According to The Australian Financial Review, Mirvac chief executive Susan Lloyd-Hurwitz says the residential property downturn has "passed the bottom", and the company expects the turning tide to translate into sales in due course.
Ms Lloyd-Hurwitz said home sales inquiries have increased across all of Mirvac's projects and that there were "now clear signs of improvement" in the Sydney and Melbourne residential markets.
Mirvac has moved into its next phase of residential development, buying up new land sites in Sydney and Melbourne.
In Melbourne, the company struck a deal with construction materials giant Boral to develop a 171-hectare quarry site at Wantirna South in Melbourne into a 1700-lot housing community.
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