The cost of living is clearly hitting parts of the retirement living sector, with the property downturn particularly severe in Victoria.
Stockland through its Halcyon brand and Ingenia Communities’ Ingenia Lifestyle division are leading the sector in development and achieving record results.
Ingenia Communities CEO John Carfi said it had a pipeline of 5,225 land lease homes, 15 sites in market and has bought two Queensland sites totalling 62ha for two more communities.
Stockland is in the process of launching five new Halcyon communities. Within its purchase of Lendlease’s 12 master planned communities, according to Stockland CEO - Development, Andrew Whitson, they can incorporate up to nine future land lease communities totalling 2,500 home sites.
The land lease sector needs to build around 3,000 new homes a year to maintain a 3% penetration rate, but there are only around 2,700 new sites being put on the ground annually, according to land lease specialist Chadwick Property Valuers.
In January, GreenFort and Gaw Capital’s Liven Communities’ third and fourth land lease communities were revealed as it nears its 1200 homes target.
In July last year, Macquarie Asset Management’s real estate arm revealed it would commit a massive $2.85 billion to the land lease sector and seek to act as the operator as well as the developer. Nothing has been heard since.
The Chadwick Land Lease Communities (LLC) Industry Report September 2024 estimated 135,000 people now live in the $13.5 billion land lease communities’ sector.
