Aspen Group, led by Joint Chief Executives John Carter and David Dixon, has once again proved itself to be the unassuming hero of affordable housing.

Releasing its FY25 results yesterday (22 August), the owner, operator, developer and capital partner reported EBITDA up 29% to $41.4 million and underlying operating earnings up 35% to $34.1 million – both above expectations. 

Development profit surged 47% to $12.7 million, with total settled sales rising 14% to 111. Return on invested capital was 18%.

The group continues to target households earning under $100,000 a year with a mix of rental, land lease, and residential options. Its rental pool expanded to 4,156 dwellings/sites, up 6% to an average 3,984 across the year.

Weekly net rent rose 7%, with average gross rent at $325. By product, residential averaged $365 per week, land lease $213, and parks $343.

Aspen said results exceeded guidance, with total income before tax of $77 million and net asset value (excluding Deferred Tax Liability) up 14%. Looking ahead, Aspen expects another strong year, forecasting FY26 operating EBITDA of $47 million – a 14% lift on FY25.