Ingenia unveils $2.9 billion property portfolio spanning 102 communities
Ingenia Communities Group has released its HY26 Property Portfolio update, detailing a $2.9 billion portfolio spanning 102 properties across Queensland, New South Wales and Victoria. The update positions the S&P/ASX 200 listed operator as one of Australia’s largest owners and developers of land lease, rental and holiday communities, with over 16,000 income-producing sites and 4,946 development sites in the pipeline.
The portfolio encompasses four operating segments: Ingenia Lifestyle (land lease living), Ingenia Gardens (affordable seniors rental), Ingenia Holidays (tourism and mixed-use parks), and Ingenia Rental (all-age rental communities). The Group’s market capitalisation stands at $1.8 billion, with operations supported by Commonwealth pension and rent assistance payments to residents.
Portfolio composition reflects a diversified revenue strategy, with 41% of assets allocated to Lifestyle Rental, 35% to Lifestyle Development, 19% to Ingenia Holidays, and 5% to Ingenia Gardens. Geographically, Queensland accounts for 40% of portfolio value, New South Wales 40%, and Victoria 20%.
What is land lease living and why does it matter for investors?
The land lease model forms the core of Ingenia’s rental income strategy. Residents purchase manufactured homes but rent the land beneath them, creating recurring weekly rental income for the Group. This structure differs from traditional property ownership, where residents hold both the dwelling and the land title.
At Ingenia Lifestyle communities, residents pay an average of $215 per week for land lease sites, while Ingenia Rental communities command $344 per week for full rental properties. These rental streams are largely supported by Commonwealth pension and rent assistance programmes, providing income stability through government-backed payments.
Australia’s ageing demographics underpin long-term demand. The land lease model targets over-50s residents seeking affordable, community-based living with lower upfront capital requirements compared to traditional retirement villages. For investors, this translates to defensive cashflows backed by tenant payments that are less sensitive to economic downturns due to government support structures.
Lifestyle Rental portfolio reaches 7,195 permanent sites
The Lifestyle Rental segment now comprises 48 properties (up from 47 at December 2024), including 39 established Ingenia Lifestyle communities and 10 Ingenia Rental communities. The portfolio delivered 248 new home settlements in HY26, generating revenue from both land sales and ongoing rental income.
| Metric | Ingenia Lifestyle | Joint Venture |
|---|---|---|
| Average Home Sale Price | $646,000 | $787,000 |
| Average Weekly Rent | $215 | Not applicable |
| Settlements (HY26) | 176 | 72 |
Ingenia Rental communities maintained 99% occupancy across 1,418 rental homes, with average weekly rent of $344. The segment’s concentration in metropolitan and coastal locations supports pricing power, with 55% of assets located in coastal markets, 38% in regional centres, and 7% in metropolitan areas.
Development pipeline targets 4,946 sites across 16 active projects
Ingenia’s development strategy centres on converting greenfield sites into income-producing assets. The pipeline includes 3,499 approved development sites and 16 active projects, with key communities including Archer’s Run (Morisset, NSW), Highfields (Toowoomba, QLD), and Taroomball (Yeppoon, QLD).
Archer’s Run achieved a 5-Star Green Star Communities rating in December 2025, with 53 homes settled to date and 71 additional homes nearing completion. The community will ultimately deliver 613 sites, with current rent at $232 per week. Facilities under construction include the Vitalia Wellness Clubhouse (indoor pool, spa, gym) and planned amenities such as the Hive Clubhouse and sports leisure hub.
Current home prices across active projects range from $475,000 (Gordonvale, QLD) to $1,180,000 (Seachange Toowoomba, QLD). The Group constructed 254 homes in HY26, with settlements typically commencing 12-18 months after project launch.
Development activity generates dual revenue streams: immediate income from home sales and long-term rental income as sites reach stabilisation. This model supports the Group’s strategy of expanding its rental base while recycling capital into new projects.
Ingenia Gardens delivers 95.7% occupancy across 19 seniors rental communities
The Ingenia Gardens portfolio provides affordable rental accommodation exclusively for seniors, operating 19 communities valued at $145 million with 1,020 units. Average weekly rent increased to $410 (up from $394 at December 2024), while occupancy improved to 95.7% from 95.4%.
The segment’s income is underpinned by Commonwealth pension and rent assistance payments, providing stable cashflows. Average resident tenure stands at 4.1 years, indicating low turnover and reduced vacancy risk. The portfolio serves 674 daily resident meals, reflecting the Group’s focus on community engagement through its Ingenia Connect service programme.
Portfolio distribution spans Queensland (16% of value), New South Wales (45%), and Victoria (39%). The defensive characteristics of government-supported rental payments position Ingenia Gardens as a counter-cyclical income stream within the broader portfolio.
Holiday parks generate diversified tourism and rental income
The Ingenia Holidays segment operates 35 holiday parks valued at $980 million, spanning coastal and regional locations from Cairns (QLD) to Torquay (VIC). The portfolio includes 1,288 permanent homes, 1,583 annual sites, and 4,735 tourism cabins and sites.
Tourism cabin occupancy reached 68% at $216 revenue per occupied room night (RevPOR), while tourism sites achieved 50% occupancy at $68 RevPOR. Annual site rent increased to $162 per week (up from $148), reflecting pricing power in established markets.
The Group completed the $9 million acquisition of Kinka Beach (QLD) in July 2025, filling a strategic gap in its east coast network. Post-acquisition integration delivered:
- 15% increase in cabin occupancy and 2% increase in site occupancy
- Average rate uplift to $164 for cabins and $60 for sites
- 48% increase in forward bookings through improved pricing and distribution
- Addition of 11 new cabins on vacant sites, attracting rates of $180-$400
- Acquisition of adjacent land parcel providing 49 additional sites
The Holidays segment provides geographic and seasonal diversification, with counter-cyclical northern Queensland locations supporting revenue during winter months when southern markets experience lower demand.
Sun Communities Joint Venture extends development reach
Ingenia’s 50/50 partnership with Sun Communities accelerates development activity through capital sharing while generating fee income for the Group. The Joint Venture holds 618 development sites across four active projects, with 445 rent-generating homes already settled.
Joint Venture performance in HY26 includes:
- $212 million book value (Ingenia’s 50% interest)
- $25.8 million EBIT
- $17.0 million share of profit to Ingenia
- $1.6 million in development and sales fees
- 72 settlements at an average price of $866,000
The partnership delivers five fee streams to Ingenia: development fees (5% of estate works), sales fees (4% of home cost plus 1% performance component), performance fees at stabilisation, asset management fees, and property services fees once projects reach positive net operating income.
The Joint Venture’s first stabilised community, Freshwater (Burpengary, QLD), positions to generate increased sales revenue in FY26. Assets remain in the Joint Venture for five years post-stabilisation, after which Ingenia holds a 12-month right to acquire Sun’s interest.
Portfolio positioned for rental income growth
Ingenia’s property portfolio demonstrates a deliberate strategy of converting development sites into stable rental income. The $2.9 billion asset base comprises established income-producing sites generating cashflows today, alongside a pipeline of 4,946 development sites representing future rental income as projects reach completion.
Geographic diversification across Queensland, New South Wales and Victoria reduces concentration risk, while segment diversification across land lease, rental, gardens and holidays provides exposure to multiple demand drivers. The land lease model’s government-supported rental payments offer defensive income characteristics, while tourism operations provide counter-cyclical revenue through northern locations and repeat visitation patterns.
The Group’s development pipeline converts capital into long-term rental assets, with 16 active projects and 3,499 approved sites positioning for continued rental base expansion. As development sites transition to income-producing status, the portfolio is structured to deliver compounding rental income growth supported by Australia’s ageing demographics and structural demand for affordable seniors accommodation.
Stay Ahead on Real Estate Market Moves
Join 20,000+ investors getting FREE breaking ASX property news delivered within minutes of release, complete with in-depth analysis. Click the “Free Alerts” button at Big News Blast to receive real estate announcements the moment they hit the market.