The QLD property dev. market is not exactly booming. I think the best that can be said is that it may have bottomed. Sales I know are better but not by enough to explain it. Margins of about 25% gross and a large land bank help, but these are not new drivers imo. I think the sale of the Eynesbury Project might have triggered some action, and that is now unconditional of course. That's going to a private o'seas company that might want to get further into our market as it's considered a safe haven. The buyback is not operational at the moment and the Director buying was just a little action that dried up. Sentiment alone cannot explain it so I can only point to the o'seas interests. Looking at the other Qld Prop dev companies they are relatively quiet, although several have shown smaller upturns. We'll see soon when the Ann Report appears.
VLW Price at posting:
$1.61 Sentiment: None Disclosure: Held
