Chair’s review
As the new Chair, it is my pleasure to introduce Landcom’s annual report for FY24.
Housing people is one of the greatest needs in Australia and I am honoured to join the Landcom Board at a time when increasing housing supply and affordability is at the forefront of the NSW Government’s agenda.
Ashley Mason
Chair | Independent Non-executive Director
CEO’s review
Housing supply, affordability and quality are among the most topical and pressing issues we face in NSW. Now is a pivotal time to influence and make change.
All levels of government must work collectively with industry and communities to give more people opportunities to build, rent or buy well-designed, well-located homes. We need to increase both supply and affordability.
Alexander Wendler
Chief Executive Officer
Overview
Our organisation
Our ambition is to make a positive difference to people’s lives in NSW by increasing the supply, affordability and diversity of housing and creating sustainable communities.
We develop land and property, increasing the supply of housing for the people of NSW.
As a state-owned corporation, we are a commercial business that achieves public outcomes while also generating financial returns for the NSW Government. We enable development by de-risking and unlocking strategic and complex sites in collaboration with landowners and the market.
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Our customers
As a commercial venture Landcom needs to clearly identify its customers, understand their needs and requirements, and target its activities accordingly. Each of our products aims at different customer groups:
- our retail lots are purchased by retail customers to build their home or investment property
- builders are our customers when they buy builder lots to be developed and on-sold to their retail customers
- the customers of our superlots are private developers and Community Housing Providers (CHPs)
- once we start delivery of build-to-rent and other residential projects, our range of customers will grow to also include renters and investors in housing developments.
Across all our products, we seek to embed sustainability. Our aim is to create innovative and productive places that demonstrate global standards of liveability, resilience, inclusion, affordability and environmental quality.
Our goals and values
Our goals
To achieve our ambition, we are focussed on four goals. These goals are where we want to be by the end of the FY29.
Increase housing supply and create well-designed, well-connected and sustainable places
Lead in the delivery of affordable housing
Deliver built form to help us provide housing faster and in more innovative ways, including a build-to-rent program
Have an impactful presence in regional NSW, where the local economy is affected by housing supply issues
Operating commercially and our firm commitment to sustainability underpins each of these goals.
Our values
Our people are critical to our ability to reach our ambition and achieve our goals. They have a diversity of skills and experience, combined with a strong drive to make NSW a better place. Their work is guided by our values:
Embrace challenge to deliver outcomes
Excel through strong relationships
Bring an enterprising spirit
FY24 economic
FY24 economic and financial highlights
$64.2m
returned to NSW Government
(FY24 income tax equivalents and dividend declared)
$57.3m
net profit after tax
$282.6m
sales revenue
$42.3m
dividend paid (in relation to 2023 results)
2,080
home sites settled
We are a proud
carbon neutral organisation
certified under the Climate Active Carbon Neutral Standard
GRESB Real Estate Assessment ranked Landcom in the
top six most sustainable residential development organisations in Oceania
We undertake transparent sustainability reporting under
Global Reporting Initiative Standard
Our internal risk audit approach conforms to the International Professional Practice Framework and Internal Audit Standards of the Institute of Internal Auditors.
