Lifestyle Communities is proud to have won the 2017 National Urban Development Institute of Australia (UDIA) Award for Excellence in the Affordable Development category for Lifestyle Hastings. Announced at the annual event for the Australian land development industry, the UDIA National Congress, we were honoured to accept the award for developing affordable housing solutions for over 50s on the Mornington Peninsula.
Since opening in December 2013, Lifestyle Hastings has become home to 221 working, semi-retired or retired people aged over 50 who enjoy resort-style living at an affordable price. Not a retirement village, Lifestyle Hastings is an independent living community with a current average entry age of 67 years. We have a current wait list of 100 people who are interested in moving to the community, while our current homeowners enjoy average resales capital growth of 15.6% growth per year (up to March 2017).
Lifestyle Hastings caters to the increasing number of people aged over 50 with approximately $500,000 in total equity, including their existing home, superannuation and cash. Lifestyle Communities Managing Director James Kelly said the project had sold out quickly, with buyers looking to “cash in on equity from their often large suburban house in favour of an affordable yet sophisticated home in a secure environment requiring little maintenance.”
“We’re offering homes for those who now wish to spend time and money on improving their lifestyle, including travel, wellness and leisure interests. After more than 14 years in this industry, we’ve found that the over-50s market is often ignored by builders and developers, with many focused on delivering homes for frail older people. Most developer are offering townhouses as their smaller living solution, whereas we know that over 50s prefer single story living,” he said.
“We’re thrilled to have won this award, but our greatest satisfaction is knowing that the people who buy into a Lifestyle Community enjoy a fantastic living environment, while also having access to money that they may not have had if they remained in their current home, “ he said. At launch, homes in Lifestyle Hastings sold for between $240,000 to $360,000 with an average price of $300,000 – well below the median house price of $370,000. Mr Kelly said that at 80 per cent of the local median price, buyers could easily downsize and free up some equity in the process.
“Our rents are also set so that, after the Commonwealth Rent Assistance payment, the net rent is approximately 20 per cent of the pension which makes it sustainable and affordable,” he said. “Also, homeowners don’t need to pay stamp duty, council or water rates. It’s a smart decision that make financial sense. The ‘old family home’ is too big and many find that maintenance tasks are soaking up money and time that could be better spent on travel or leisure.”
Homeowner Ray Nickels says, “Everyone who comes here wants to live here. The outlook when you drive through the gate and look over the bowling green and Clubhouse makes you feel like you’re entering a resort.”
“The Clubhouse facilities encourage homeowners to get together and form friendships, as everyone’s in a similar frame of mind – we want to live the lifestyle rather than just ‘retire.’”
“The home designs are all complementary and the established gardens are well maintained by the gardeners. We’ve formed many different activity clubs, such as craft, bowls, film, walking groups, water aerobics, exercise, croquet, yoga – homeowners can choose what they want to join. Everything is well supported by our Community Managers who have been great to work with!”
We’re proud of award-winning Lifestyle Hastings and all the wonderful homeowners who make it a warm, welcoming and thriving place to be. You’ve set a high standard for our newest community, located just down the road – Lifestyle Bittern.
To find out more about Lifestyle Hastings or Lifestyle Bittern, call us on 1300 50 55 60, or start a live web chat!