More than 100 homes have been sold in a new land lease community at Port Stephens, with around one in five incoming residents still working and the project attracting many over 50s from Newcastle and Sydney.
After launching in mid-2020, Tallowood has already sold 107 homes, with the first residents moving into the Medowie community in early 2021.
Developed by land lease community operator Vivacity, Tallowood markets itself as a community suitable for active over 50s.
The project’s centrepiece is a country club and wellness centre with a sauna, indoor heated pool, gym, library, games room, bar, formal dining, lounge area with fireplace, function and multi-purpose room. It also includes a commercial kitchen, outdoor deck, firepit, cinema and consulting rooms.
Further communal facilities are about to start construction, with a tennis court, outdoor pool, BBQ facilities and a covered bowling green, due to be finished by the end of 2022 or early 2023.
To date, Tallowood has sold all the 82 homes in its first two stages. As of 24 February, it has also sold a further 25 of 50 homes in the project’s third stage.
The six-stage project is due to be completed by 2024.
A Vivacity spokesperson said most of the incoming residents were from the Greater Newcastle and Hunter Region area.
“We also have people from all over Sydney, including Bathurst, Blue Mountains, Penrith, Richmond, Dee Why, Newport, Goulbourn, Narrabeen, along with Queensland, the Australian Capital Territory and Victoria,” the spokeswoman said.
“COVID-19 has perhaps made these residents want to move to a lifestyle community where all the things they needed were close by.”
Around one in five of the residents are working, with a further one in three active volunteers.
Homes at Tallowood are currently selling for between $583,000 to $785,000.
Tallowood is a residential land lease community, at which residents own their dwellings and pay a regular site fee under a long-term lease with the community operator.
These communities are becoming more popular, as they allow buyers to avoid stamp duty and council rates potentially also claim Commonwealth Rental Assistance.
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