Victoria's buoyant housing market has helped drive residential developer Peet's profit higher in 2015, despite a slowdown in Western Australia.
The Perth-based developer is working in every state except Tasmania. That broad exposure has helped Peet hedge against local weakness, a handy diversification as Western Australia feels the impact of the drop in resource investment. 
Peet booked a 22 per cent lift in revenue, even though the lot sales of 3229 declined by 8 per cent over the previous year. Settlements also fell 6 per cent to 3266.
"The lower sales and settlements reflected, in part, continuing moderating conditions in the Western Australian property market," the company said.
The developer cited other factors such as the substantial completion of its successful Warner Lakes project in Queensland and the Crace project in the ACT, along with a moderating Northern Territory market.
"These factors were generally offset by the continued strong performance across the group's portfolio of Victorian projects."
With a land bank of more than 47,000 lots and seven more residential projects earmarked to start this year, the developer expects to deliver more than 3500 settlements in 2016.
"The diversity of our national land bank has enabled us to manage the variable market conditions across the country during the year and we are well placed to pursue the right growth opportunities, as and when they arise," managing director Brendan Gore said.
Population growth, low interest rates and relatively low unemployment rates were providing good support to the property market, Mr Gore said.
However, the national market also had some headwinds including "the ongoing issue of affordability".
Peet is turning that challenge into an opportunity by increasing its focus on medium-density housing.
In 2015, investors have received a 29 per cent increase in total dividends to 4.5Â¢.