Hardly believable: Aspen's Over 50s land lease homes fell in price in 1H26

The ASX-listed affordable housing provider's 1H26 financial results today showed an underlying operating EBITDA of $53.3 million.

Aspen Group targets the 40% of Australian households with income less than $100,000 a year. They own 10 over-50s land lease communities in SA, WA, NSW and VICV, rent and sell residential homes and land, and provide short and long-stay holiday parks.

The profit after tax for Aspen Group was $35.9 million for the six months ended 31 December 2025 ($31.2 million in the year previous).

The business founded by John Carter and David Dixon, Joint Chief Executive Officers, said the average sale price of new Lifestyle (land lease) houses decreased 1% to $465,000 - a 56% discount to Australia's average residential dwelling price of $1.05 million.

Lifestyle house settlements increased 143% to 73. The realised development margin profit of 32% was 30% above target.

A 20% return on capital was in line with target as Aspen invested heavily in their development pipeline.

Realised development profit increased 87% to $10.2 million while realising only 3% of the development pipeline.

"Aspen Group has massive opportunities for profitable growth due to its highly competitive cost of production and the structural shortages of quality accommodation for the majority of Australian households," David and John said in a statement.

Aspen Group announced it paid $7.5 million ($188,000 per hectare) for an additional 40 hectares of land at Coorang Quays, Hindmarsh Island, 75 minutes drive from Adelaide, where it has an over-50s lifestyle resort, Alexandria Quays, and residential property.

It has 500 approved sites, spread across Lifestyle, Residential and Build to Rent, and sees the additional land as an opportunity to increase density by smaller lot sizes.