’s measured response to those factors.
“Multiple interest rate rises and inflationary pressures contributed to more subdued market conditions during FY23, reducing the borrowing capacity of buyers, especially of first home buyers. This, together with continued supply chain constraints and labour shortages impacting builders, has negatively impacted consumer sentiment,” said Mr Gore.
Peet has responded to the underlying market and broader economic conditions by reducing the number of new stage releases and allocating resources to the creation of lots pre-sold during the peak 2022 selling period.
“As previously communicated to the market, Peet pro-actively focussed on protecting its balance sheet and its high level of contracts on hand during FY23, resulting in strong settlements (FY23: 2,594 lots8, compared to FY22: 2,514 lots8) during the year. This was achieved by the close management of construction programs and the low cancellation rate for unconditional contracts,” said Mr Gore.
The Group enters FY24 in a strong capital position, with a still solid level of contracts on hand with a value of $476.4 million.
Capital management
The Group’s continuing focus on capital management and the monetising of contracts on hand during FY23 contributed to increased cash inflows from operations (prior to acquisitions) of $89.0 million (FY22: $80.1 million).
As at 30 June 2023 the Group had:
• gearing9 of 27.7% (30 June 2022: 29.9%);
• net interest-bearing debt10 (including Peet Bonds) of $253.3 million, compared with $245.2 million at 30 June 2022.
• cash and available debt facility headroom of $148.3 million; and
• a weighted average debt maturity of more than two years.
The Group has a strong balance sheet and sufficient financial capacity to fund the current portfolio of projects, including accelerating delivery of product, if required, to meet increases in demand.
Peet has $75 million of Peet Bonds maturing on 7 June 2024. They will be repaid on maturity via cash and available headroom in the senior debt facility and/or other refinancing options available.
Dividend
Subsequent to year end, the Directors declared a final dividend for FY23 of 4.0 cents per share, fully franked. This brings the total dividend for FY23 to 7.5 cents per share, fully franked. This compares to the FY22 dividend of 6.25 cents per share, fully franked. The final FY23 dividend is to be paid on Monday, 16 October 2023, with a record date of Monday, 11 September 2023.
Outlook
Residential markets continue to adjust from their peak as a result of interest rate increases, inflationary pressures and low consumer confidence.
“Despite markets being at or close to bottoming, and with an improvement in enquiry levels, we expect the market will require a stabilisation in interest rates before buyer confidence begins to return and market conditions begin to normalise,” said Mr Gore.
Markets remain undersupplied, with underlying fundamentals remaining positive including low unemployment, above-average wage growth, and increasing overseas migration.
“Peet will continue to focus on executing our strategic objectives and maintaining a disciplined approach to capital management. The Group remains well positioned to navigate the current environment, with a flexible delivery program in place to respond strongly to a recovery in activity and to take advantage of a shortage of market supply,” said Mr Gore.
Given the current economic backdrop, which Peet expects to persist throughout 1H24, Peet will continue to adopt a cautious approach as it enters FY24 with earnings expected to be strongly weighted to 2H24.
This announcement is authorised for release to the market by the Directors of Peet.
For investor enquiries call:
Brendan Gore
Managing Director and Chief Executive Officer
Peet Limited
(08) 9420 1111
Tom Horn
Corporate Practice Director, Australia and New Zealand
BCW Global
+61 402 733 157
Tom.Horn@bcw-global.com
1Comparative period is 30 June 2022, unless stated otherwise. The non-IFRS measures have not been audited.
2Operating 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 / unrealised transactions outside the core ongoing business activities.
3Statutory profit after tax means net profit measured in accordance with Australian Accounting Standards, attributable to the owners of Peet Limited.
4Includes statutory revenue of $318.9 million (FY22: $266.6 million) and share of net profits from associates and joint ventures of $44.8 million (FY22: $24.1 million).
5EBITDA is a non-IFRS measure that includes effects of non-cash movements in investments in associates and joint ventures.
6Includes equivalent lots.
7Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash) / (Total assets less cash, less intangible assets).
8Includes equivalent lots.
9Calculated as (Total interest-bearing liabilities (including land vendor liabilities) less cash) / (Total assets less cash, less intangible assets).
10Including net debt of syndicates consolidated under AASB10.
SHARE
News and Events
Peet Announced New Wholesale Fund and Acquisition in Palmview, QLD
POSTED ON 20 Dec 2024
Peet Limited today announces that it has established a new wholesale fund whose investors include Peet and Brown-Neaves Investments.
Peet transforms historic Fort Largs into community hub
POSTED ON 4 Dec 2024
Peet has reached a significant milestone with the completion of the Fort Largs restoration project, transforming the historic landmark into a vibrant community hub.
Peet staff communities achieve One Foot Forward goals
POSTED ON 19 Nov 2024
Throughout October, Peet staff and communities united to raise over $9,500 for mental health research and log 12,323 kilometres in support of those impacted by mental illness each year by participating in Black Dog Institute’s One Foot Forward challenge.
$250 Million Forestville Project Launches First Homes
POSTED ON 15 Nov 2024
Today marks the launch of Peet’s newest community in Adelaide, Forestville, with the release of twenty-seven architecturally designed terrace homes within the first stage.
Lakelands Estate named Best Master Planned Community
POSTED ON 15 Oct 2024
Peet is proud to have been awarded Best Master Planned Community for Lakelands Estate, at the recent Property Council WA Awards.
Peet staff and communities to walk in solidarity for mental health
POSTED ON 18 Sep 2024
This October, Peet staff and communities will come together to participate in One Foot Forward, a free virtual walking event organised by Black Dog Institute.
Empowering communities through Peet's National Community Grants Program
POSTED ON 5 Sep 2024
Since 2020, Peet’s National Community Grants program has provided more than $380,000 in support to build capacity within its communities and the regions where Peet residents and their families are involved.
Peet Well Positioned for FY25 Earnings Growth
POSTED ON 22 Aug 2024
Today Peet announced its results for the year ended 30 June 2024, achieving and operating profit and statutory profit after tax of $36.6 million.
Future Proofing Study Milestone Reached
POSTED ON 12 Aug 2024
On International Youth Day, Peet proudly supports Black Dog Institute in celebrating a key milestone through the Future Proofing Study.
Bluestone wins UDIA SA Award for Excellence
POSTED ON 7 Aug 2024
Peet is thrilled to announce that Bluestone Mt Barker has received the award for Masterplanned Community at the 2024 UDIA SA Awards for Excellence.
Brabham community celebrates NAIDOC Week
POSTED ON 15 Jul 2024
Brabham Estate, an award-winning community developed by leading Australian property developer Peet in collaboration with DevelopmentWA, held its annual NAIDOC Week celebration over the weekend.
Peet unveils exclusive townhouses in coveted Rochedale precinct
POSTED ON 3 May 2024
Peet is pleased to announce the recent release of 36 new townhouses in South-East Queensland’s booming housing market, available now at the Lily Rochedale community.
Peet releases prime Adelaide apartments
POSTED ON 3 May 2024
Leading Australian property developer Peet has announced the release of a four-storey apartment building on Woodville Rd, located between the heart of Adelaide and the coast.
Peet Delivers Solid 1H24 Result
POSTED ON 22 Feb 2024
Today Peet announced its results for the half-year ended 31 December 2023, achieving and operating profit and statutory profit after tax of $15.5 million.
Wishing you a Merry Christmas
POSTED ON 4 Dec 2023
From all of us at Peet, wishing you a Merry Christmas!
Please note, Peet offices will be closed from Friday 22nd December 2023, re-opening Tuesday 2nd January 2024. For Sales and Information Centre opening hours, please check the estate website for details.
Raising Awareness Across Our Communities During Mental Health Month
POSTED ON 20 Nov 2023
As Peet continues to prioritise mental health awareness and education as part of our commitment to creating a positive social impact, a number of activities were rolled out across our communities and workplace throughout Mental Health Month in October.
Peet supports the WBBL Aboriginal Match with the Perth Scorchers
POSTED ON 10 Nov 2023
The Women’s Big Bash season is in full swing, with the WACA Ground hosting the highest attended match of the WBBL season on Sunday between the Perth Scorchers and Adelaide Strikers.
Three Award Wins at Property Council WA Awards
POSTED ON 6 Nov 2023
On Saturday evening at the Property Council WA Awards, Peet was thrilled to be named the winner across the three categories entered.
Peet's unique heritage featured in WA Today
POSTED ON 3 Nov 2023
Our MD and CEO Brendan Gore recently sat down with Hamish Hastie from WA Today to talk about how Peet, our history and how we’ve helped shape the metropolitan area. Brendan also shares his view on the future of urban planning for Perth.
Read the full article here Peet and Big Perth: Blocks are shrinking, but home buyers still want their castle (watoday.com.au)
Peet partners with WA Cricket Foundation
POSTED ON 2 Nov 2023
Peet aims to foster inclusion, embrace cultural diversity, and promote health and wellbeing across our communities and through our partnerships.
In support of this, we are proud to extend our partnership with WA Cricket as the Principal Partner of the Perth Scorchers, by becoming a Community Supporter of the WA Cricket Foundation. This partnership will provide support to the Aboriginal Cricket and Young Women in Cricket pillars, specifically the Social Leaders and Aboriginal Leadership programs.
Peet finalises the acquisition of strategic landholding from University of Canberra
POSTED ON 11 Oct 2023
Peet Limited (ASX:PPC) announces that the acquisition of approximately 15 hectares of land from the University of Canberra (“UC”) in Belconnen, ACT for circa $66 million (excluding GST) (“Property”) is now unconditional, following the satisfaction of the condition precedent requiring the issue and transfer approval of a Crown Lease.
Mental Health Ambassadors
POSTED ON 5 Oct 2023
We are proud to have Perth Scorchers players Jason Behrendorff and Piepa Cleary as our ambassadors to help raise awareness and destigmatise conversations about mental health.
Peet appoint Jason Behrendorff and Piepa Cleary as Mental Health Ambassadors
POSTED ON 14 Sep 2023
Peet continues to prioritise mental health awareness and education as part of the company’s commitment to creating a positive social impact in our communities and the workplace and recognising the role community connection and support play in an individual’s mental health and wellbeing.
Full Year Results FY23
POSTED ON 24 Aug 2023
Today, Peet released its FY23 results, achieving a record operating profit and statutory profit after tax of $70.1 million, representing a 34% increase from the previous year.
Peet Launches Reconciliation Action Plan
POSTED ON 21 Aug 2023
Peet is pleased to launch its Reflect Reconciliation Action Plan.
Peet communities celebrate National Tree Planting Day across the country
POSTED ON 9 Aug 2023
With our commitment to drive sustainable outcomes in our communities, this year Peet implemented a national initiative to recognise National Tree Planting Day in schools across the country.
Fort Largs recognised for Marketing Excellence
POSTED ON 26 Jul 2023
We are thrilled to have won the award for Marketing Excellence at the UDIA SA Awards on Saturday night for our marketing strategy at Fort Largs.
Peet Unveils Reconciliation Action Plan Artwork
POSTED ON 1 Jun 2023
As we recognise National Reconciliation Week 2023, Peet is pleased to unveil the artwork that will support our Reflect Reconciliation Action Plan (RAP).
Peet announced Best Sustainable Community Developer
POSTED ON 18 May 2023
We are pleased to share that Peet has been announced as the Best Sustainable Community Developer (Australia) 2023 by Capital Finance International (CFI).
Brabham wins 2023 Platinum Waterwise Development
POSTED ON 8 May 2023
Last week, Brabham Estate was awarded the Platinum Waterwise Development of the Year at the 2023 Waterwise Recognition Event, celebrating Western Australia’s most water efficient new urban areas.
Celebrating Harmony Week across Peet communities
POSTED ON 31 Mar 2023
At Peet, our brand promise is "Where you belong", making Harmony Week and Neighbour Day the perfect opportunity to recognise the rich and diverse cultures we have in our communities across the country.
Fresh Produce Market and Café coming to Fort Largs
POSTED ON 10 Mar 2023
The historic fort at Peet’s coastal community at Fort Largs will soon be transformed with the commencement of exciting new mixed-use amenity for the community to enjoy.
Supporting International Women's Day 2023
POSTED ON 7 Mar 2023
The team at Peet are supporting disadvantaged women this IWD2023.
Peet delivers strong 1H23 performance
POSTED ON 23 Feb 2023
Today, Peet released its 1H23 results, achieving $35.1 million operating profit and statutory profit after tax, representing an increase of 70% on corresponding period.
Brabham's Green Home Display wins Global Innovation Award
POSTED ON 8 Feb 2023
We are proud to share that our builder partner, Green Homes Australia, won the Global Home of the Year award in Las Vegas recently at the National Association Home Builder’s (NAHB) Global Innovation Awards.
Perth Scorchers wins fifth BBL Championship
POSTED ON 6 Feb 2023
On behalf of the team at Peet, we would like to congratulate the Perth Scorchers on winning back-to-back BBL Championships.
Peet Extend Partnership with Perth Scorchers
POSTED ON 1 Feb 2023
Leading residential developer Peet is pleased to announce it has extended its partnership with the Perth Scorchers as the Principal Partner into season 2023-24.
Celebrating Aboriginal culture at Yanchep Golf Estate
POSTED ON 18 Jan 2023
Peet’s latest park at Yanchep Golf Estate, which opened prior to Christmas, has been designed to recognise and celebrate the local First Nations culture.
Peet appoints Chief Operating Officer
POSTED ON 8 Nov 2022
Peet is pleased to announce the appointment of Mr Tony Gallagher to the new position of Chief Operating Officer, effective immediately.
Peet to bring Scorchers fans closer!
POSTED ON 21 Oct 2022
Peet, the Principal Partner of the Perth Scorchers, will bring fans closer to the players and on-field action than ever before through the launch of the #BelongwithPeet campaign this weekend.
Innovation the legacy at Lightsview
POSTED ON 3 Oct 2022
Last year, Peet settled our final allotment at the award-winning Lightsview community in Adelaide.
Golden Bay a big winner at the UDIA(WA) Awards
POSTED ON 19 Sep 2022
We are thrilled to have won two awards for Golden Bay at the Urban Development Institute of Australia (WA) 2022 Awards for Excellence, taking home the Excellence in Social and Community Infrastructure Award and the highly coveted Russel Perry Award for Urban Development Excellence.
Australia's most sustainable two storey home* launches in Brabham
POSTED ON 19 Aug 2022
Peet’s Brabham Estate is setting a new standard for innovative and eco-friendly housing, with the launch of Australia’s most sustainable accredited two-storey display home*.
FY22 Earnings Confirmation
POSTED ON 28 Jul 2022
Peet today announces that it expects its operating profit after tax for the year ended 30 June 2022 to be $52.3 million, subject to the completion of the FY22 audit.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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.
.jpg?la=en&h=375&w=500&mw=500&hash=64DA24386D321A70EC31C701C9B802D5)
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.
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.
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.
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.
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.