Australand Property Group has lifted its full-year 2014 operating earnings guidance due to positive market conditions in the residential property sector.
Investors sent Australand shares 1.2 per cent higher to $4.22 at 11.17am (AEDT), against a benchmark index fall of 0.4 per cent.
In a statement, Australand said it expects operating earnings per security to be 17 per cent to 20 per cent higher in 2014 than 2013.
The property group also upgraded its distribution guidance to 25.5 cents per security, a 19 per cent lift on 2013, and higher than its February forecast of 22 cents per security.
Australand noted strong demand and price growth in its residential division, saying the 2014 residential earnings contribution is set to be higher than earlier forecast.
Sales activity has been particularly encouraging in NSW, Australand said.