Stockland's chief executive Mark Steinert said, after the group's annual general meeting on Monday, that high profile building failures and issues, "particularly in Sydney, [had been] definitely affecting building commencements". "What that means is customers are really going to gravitate to brands they know and trust," Mr Steinert said. For the quarter ending September, Mirvac settled 613 residential lots and is on track to achieve more than 2500 settlements for the 2020 financial year. This will be boosted by St Leonards Square on Sydney's lower north shore, a 36-storey tower where 99 per cent of the 527 apartments are now sold. Macquarie Equities' analysts said for the September quarter, defaults remain below 2 per cent, adding the improving residential backdrop is "supportive and we retain an outperform" recommendation.