Affordable property group Aspen exceed expectations and upgrade FY24 guidance

The listed provider, which targets the four million households with income below $90,000 and the people who can only afford weekly rental of $400, is still able to increase its rents and prices and yet remain highly competitive. In its IH24 financial result on 20 February, Aspen Group compared its 1HFY24 to FY23 which showed:

• Total rent rose 13% to $314 per week per dwelling;
• Lifestyle (land lease) rent increased 11% to $182 per week, still 22% below the rent at which the Commonwealth Rental Assistance is capped;
• Lifestyle house sales were up 17% to $427,000, still well below local median price; and
• Residential land sales rose 18% to $208,000, still allowing homes to be developed cheaper than local house prices.

Aspen, which is seeking to buy Eureka Group and its 52 Over 55s Rental Villages, stated it expects property purchase opportunities to increase, and will remain patient. Its profit for the six months to 31 December 2023 dropped 13.9% to $22.3 million. Browse villages.com.au for the latest on Seniors Living including availability.