A land lease community has taken out a prestigious prize at the Property Council of Australia/Rider Levett Bucknall Innovation & Excellence Awards.
Ingenia Lifestyle Chambers Pines in Logan, about 30km south of the Brisbane CBD, has been named Australia’s Best Affordable Housing Development for 2020.
The Property Council of Australia has recognised Ingenia’s innovative product mix, which combines modern, architecturally-designed homes with a land lease ownership model.
The way land lease works is simple.
Residents own the property, but lease the land the house is built on. This lowers the initial cost of entry by removing stamp duty. Due to the lease component of the model, the property owner is then eligible to apply for rent assistance support through their Age Pension or DVA entitlement.
The uniqueness of the Ingenia Lifestyle model also removes deferred management fees (DMF) and entry and exit fees, making their land lease offer a more affordable option for downsizers.
The Ingenia Lifestyle Chambers Pines community offers an entry price point of $199,000, free from stamp duty fees. This is compared to $500,000 and additional stamp duty fees which would get you a modest home elsewhere in the state.
Ingenia Communities Chief Executive Officer Simon Owen says these types of communities are increasingly becoming part of Australia’s retirement housing mix, especially as demand for alternative, affordable seniors’ accommodation grows.
“The idea of downsizing isn’t just about moving to a smaller home,” Simon adds.
“It’s about ‘rightsizing’ to a home that is low-maintenance, safe, secure, supports independence and is financially beneficial for retiring Australians – these are the key drivers of this shift away from the traditional retirement model.”
