NZ’s Summerset sells 219 units over the September quarter – 10% up on last year

NZ-based retirement village operator Summerset has seen a 10% year-on-year increase in sales for the quarter ending 30 September 2022. Summerset sold 109 new units and 110 resale units in 3Q22, for a total of 219 compared to 199 in 3Q21; this brings total sales over the nine months to 30 September 2022 to 730, slightly down from 744 last year. According to CEO Scott Scoullar (pictured), interest in Summerset’s villages held up during the quarter despite a decline in the wider property market.

“Our residents’ motivation to buy is driven by life events, such as their health or desire for more community; these factors don’t change in a downturn. We offer a range of homes at differing price points, typically below the median house price, which means we’re still appealing to future residents. “Also, our resale villages have maintained low levels of uncontracted stock and presales continue to track at historically high levels,” he said, adding that he anticipates overall sales for 2022 to be weighted towards the fourth quarter.

Summerset this month received approval for a $146 million continuum-of-care facility in Chirnside Park, Melbourne.