Simon Owen, CEO of Ingenia – which operates ‘affordable’ rental (retirement) villages, land lease communities and mixed-use holiday park communities – says the increase in cash flow to a total $17 million was driven by increased settlements and rental growth.
“We are working against the backdrop of a slowing residential market yet the underlying fundamentals that make this industry so attractive remain strong,” he told The Sydney Morning Herald.
“Our [regional]markets are generally more resilient than … capital city markets and we are seeing ongoing demand from downsizers for the affordable lifestyle our communities offer,” he said.
He told us “Port Stephens home prices have increased by 5.7% to an average of $555K, Coffs Harbour has increased by 4% to $505K and Shoalhaven 1.8%, also to $505K.”
Mr Owen said Ingenia was on track to deliver a massive 350 settlements for the financial year – an average of almost one a day.
Ingenia is pioneering new forms affordable housing for the retirement living sector – learn more at the LEADERS SUMMIT. You can register here.