Lifestyle Communities Offering New Lease on Life
Lifestyle-focused land lease communities for the over 55s are one of the newest senior living trends available to the downsizing market, allowing residents to own a home but lease the land.
While the industry is in the early stages of growth, land lease communities are emerging as a strong sector setting new benchmarks for affordable seniors accommodation.
This rise in popularity relates to a key finding from the Productivity Commission’s report, Housing Decisions of Older Australians, which found one in five older Australians have sold their property and purchased a less expensive home since turning 50, and an increasing portion are choosing to move into age-specific housing, such as a land lease community.
Residents from Ingenia Lifestyle Hunter Valley, Peter and Anne Holmes, moved into their new home in the beginning of May.
“We wanted to downsize and live in a lifestyle community as we wanted to own the home.
“Owning the home was important to us as we can, to a degree, do our own modifications – for example add a shed to the backyard and if there’s ever a reason to leave, we keep whatever it sells for.
“We don’t mind leasing the land as it includes the upkeep of the village and use of community facilities.
Owner and operators of Ingenia Lifestyle, Ingenia Communities Chief Operating Officer, Nikki Fisher said home ownership is vital to providing security, independence and improving wellbeing.
“Land lease communities are specifically tailored to the needs of active seniors and have an important role to play in the provision of affordable housing for over 55s.
“All land lease communities are covered by the relevant state-based Residential Land Lease Communities legislation which governs our industry and seeks to promote fair trading practices in the operation of residential communities.
“In recent years, reviews of legislation have resulted in more substantial levels of consumer protection and security of tenure for residents in these style of residential communities.
“The Act is also there to encourage the continued growth and viability of land lease communities and it is Ingenia Communities intention to grow and continue to invest in our projects,” Nikki said.