The land lease developer has purchased a site in Wollert, 47km north of Melbourne, to build 130 homes less than 5km from its popular Lyndarum community which sold out last year.
Lifestyle Communities has also picked up a 1.27ha site adjoining its 194-home Ocean Grove community, currently under construction, for another 27 homes plus a Club and pool. 86 homes have already been sold with the first settlements expected in November this year.
The acquisitions brings Lifestyle’s total home sites to 2,984 – its HY net profits jumping 33% on the back of new home settlements and increases in rental fees.
Managing Director James Kelly has told the Fin Review the average size of their homes has also jumped from 90sqm to 120sqm over the last three to five years as baby boomers look for “greater amenity”.
The age of their market base has dropped from 70 to 67 too, and they expect it to fall further to 65 as more sales come from word-of-mouth.
“We have seen our new-home referral rate increase from 30% two years ago to 52% today which is quite extraordinary,” he said.
