Worst over for housing: Steinert

Stockland chief executive Mark Steinert is cautiously optimistic about the Australian housing market, predicting that the worst is over while warning a recovery will likely be modest and uneven, according to The Australian.

“The housing market has bottomed and is heading up,” Mr Steinert said, according to The Australian.

Mr Steinert's comments came as Stockland reported a 79 per cent fall in net profit to $105 million for the 2013 financial year, blaming persistently tough conditions and project writedowns.

The company said that residential land lot prices had stabilised after suffering a four per cent drop in some areas, while adding that contracts in hand were up 24 per cent from a year ago and that profit margins are improving.