As Victoria’s population ages at record pace, leading national housing operator Serenitas is betting big on a model that promises no stamp duty, no entry or exit fees – and homeowners keeping 100 per cent of their capital gains.
Backed by a joint venture between Mirvac (40%), Pacific Equity Partners (40%), and Tasman Capital Partners (20%) Serenitas has successfully launched 6 communities nationally within 18-months* and has now formally entered the Victorian market, with the introduction of Thyme Ocean Grove on the Bellarine Peninsula – as the first step in a 766-homesite state pipeline.
The move comes as Victoria experiences significant demographic shift. More than one in five Victorians are now aged 60 or over, with the 70+ age group among the fastest growing cohorts. In key regional corridors including Geelong and the Bellarine, growth in the over-55 population is outpacing the state average – driven by lifestyle migration and long-term residents ageing in place.
At the same time, many homeowners are asset-rich but cash-flow conscious, living in larger family homes that no longer suit their needs.
Serenitas CEO Ms Von Slater said the company’s Victorian expansion responds directly to these structural shifts.
“Victoria’s population is ageing rapidly, particularly across growth regions like Geelong and the Bellarine,” Ms Slater said.
“We’re seeing a growing cohort of homeowners who want to stay in the communities they know, but in a home that’s easier to manage and financially smarter to run.
“The land lease model removes some of the biggest cost barriers associated with moving. There’s no stamp duty, no entry or exit fees and no body corporate fees. Residents pay a weekly site rental, retain 100 per cent of any capital gains when they sell, and eligible homeowners can access government rental assistance.”
Taking a different downsizing approach, unlike traditional retirement models, land lease homeowners own their home outright but lease the land it sits on via a weekly site fee. For many downsizers, that equation unlocks equity tied up in the family home without the transaction costs that can erode retirement savings.
Industry-wide, enquiry levels for land lease communities have increased over the past 12 months, driven by affordability pressures, greater awareness of the model and demand for low-maintenance, lifestyle-focused living.
Ms Slater said the sector’s growth, and recent consolidation activity, signals increasing maturity. “Consolidation is a natural evolution of a scaling sector. Greater scale supports stronger governance, consistent delivery and a better resident experience,” she said.
“At the same time, we’re continuing to create new communities from the ground up through our Thyme brand, ensuring design quality and liveability remain front and centre.”
Located in Ocean Grove, within the high-growth Geelong–Bellarine corridor, Thyme Ocean Grove will deliver 205 homes designed specifically for over-50s seeking to downsize locally.
The community has been positioned as Serenitas’ Victorian flagship and a benchmark for future projects.
“There couldn’t be a better entry point into Victoria,” Ms Slater said. “Ocean Grove has a strong and growing over-50s demographic, limited supply of purpose-built lifestyle housing and excellent connectivity to Geelong and Melbourne. It allows us to demonstrate what best practice looks like in this market.”
Land size will range from 180sqm to 366sqm, with a variety of one-bedroom, two-bedroom, and three-bedroom designs available, and select plans including studies and multi-purpose rooms on offer with foundation release pricing ranges from $680,000 to $940,000.
The community will also feature a future clubhouse precinct with an indoor swimming pool, spa, sauna, pickleball court, cinema and games room, golf simulator, arts and crafts studio, and much more, all designed to support wellbeing, connection and active living.
The display village is expected to open mid-year, with the first settlements due in August/September 2026.
Thyme Ocean Grove represents the first stage of Serenitas’ defined Victorian growth strategy, with a current pipeline including Thyme Ocean Grove – 205 homes along with two additional Victorian communities already secured, and further opportunities under active assessment.
Over the next 12 months, Serenitas will focus on launching Ocean Grove as its Victorian flagship and progressing the broader pipeline. Within five years, Victoria is expected to become a core growth pillar as the company scales a multi-community portfolio across the state alongside its national footprint.
“We see land lease communities as an important part of solving two challenges at once,” Ms Slater said.
“They provide right-sized housing for older Australians while freeing up larger homes for families – all without high-density outcomes.
“Our ambition is to become Australia’s leading housing solution for ageing Australians, and Victoria will play a central role in that journey.”
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