We’re delighted to have won the Victorian 2017 Urban Development Institute of Australia (UDIA) Award for Excellence in the Affordable Development category for Lifestyle Lyndarum. Announced at the annual event for the Victorian land development industry held on 1 December 2017, Lifestyle Communities was honoured to again accept the award following our win for Lifestyle Hastings in 2016.
Not a retirement village, Lifestyle Lyndarum is an independent living community with a current average entry age of 67 years and a demographic mix of 60% single women, 35% couples and 5% single men. Lifestyle Lyndarum 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 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.”
Homes at Lifestyle Lyndarum sold for $280,000-$400,000 with an average sale price of $330,000. After an analysis of the sales data, the results showed that homeowners paid an average 65% of their existing home price when buying at Lifestyle Lyndarum, therefore freeing up an average of $180,000 in equity.
“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 overlooked by builders and developers, with many focused on delivering homes for frail older people. Most developers are offering townhouses as their smaller living solution, whereas we know that over 50s prefer single story living,” he said.
As the numbers of retiring Baby Boomers continue to rise, the lack of appropriate housing stock will be a major concern. The issue is even more acute in metropolitan outer ring suburbs where affordable and liveable downsizing product is virtually non-existent. “The demand for our style of housing shows no signs of declining,” says Mr Kelly. “One in five Victorians are now aged 65 or older. Victorian Government data predicts that in the 30 years between 2006-2036, our population will increase by 2.27 million with the greatest increase (910,000) in the over 65 age cohort.” Mr Kelly said the UDIA Victoria award for Lifestyle Lyndraum was welcome recognition for the company’s focus on delivering quality, affordable housing to meet this evident need.
“We’re thrilled to have won this award but our greatest satisfaction is knowing that the people who moved to Lifestyle Lyndarum 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.
“Our rents are also set so that after the Commonwealth Rent Assistance payment, the net rent is under 25 percent 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 makes 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.”
Lifestyle Lyndarum Community Manager Suzi Cadigan says, “We’re so proud of what we’ve achieved in our community and we’re proud to be part of it. This award truly signifies that we are making a difference and have created a wonderful, vibrant community that our homeowners can be proud of, with 5-star facilities they can enjoy to the fullest, right here at home.”
Lifestyle Consultant Eleni McGinty was also thrilled with the win. “The UDIA win made me feel so proud of being part of the team” she says. “It’s simply in-line with my own belief of what a wonderful community Lifestyle Lyndarum truly is.”