All gain no pain for Halcyon vendors

Sellers at Halcyon Landing on the Sunshine Coast are realising double digit capital gains within two years of buying into the luxury over 50s community.Analysis of sales since June in the Bli Bli community reveals vendors have cashed out with gains of between four and 26 per cent, with most in double digit territory.The sales reflect an average gain of more than $1,300 per week of home ownership.One Halcyon Landing seller pocketed a $135,000 profit or 26.2 per cent less than two years after purchasing their property.Departing owners Ken and Ann Opray netted more than $100,000 after buying their home off the plan in the first stage of project almost two years ago.The windfall has allowed the couple to remain in positive financial territory after buying an acreage property in northern Tasmania and paying for the move south.“Before making the commitment we researched Halcyon’s financial model to make sure it would be an astute decision,” Mr Opray said.“This wasn’t necessarily going to be our last port of call and we wanted to retain some equity if we sold up.“When looking to buy into Halcyon Landing we looked at other villages – some with exit fees – and immediately looked elsewhere.”While conceding that government and developer incentives had enhanced their windfall, Mr Opray said Halcyon’s financial model and the burgeoning Bli Bli area had also played a part.“The fact there are no exit or deferred management fees at Halcyon has been a major plus for us as we knew where we stood from the start,” he said.“Also, the Bli Bli area has really taken off recently as a desirable place to live.“I wouldn’t have even considered living here a decade ago, but there’s a new golf club, shopping centre and a range of residential developments which have all bolstered home values.“People can get caught out in the retirement living industry – traps like exit and deferred management fees can tie you down to a property – but we’ve gone in the opposite direction.“For us, it reinforces the value and importance of researching the market.”Mr Opray said the couple enjoyed the social interaction and lifestyle benefits at Halcyon Landing so much so that they had recommended the community to their friends.“There are 20-plus social groups doing everything from line dancing, bowls, swimming and tennis to art and craft,” he said.“We really enjoyed it as a place to live because of the tight-knit community feel.“We told all our friends about it and several of them have been so impressed that they’ve bought in here too.”Halcyon joint managing director Bevan Geissmann said the Oprays’ capital gain was a fantastic outcome that was not uncommon for sellers in Halcyon communities.“In the past 10 years, Halcyon home owners have collectively pocketed $8 million in capital gains across our three communities in Southeast Queensland,” he said.“Our buyers have embraced the no exit fee model and our progressive approach to over 50s living.“Traditional retirement villages tend to cater for those aged in their late 70s or 80s.“Halcyon is a lifestyle community predominantly for those aged 50 to 70, so it has to appeal to them financially and allows them to move on if they wish.“For many, this is a financial investment as much as it is a lifestyle one and they need to protect their hard-earned capital.”The Manufactured Homes Survey 2013 - a State Government review of the Manufactured Homes Act under which Halcyon communities operate - looked at the reasons why people moved into residential home parks that operate under the legislation.It found that 65 per cent of respondents were motivated by the absence of exit fees while 57 per cent stated that it was a more affordable option.