15 April 2019
A major land lease community developer has begun construction of its latest project in Queensland's Fraser Coast region, after selling 90 per cent of available homes in just two months.
On 12 April, Ingenia conducted a ground-breaking ceremony to mark the start of works at its new community in Hervey Bay.
Set across 12 hectares, the Ingenia Lifestyle Hervey Bay project will include 250 new homes for downsizers, along with a multi-million-dollar clubhouse, resort style pool, four-rink lawn bowls green, cinema, gym and sports bar.
Ingenia Development Director Ed Wortman and Fraser Coast Mayor George Seymour took part in the ground-breaking ceremony.
“The Fraser Coast is a great place to live; it is a healthy, vibrant and active community,” Mr Seymour said. “I am really excited by Ingenia’s development here as it provides a very desirable lifestyle opportunity.”
Ingenia CEO Simon Owen said the over 50s Hervey Bay community had proven extremely popular with local downsizers, with almost 90 per cent of the first release already purchased. Sale prices have ranged from $259,000 to $369,000.
“Since the pre-sales launch earlier this year, we’ve had an extremely encouraging response from local downsizers who are eager to snap up homes within our new lifestyle community,” Mr Owen said.
“With our first release almost sold out, we are now looking at fast-tracking the second stage just to keep up with demand.
“The fact we’re officially breaking ground on construction gives our clients more confidence to make the decision to downsize and live at Ingenia Lifestyle Hervey Bay.”
The strong sales result for Ingenia illustrates the ongoing popularity of the land lease model, particularly in Queensland and Victoria where operators are happy with the State laws in place.
As part of this model, downsizers purchase a dwelling and then secure a long-term lease on the land on which the dwelling sits.
Given the fact a lease is in place, no stamp duty is payable and in addition owners may be able to access Commonwealth rent assistance. In most instances, developers (including Ingenia) do not charge a deferred management fee.
The model is particularly attractive to younger and active retirees, who have less need for ongoing care.
For a range of Ingenia Lifestyle projects, click here.
Earlier this year, Ingenia competitor Halcyon launched a new dwelling worth more than $1 million, in a sign that the land lease development sector is increasingly going upmarket. The dwelling has its own fireplace, ducted air conditioning, solar power and golf course views.