Land lease operator Lifestyle Communities has finished building four of seven new communities in the first half of the financial year and said in its HY23 financial report it will have 11 communities in various stages of delivery by the end of June.
The Melbourne-based operator made a net profit after tax of $25.3 million, a slight fall from $25.3 million 12 months earlier.
The total number of Lifestyle Communities’ home sites increased to 5,599 homes of which 3,334 homes are built and occupied. 60% of occupants are women.
The popularity of land lease communities is evident in that it has sold 214 new homes in six months and the average price for a resale was $480,000, up from $416,000 12 months earlier.
Managing Director James Kelly also said it had bought land at Warragul, south-east of Melbourne, for a community with 205 homes.
“Our integrated solar plus centralised battery micro-grid at Lifestyle Meridian is under construction and we have adopted this design for all seven projects launching this year. With cost of living continuing to rise, there’s no better time to free up equity from the empty nest and move into a Lifestyle Community,” he said.
