Stockland, Australia’s largest diversified property group, swung to a profit in the first half on rising demand for residential properties.

Net income rose to A$213.7m in the six months ended 31 Dec, from a A$726.9m loss a year earlier, the Sydney-based company said in a statement to the Australian Stock Exchange today. The company also upgraded its full-year forecast to 29 cents a share from 28 cents previously.