In the land down under, Australians 55 and over are now opting for something that’s “all the rage.”
It happens to be manufactured homes.
According to the Daily Telegraph, improvements in technology and design over the last ten years have been the driving force behind the evolution and increasing popularity of manufactured homes in the country, and creating a trend fueled by increasing demand from seniors looking to downsize into land-lease communities.
For Somersby, Australia-based manufactured home company Parkwood Modular Buildings, they are seeing the benefits from the boom as a construction partner for the Ingenia Communities Group and their community, The Grange.
“The flexibility of manufacturing the homes at Parkwood meant residents could enjoy their homes sooner, without compromising on quality,” said Ingenia’s COO Nikki Fisher.
“Constructed under controlled specifications and then delivered to site, the homes are completed with decking, landscaping and utility connections, all taking approximately 12-15 weeks in build time allowing residents to move into their homes sooner and at a more affordable price.”
More and more older couples are downsizing and many are buying pre-manufactured houses instead of traditional bricks and mortar houses.
One of those taking advantage of the trend is Grange resident Patricia Nissen, who said her home’s design, layout and quality of construction made the decision easy for her.
“With the high ceilings and big windows it is incredibly spacious and airy for a two-bedroom home,” said Nissen.
“I moved in almost immediately, the home just suited me so well.”
A Very Hot Market
As regular Daily Business News readers are aware, the Australian housing market is going through its own crisis, and manufactured housing is a hot market, especially with 55 and over communities.
In recent weeks, Hometown America decided to formally enter the Australian market via a MHE purchase in Port Macquarie through its subsidiary, Hometown Australia.
Their move is in addition to a November 2016 rumor that Hometown America was planning a takeover bid for Gateway Lifestyle and Ingenia Communities, valued in excess of $1 billion.
Most manufactured home estate (MHE) communities in the country are privately owned and operated, so the market is highly fragmented. This provides for significant opportunities for acquisitions, and analysts project that the current pipeline of opportunities will provide several years of growth via underfunded retirees who need affordable housing.
For more on the market opportunity for manufactured housing in Australia is linked here. ##
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