Business News
Land-lease communities are emerging as a realistic housing option for some Western Australians.
The form of housing, which involves residents purchasing a home and renting the land it sits on, is targeted at people aged 55 and above.
Data from Urbis shows there are 25 land-lease communities in WA across 12 operators, featuring a combined 4,915 homes.
An additional 2,611 homes are planned across 16 villages, according to Urbis.
The impending proliferation of land-lease communities across WA has caused industry group Urban Development Institute of Australia WA to formalise its position on the housing model, in a report released today (August 25).
UDIA WA chief executive Tanya Steinbeck described land-lease communities as a win-win for developers and residents.
“[They] offer a faster and more affordable housing option, particularly for older, active downsizers, while freeing up larger homes for families,” Ms Steinbeck told Business News.
The UDIA says there is significant potential for the housing model in WA, but its growth is being hampered by outdated and inconsistent legislative and planning frameworks.