3Q24 Metrics - Sales of Occupation Rights

NZX & ASX RELEASE

8 October 2024

3Q24 METRICS – SALES OF OCCUPATION RIGHTS

Summerset Group reported 289 sales for the quarter ending 30 September 2024, comprising 129 new sales and 160 resales.

Summerset CEO Scott Scoullar said “Total sales for Q3 were up 11 percent on the same time last year, with resales increasing 26 percent year-on-year.”

Mr Scoullar said Summerset continues to sell homes despite the challenging economic conditions and is assisted by having 15 villages selling new homes across different locations in New Zealand.

“We are seeing a good balance of sales throughout the country with 55 percent of sales coming from outside Auckland, Wellington and Christchurch during this quarter.

“The economy was still extremely difficult in Q3, with a slow property market, weak consumer confidence and inflation continuing to have an impact. Despite this we’ve continued to manage through.

“Our sales show that we still have highly motivated prospective residents, and we’ve worked hard to bring them into our villages. We’re seeing positive signs too with an interest rate cut (and further cuts anticipated) bringing more optimism to the market.”

The first stage of Summerset’s flagship St Johns village was delivered on time as expected this quarter, a major milestone for the company.

“The first of the St Johns’ buildings was handed over in August, and the second building (which includes the care centre, café, bar, theatre and other resident amenities) was completed at the end of September.

“We are delighted to have welcomed our first residents into Summerset St Johns in October too. We’re looking forward to introducing this premium village experience to our residents,” said Mr Scoullar.

ENDS

For investor relations enquiries:
Will Wright
Chief Financial Officer
[email protected]

For media enquiries:
Louise McDonald
Communications
[email protected]
+64 21 246 3793

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