The land lease operator has proven yet again why it continues to dominate the market, with CEO and Managing Director Simon Owen revealing Ingenia remains on track for growth with over 3,000 home sites in its development pipeline at its AGM last week.
Rent collections within their lifestyle business also remain largely unaffected, with occupancy at a near-record 94%.
In total, the group recorded 325 home settlements, increasing the number of lifestyle and rental homes in its portfolio by 24% during the year to over 4,000 sites.
Simon noted that the group had invested in a new one-bedroom detached home prototype (pictured above) which sells for under $200,000 with an internal living area of around 65m2 plus a garage with laundry and storage and an alfresco area and porch.
“This product, recently introduced at Chambers Pines, represents an entirely new market segment for Ingenia and to date is proving to be very popular,” he said.
Simon told shareholders that the group remains absolutely resolved to be the clear market leader in terms of both new home settlements and returns for investors as well as resident and customer satisfaction and experience.
“Some of our competitors are pausing construction, deferring growth capital expenditure, holding back on marketing spend or withdrawing from M&A,” he stated.
“At Ingenia we see the current market dislocation as a once in a decade opportunity to build long term sustainable market share and slingshot past the competition.”
While pre-sales at their new Ballarat project in Victoria currently remain soft due to COVID restrictions, Simon added that their focus on key accessible coastal markets such as Port Stephens, Coffs Harbour and Hervey Bay is working well.
Settlements for the current financial year are also tracing ahead, with 100 homes settled, up 16% on the previous year and another 189 homes deposited or contracted.