Serenitas 1H26: 253 land lease homes settled and two new communities unveiled

Mirvac, reporting an operating profit of $248 million for 1H26, has revealed new details about its 40% stake in the land lease community operator.

Serenitas currently has 5,230 occupied sites and has purchased two new communities with 580 lots: Lifestyle Communities’ 205-lot Ocean Grove site in the coastal town on Victoria’s Bellarine Peninsula, and in Charlemont, a suburb of Geelong.

The land lease community operator increased its sales price 14% year on year, with $616,500 the average settlement price. There was a 4.3% increase in the average weekly rental growth.

Serenitas achieved 253 settlements (one less than Stockland Halcyon), a 21% increase year on year (yoy); and 298 sales, a 50% increase yoy. Mirvac says Serenitas now has a development pipeline of 5,000 land lease homes.

See the number and location and progress of Serenitas’ land lease communities:

Mirvac stated the expansion of the land lease portfolio takes the total portfolio to approximately 7,700 lots.

“Australia’s population growth and low housing supply is driving strong demand and historically low rental vacancy rates. The higher interest rate environment continues to create affordability challenges for first home buyers and homeowners, while at the same time, Australia’s ageing population continues to grow,” Mirvac said in its 1H26 Interim Report.

“Our Build to Rent and Land Lease portfolios are well placed to benefit from these macroeconomic conditions.”