With it becoming a major land lease operator after buying a 47% stake in Serenitas, it is not a surprise that the Mirvac boss has spoken publicly about allowing more first home buyers to enter the housing market by acquiring a home without land in a housing estate or master planned community.
The growing popularity of Over 50s land lease communities, which allow buyers to purchase a new home on land for which they pay rent, suited people with equity from the sale of their family homes.
Campbell backed Stockland CEO Taru Gupta who threw a curveball at CBA CEO Matt Comyn by wanting the bank’s help building land lease communities for younger generations struggling to buy their homes.
“I’m not talking (for) the over-50s because they are selling their homes and buying with equity, but for our key workers in our communities, particularly young key workers,” Tarun told CommBank's third annual Momentum sustainability conference in Sydney.
Campbell told the Australia Financial Review he backed the idea with the housing affordability problems in major cities causing a growing divide between people who can purchase a home and those unlikely to.
“When you get to a position where affordability becomes the challenge that it is today, it does beg the question whether you can divorce land and the cost of building houses,” Campbell said.
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