It was in July when the show ABC 7.30 reported on Lifestyle Wollert resident Geoff Gauci, who described his investment in the land lease community as “a financial prison”.
Lifestyle Communities shares immediately shed 7.8% from $12.57 to $11.59 (down 50.83% in the YTD). Co-Founder and Managing Director James Kelly announced last month he was retiring at the end of the year and now the ASX-listed business has revealed it has lost 64 home buyers, who subsequently cancelled between 1 July and 31 October.
It reported 89 new home sales were completed between 1 July and 31 October, which means there was 71% cancellations to sales, which compares to 40% of cancellations to sales in the first six months of 2024.
Lifestyle Communities received 525 new leads in October, compared to 1,031 in June, which was the month prior to the ABC's coverage focusing on the company's deferred management fees, or exit fees, which rise in increments to a cap of 20% of the sale price for the homeowner's fifth year.
Check out Lifestyle Communities resorts and their availability on the #1 website villages.com.au
