Summerset achieves second highest six-month sale figures in ‘challenging market’

The New Zealand continuum of care owner/operator, which has one retirement village operating in Melbourne, sold 333 homes (156 new sales and 177 resales) in the second quarter of 2024, it told the New Zealand Stock Exchange. 

Sales for the six months to 30 June were the second highest ever behind 2H23.  

“Settlements were strong for the second quarter of the year, up 31% on the first quarter and up 22% year-on-year,“ Summerset CEO Scott Scoullar said in a statement. 

He said while sales have increased and continue to track well the company expects underlying profit for the half year to 30 June to be similar to the same period last year. 

“The market is very challenging, our sales are progressing well but at the same time our construction costs, interest rates and labour costs have all increased and we expect to deliver an underlying profit between NZ$87 million to NZ$90 million.”  

Summerset has construction in progress at 17 sites throughout New Zealand and Australia and continues to be on track to deliver approximately 675-725 homes in 2024. 

It also has two Australian villages in development (Cranbourne North and Chirnside Park) and five other properties in Victoria (Craigieburn, Drysdale, Mernda, Oakleigh South and Torquay).