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Diversified property group Stockland (ASX: SGP) has posted a 43 per cent jump in third-quarter net sales across its master planned communities (MPC) division, with Queensland and Western Australia driving demand that the company says is "continuing to materially outpace supply" even as conditions soften in parts of Victoria.
Stockland recorded 2,164 net MPC lot sales in the three months to March 2026, up from 1,513 in the prior corresponding period, while its land lease communities arm hit a record 317 net home sales for the quarter - a 162 per cent increase on the same period last year.
The results underscore a widening divergence in Australia's residential property market, where Perth prices increased 7.3 per cent in the first quarter of 2026 and Brisbane climbed 5.1 per cent, according to Cotality data, while Sydney slipped 0.2 per cent and Melbourne fell 0.6 per cent.
Stockland says demand in Queensland and Western Australia is supporting further price growth across its MPC portfolio, with the average contracted price on its 6,721 lots on hand sitting above the average price achieved during first-half settlements.
Defaults remain in line with long-run averages and cancellations are tracking below, pointing to solid buyer commitment.
Victoria presents a different picture, with the company flagging that market conditions "remain variable across corridors with increased incentives at some projects".
NSW volumes are expected to remain constrained by supply and affordability challenges.
The land lease communities (LLC) result of 317 net sales is the division's strongest quarter on record, lifting total contracts on hand to 802 homes.
Queensland and Western Australia again led the charge, with the company noting strong demand across its LLC pipeline.
Stockland has maintained its full-year guidance for FY26, targeting 7,500 to 8,500 MPC lot settlements and 700 to 800 LLC home settlements, with funds from operations (FFO) guidance steady at 36c to 37c per security.
The quarterly update builds on a strong first-half result reported in February, when Stockland delivered FFO of $325 million - a 29.5 per cent increase on the prior corresponding period - and statutory profit of $292 million.
The two-speed dynamic playing out across Stockland's portfolio mirrors broader national trends.
Perth and Brisbane have been buoyed by strong population growth, tight rental markets and relative affordability compared with Sydney and Melbourne, while Victoria's property market has faced headwinds from higher land tax settings and weaker buyer sentiment in outer suburban corridors where Stockland operates several large projects.
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