Mirvac benefited from a 38 per cent rise in the sale of apartments and properties in residential communities, with more than 1000 lots exchanged in the second half of 2025.
Of those, 835 were settled, representing a boost of 22 per cent on the same time a year ago.
The result added to earnings in its development arm, leading the group to a five per cent rise in net operating profit to $248 million in the first half of 2025/26, from the same period last year.
Despite the rising interest rates environment, Mirvac CEO Campbell Hanan said home seeker inquiry levels in January and February were similar to December, as the group headed toward the end of its half-year.
"I can't stress enough, there is a chronic undersupply of housing in Australia and that chronic undersupply is going to be there for a while," he told a briefing of analysts.
"There is a lot of pent-up demand that is looking to find a solution to this housing problem."
Despite the first central bank rate hike in two years in February, demand hadn't faltered, Mr Hanan noted, pointing to a recent sold-out land release for a residential community in Perth's Bullsbrook.
Mirvac CEO of development Stuart Penklis said customer awareness about interest rates going up was happening in September and October.
"We've seen continued momentum across our projects, particularly from a leads (or inquiries) perspective," he said.
"Leads are the strongest they've been in four years in the December quarter and that has continued into January and February."
Mr Penklis noted Mirvac's portfolio wasn't reliant on first home buyers, pointing to the activity of upgraders and right-sizers, particularly in the middle rings of its target capital cities.
Pre-sales have been heavily skewed at 69 per cent to upgraders and right-sizers, followed by 19 per cent to investors, and seven per cent to first home buyers.
Mirvac is planning 800 apartments on the site of the old Sydney Fish Markets in Blackwattle Bay, with first settlements likely in 2030.
In Karnup, about 50km from the Perth CBD, it's building 1500 new homes in partnership with the West Australian government.
Mr Penklis said the semi-rural area was one of the fastest-growing catchments in Australia.
"The underlying (housing) market fundamentals remain supportive, including strong population growth, continued undersupply, resilient house prices and rental growth expectations," he said.
"We remain uniquely positioned across the full residential spectrum - growth corridors, middle and inner rings."
Mirvac performed well across all its businesses, which include property development and investment in the major cities of Sydney, Melbourne and Perth, and funds management, Mr Hanan said.
Its portfolio comprises residential communities, office buildings, industrial assets, retail centres and build-to-rent projects.
Mirvac will pay investors a half-year distribution of 4.7 cents per stapled security.
Its securities were more than five per cent higher at $2.03 in afternoon trading on Wednesday.
