Have you thought about in what scenario compoung growth of 48% would continue? Considering that build rate is increasing by only 10-15%, development margin and resale margin would have to increase substantially. Or the least likely scenario is that daily op fees would have to increase compared to costs (this has actually been going in the OTHER direction, i.e. costs are increasing faster than fees)
Development margin imo has little scope to increase, with stagnant property prices in Auckland and the development margin already well in excess of summersets stated goal (and I havent checked but probably also in excess of Rymans long term average?).
Another year of 48% is imo highly doubtful but would be happy to be proven otherwise.