Good afternoon, everyone. It's great to be here for Ingenia's second virtual market update. Today, we've got some really exciting speakers to join me, both internal and a couple of external speakers. I'll get the proceedings started. Ingenia's continued to grow our portfolio, and to date, we've announced over AUD 170 million of new acquisitions. Today, we're pleased to announce the acquisition of a further six communities, and I'll touch on that very shortly. To date, we have now fully invested the proceeds from our May 2020 capital raising, and on a pro forma basis, following the acquisition and the close on the six acquisitions we're anno.ncing today, our LVR will be at the lower range of our target 30%-40% LVR. From an acquisition perspective, we're still continuing to find some really attractive acquisition opportunities, both existing parcels of land and also immediately accretive lifestyle and holiday park communities. Today, we're pleased to announce the acquisition of a new DA-approved site up at Bargara, which is just on the coast from Bundaberg. This is an acquisition opportunity that we've been looking at for around two years, and we did hit the pause button on this site through COVID. It's a great site. The local market catchment, including Bargara and the adjacent Bundaberg, is around 100,000 people, which is actually quite larger than what we've got down the road, down south at Hervey Bay. This project is DA-approved for 344 homes. The median house price in Bargara is AUD 400,000. We'll be commencing work on site in the next six months, and we expect it'll be contributing to settlements from FY23. I think what's really attractive about this site is it is absolute beachfront. Our project down the road at Hervey Bay, which is about 90 minutes south, we're currently on track to settle somewhere between 70 and 80 new homes at that site. We think Bargara is going to be even more special than that. We're really pleased to be announcing that acquisition today. This is a photo there. You can see it is absolute waterfront. It adjoins a large residential development. It is also within walking distance to the local Bargara township. Very exciting. Several weeks ago, we announced the acquisition of the Nature's Edge lifestyle community up in the Queensland Sunshine Coast at Buderim. This is an existing premium lifestyle community as well as vacant land for the construction of another 67 lifestyle homes, which we expect to start constructing in the coming months. This project will be a key contributor to settlement volumes in the next two years. Upon completion, this will be one of the largest pure lifestyle communities on the east coast of Australia. Several weeks ago, we also announced the acquisition of BIG4 Holiday Park up in Townsville. We acquired this on an ongoing yield of over 8% with significant upside. What's particularly appealing to Ingenia about BIG4 Townsville is that around one-third of the revenue is underwritten by longer-term rental. You're getting a great combination of high-quality tourism income as well as longer-term rental income. That's it for my introduction today. What I'm going to do next is hand over to Matthew Young, who's our General Manager, Tourism. Matt joined the business back in March this year after a lengthy career with Accor. I'll now hand over to Matt. Thanks, Simon. Good afternoon. It's great to be able to share an update with you on the tourism portfolio of Ingenia. Today, I'll go off on what makes up our business plans and new acquisitions that we will announce, an update on trends we're seeing within the market, and also a future outlook on tourism and domestic travel within Australia. Our business comprises of a tourism stock, which is cabins and sites. That represents about 80% of our inventory. We have additional 20% of our inventory, which is that longer, as Simon referred to, that longer term business, referred to in New South Wales and Victoria as annuals. The cabin and sites represent an opportunity for us to yield. It's demand-based pricing. It's a dynamic revenue stream that we can flex with constraint in the market. The annuals provide a stable income and cash flow to help us grow and be confident about the yields that we're planning to achieve. I'll move on now to the planned positions. Really excited to announce that we'll add an additional 844 income sites to the portfolio. This will increase our stock in Victoria from one park, which is Inverloch, BIG4 Inverloch, which is trading extremely well. We'll have three additional parks in that Victorian market, which will increase our sites to over 1,000. We'll also add an additional site in the south coast of New South Wales and an additional site up in Queensland. Both these two sites in New South Wales and Queensland will complement our existing park portfolio. I'm pleased to announce as well, which has been previously communicated, is the acquisition of Merry Beach, which settles tomorrow. I was there on Friday. It is an absolutely exciting prospect. There is a huge amount of development opportunity through development of existing infrastructure, improved amenity, and also the revitalization of the cabin stock and master planning of additional stock to go into that park. There is not too many places in the world where you can sit at your site or your cabin and watch the whales go by while the kangaroos graze on the grass. I think it will be one of our iconic parks in the not too distant future. With the acquisitions that I have just mentioned, our holiday park portfolio increases to 33. That will deliver us 4,000 km of Australian East Coast prime real estate from as far south as Mornington Peninsula to as far north as Cairns. Within that holiday park footprint, we've got some of Australia's most desirable locations, including the Mornington Peninsula, Sapphire Coast, Byron Bay, Sunshine Coast, Noosa, Hervey Bay, Cairns. If that hasn't got you reaching for the Ingenia Holidays website, I don't know what will. The outlook for domestic tourism is strong. I know that there's concerns around what happens when the international borders open, and we're still continuing to deal with the uncertainty of shutdowns. I think what really showed that the market is becoming more resilient was the recent lockdown in Brisbane. That occurred four days before the Easter long weekend. During that period, we saw minimal cancellations. It was quite incredible that people held, and when the restrictions were lifted, the majority of our guests, 95% of our guests, continued on with their holiday plans. I think we'll see that continue, but what was most important about that, it was that Easter long weekend, which is so important to everyone. The other exciting outlook for our holiday park business is the Caravan and Camping Supershow was held earlier this month. Attendance exceeded 2019 levels with over 65,000 people attending, which is a 15% increase. What was really exciting is the fact that the grey nomad market were up 30% year-on-year. For those that don't know, the grey nomad market travel from south to north. They tend to travel not only through the peak periods, but they fill out those shoulder periods. What else was pleasing was the fact that our caravan sales were up 10%, RV sales were up 10%. It's important to note that people are purchasing and not receiving their product until early to mid next year. It really does show that there's a lot more to run in the domestic travel market. We're continuing to adapt to our customers, and we quite often see a new guest come into one of our holiday parks, parking their caravan for the first time. Our team are well equipped to assist with parking that caravan and reversing it. In one park, we actually have a tractor that assists with that. Or it might be you're putting up your tent for the first time on a Friday night and the weather starts to roll in, and our team are there to assist and make sure that that experience is memorable. What we are seeing is the feedback from our first time guests is very positive, and they're talking about it on online review platforms. Really making sure that we understand the new guests and what their challenges may be. We also are very proactive in terms of our pre-arrival communications. We've developed a contactless check-in. We communicate guests on things that they may need to know before they stay. During their stay, we actively communicate to them. It may be that we've got the pancakes out at Cairns Coconut on the Saturday morning, or Stan the coffee man's out the front making fresh brewed coffee. Also post-stay is important to understand what our guests are really wanting. We actively pursue their feedback and look to make changes within our parks. Booking demand continues to grow, and we're consistently exceeding our booking demand each day, like in terms of our bookings that take for that day for future bookings. At the moment, it's consistently above AUD 150,000 per day. We've seen rate and occupancy grow to deliver a circa 20% increase in revenue year on year. The acquisitions that we've acquired recently will further increase our overall revenue opportunity. We've seen our work that we've been doing in terms of our digital space, really making changes to our website. What that has done is delivered more than 47% of our bookings direct. It's the most efficient way of delivering revenue. There's less cost associated of it. We own the guest. We'll continue to use online travel agents in those lower demand periods, and we'll restrict the use of those during those high peak demand periods. Cairns, which is a popular holiday park, is continuing to really perform well. Last peak period during winter, we're impacted by the restrictions. We're looking very good for this season. Our revenue, same point in time, is up for the winter period, and our booking pace on a daily basis is up also. We continue to invest in this park, and as you can see on the slide, we have a three-story playground activity center, which not only is there for the amenity for the families and the kids enjoying the park, but also it'll be visible from the road attracting that potential drive market that may be driving past. Some of the current initiatives that we have include increasing our cabin stock in our parks. I'd like to call out and point out the Airstream. It's probably one of the world's most recognizable caravans. It has a real strong history within the United States. We plan to have two Airstreams located in Soldiers Point be your chance to stay in a part of history. We'll create a unique experience and entertainment area outside of the van, so it'll have its own fire pit, deck chairs, where you can really unwind. We continue to promote our vacay program, which is really designed to target those off-shoulder periods, which is midweek. We're very proud of our partnership that we've created with the South Sydney Rabbitohs, and they're going exceptionally well this year. We've had access to their guests and their database. It's a target market that is aligned with ours. Not only is it a sponsorship, but we really look to activate that at the home grounds. As you can see on the screen there, we have Reggie's Wagon. We're giving unique opportunities to have a VIP experience, and we're really excited about the activation that we're going to create on the Sunshine Coast at Rivershore, where the Rabbitohs take on the Warriors. Our portfolio of holiday parks, 33. We now have an opportunity, we're creating itineraries, multi-stay itineraries. As I mentioned before, in Victoria, we'll have multi-stay holiday itineraries up on the Sapphire Coast and also the North Coast of New South Wales. I'll hand back to Simon. Thanks for that, Matt. Before we get into the next part of proceedings, which is a panel session on the outlook for the residential real estate market, I think we're going to see whether there's any questions to date for Matt on holidays or for myself on the recent acquisitions that we've just announced. We'll also have a final question session at the end of today. Okay. Well, I might move forward now to the panel session on the outlook for residential real estate. Joining me today, we have three speakers. We've got Kate Melrose, who heads up residential sales at our Ingenia Lifestyle business. Kate's been with the Ingenia team since, I think, Kate, August 2014. We've also got Eliza Owen, who's the head of residential research Australia at CoreLogic, and they are the largest property data and analytics company in the world. The final member of our panel is Craig Maidment. Craig is the managing director of Ezi Build Group and QMR Constructions. QMR is one of the largest residential home builders that Ingenia use. They've been building homes for us at our Bethania project in Queensland and our Plantations and Latitude One projects on the New South Wales coast. Craig will be able to give you some insights as to what's happening with construction. From there, I will hand over to Kate. Thank you, Simon. Thank you, Matt. I think COVID has given both Ingenia Holidays and Ingenia Lifestyle some interesting highs and lows. Our market is defined in the lifestyle business with a market segment that COVID provided to them or threatened them with a lot of fear and a lot of concern. What we've seen since COVID is an incredible renewed energy and interest in our sector. At the end of March, our sector settled 233 homes. We've got an additional 324 deposits and contracts in our pipeline, and we're on track to deliver settlements of 360-380 homes in the I&A and Sun JV portfolios. Our carry-forward pipeline for FY 2022 is stronger than it's ever been, and the outlook for the business and the sector is increasingly strengthening. Our above-ground margins per home remain stable. As Eliza Owen will tell you very shortly, the property market and the support for our buyers' capacity to sell their homes in a timely manner and downsize to free up capital is ever stronger. The demand is underpinned by long-term, really positive demographics, an aging thematic, and a sector that's got very low penetration rates. We've got an increasing market awareness. Our sector provides a really transparent and simple model to a retirement sector that's been looking for a real innovation. Post-COVID, our buyers are really looking for social connection. We're the antithesis of social isolation, and as our buyers emerge from lockdown, they've seen a lot of their barriers to entry and a lot of their pre-purchase concerns deflecting to downsize have really been opened up. February, we've seen record sales. March, we also saw record sales. April has also continued to deliver incredibly strong sales for the business. You can see on the graph on the bottom there, we continue to deliver increased momentum. FY 2020 was only marginally below, given the massive impact of COVID, as a result of the team really leaning in, really engaging with the customer who was isolated, concerned, and at home. As we've emerged out of COVID, we've seen incredible resistance from the marketplace. The customer awareness of the sector is really underpinned by four major themes. They're taking advantage of the current housing market. They're moving into a supportive and connected community. Our buyers through COVID, who were isolated, often had friends within our communities who were celebrating through social isolation. They were dancing on their front lawns. They were in their streets, connected, although socially isolated, in a caring and connected community. The gap between our prospective buyers and our residents was enormous. They've got an opportunity to boost their retirement and the shift to escaping the city, to safety that comes with regional isolation has never been so great. On the bottom there, you'll see our lead indicator of leads. Leads emerging from capital cities has significantly grown. It's doubled quarter on quarter with the same time last year. The interesting fact, if you have a look at that graph at the bottom there, is actually just how much of our market segment we draw from our local and immediate catchments and our lack of penetration into capital cities at this stage, which suggests the potential depth of market as buyers who are downsizing from capital cities, who over the last few years have really had a little bit of concern. They've wanted to make sure that they're capitalizing on their principal place and have deferred that downsize decision. As we emerge and as this market growth continues, we'll continue to see much greater penetration into capital cities. The growing awareness of the sector, the simplicity of the land lease model is absolutely underpinning the growth. We're increasing our market appeal, not only in price diversity, but also significantly shifting from our product now, starting at sub AUD 200 and increasing up to AUD 1 million. Looks to both pensioners and our penetration to the self-funded retiring market we're Ingenia. Interestingly, through COVID-19, the sector's done a really large piece of research, some 4,500 surveys into retirees, into their intent to downsize, their capacity to pay, and what's really important, what's driving the decision amongst downsizers. Interestingly, what we've seen is the need for care and support, the need for social connection, safety, have really raised up that demand chart. Certainly post-COVID, as more baby boomers look to downsize, we will see a return to home designs and a real focus on maintaining an active social life will come into greater focus, which really gives support for the core pillars and the core value proposition that underpins Ingenia proposition. I thought I'd stop for a moment and pause on just two case studies. A very quick wrap on Latitude One. Latitude One was our very first master planned community, and it's been a project that through its life, and it's been a short life. We've just sold out of Latitude One and in record time. We've sold 270 homes, and we've seen that that particular community has had incredible price escalation. When we started, the average prices were in the mid fives. We're finishing up with those prices well over AUD 600,000, and we've sold homes in that community up to AUD 1 million. What's been fundamental is the impact that soft infrastructure, the impact that living in a community that people aspire to belong to, and just how important that is to our price growth. We're excited to say that that project's now sold out. Time to stage. The other end of the spectrum, we've seen this shift to sea change, tree change, and how that's driving massive sales volumes in Hervey Bay. Hervey Bay is a project that I think the day we opened the borders, we sold 11 homes to Melburnites who had been wanting to downsize but socially isolated with barrier constraints. You can see on the screen there, firstly, the unique elements of this location, the value proposition of the homes, private open spaces, really strong lifestyle proposition. That community launched in early 2019. The first home settled in December 2019. What we're seeing since then is a significant shift in our buyer market. In the early days, we catered only to a local market, and that buying capacity had a spend ratio of almost up to 90%. What we've seen since we've increased our penetration into capital cities and into 60%, really reflecting the increased capacity to pay of our buyers. Our price banding there, you can see sub AUD 260 to the AUD 670 price band. We're sitting with a really strong pricing proposition compared to our competitors. Future prices are compelled to grow as we start to take advantage of the price uplift and the deeper wallets that will come, not only from the increased capacity of our buyers to sell their homes, but also their appetite for sea change, tree change. With that, I'd like to introduce Eliza Owen. Thank you, everyone. Hopefully, you can hear me all right. I apologize. I'm not actually able to see the slides on the webcast, but I've been told that they're locked and loaded. Great. I'm not sure if they've been locked and loaded. Sorry. I'll just go through as I have them in my PowerPoint and trust that they're being scrolled through. If anyone wants to yell out and tell me if I'm talking to the wrong slide, that would be helpful. Otherwise, we'll just hop on to slide two, which has our summary of residential real estate underpinning Australia's wealth. Thank you to Ingenia for having me. I'm going to take about 15 minutes to go through this deck. Just looking at what's happened to the property market, what's happened to values through COVID and the start of this year, transaction activity, and how regional market performance in particular has been tracking. As Kate mentioned, in the wake of COVID, there has been a lot of regional demand. A very positive story there. Taking a moment on this slide to just provide some perspective on the size of residential real estate in Australia and its importance. CoreLogic valued the total value of residential real estate stock in Australia at AUD 8.1 trillion at the end of April. Housing is several times the size of GDP. It's also greater than the value of superannuation, the ASX, and commercial real estate combined. At 53% of household wealth, it's an incredibly important asset to ensure stability around. Not only does it make up around 60% of the bank loan books, being very important to financial stability, but making up most of household wealth. The residential real estate segment is an implicit pillar of retirement as well. That's one of the reasons that we do see, despite negative economic shocks, a lot of attention focused on how we keep stability in the housing market during those times. A good example of this would be the mortgage repayment deferrals that were put in place at the onset of COVID-19 to ensure that those who did have mortgage repayment obligations, didn't immediately take that stock to market. It sort of ensured some stability. Outstanding debt in the real estate market is about 23% of the value of the asset, and price increases have meant that the incidence of negative equity in the real estate market has fallen substantially over the year. It's estimated about 1.3% of mortgages currently have a loan size that is greater than the value of the property. A very low incidence there. Moving on to the next slide, which has historic downturns in the national housing market, going back 30 years. Each of these different lines represents a peak-to-trough decline in the housing market at the national level. Along the bottom axis, you can see the length of these declines in terms of months. The reason I like to show this slide is because it really puts into perspective just how little of an impact COVID-19 has actually had on national property values. You can see the different downturns there. The dark blue line shows one of the larger downturns we saw between 2017 and 2019, which was actually induced by changes to mortgage lending. The COVID dip is that dotted line piece on the end. The COVID dip was a 2.1% peak-to-trough decline. It happened over five months, and as such, was one of the smallest downturns in the past 30 years. In fact, because of the monetary policy response to COVID and record low interest rates, we've since seen national home values, as of the end of April, rise about 8% above their pre-COVID high. Their previous peak, which was back in 2017. A lot of momentum in the market. I think this graph is good as well because you can see that even in some of the worst national housing market downturns, the peak-to-trough decline has been around 9%. While substantial for the housing market, it does speak to the relative stability of this asset compared to, say, the share market, where you can see declines of around 30% in a single day. Moving on to the next slide, where we have a summary of rolling quarterly growth rates. My graph on the left-hand side. On the right-hand side, a summary of the change in dwelling values across Australia and different sub-markets. In the past three months, home values across Australia increased at 6.8%, which to put that in perspective, it suggests an increase in the typical dwelling value across Australia from around AUD 585,000 in January to about AUD 624,000 by April. A substantial increase in the year to date. The combined capital cities value has increased 6.8%, taking the median to AUD 705,000 across the combined capital markets, sorry. While the combined regional market was up 6.6% in the past three months and is sitting at about AUD 457,000. Despite very strong increases in values across regional Australia, there is still a big price premium in the capital cities, sitting at about AUD 245,000 at that median level. Another trend we've seen is that houses are a preferred stock. Over the year to date, house values have risen almost 9%, compared to a 4.3% uplift in units. Moving on to the next slide. We're on page five of our slide deck. This is the rolling 28-day growth rate in the home value index for the combined capital city market versus the combined regional market of Australia. CoreLogic produces a daily home value index for these markets to look at how the entire value of the dwelling market is changing over time. It's a bit volatile when you look at it in terms of the daily change. We choose to take this kind of rolling monthly view of dwelling values to get a sense of what the trend is looking like. In the 28 days to May 2nd, we saw that the combined capital cities market was up 1.7%, compared to a 1.8% lift in regional markets. The importance of getting this high-frequency trend is you can see that that rolling monthly growth rate is already starting to soften from what was seen through March. This corroborates a trend that's been talked about in recent weeks, which is that we saw this explosive growth in the housing market through the March quarter. That has started to ease a little through April, and we're starting to see that trend continue into May. Interestingly, you can see from this line graph that the downturn is almost where the regional market really starts to shine, because it is a more traditionally stable market than the volatility that we see in the combined capital cities. The combined capital cities market will have higher highs during an upswing in terms of its peak growth rate, but it also has lower lows. Already we can see as growth rates start to soften a little, through to the start of May, that the combined regional market is once again holding more firm than across the capital cities. Moving on to slide six, we can see sales volume estimates. We estimate the most recent months of sales based on some internal modeling due to the fact that the most recent transactions that are happening in the market have a bit of a lag in terms of their collection. These more recent figures will revise over time. We estimate that, sort of really corroborating, I think, Ingenia's experience, that the first quarter of 2021 was very strong in terms of sales volumes. April, quite strong as well. Did ease a little, which we would expect seasonally. Overall, there were about 511,000 property transactions across Australia in the year to April, and that's just extraordinary given that most of June, Australia was in lockdown and social distancing restrictions really suppressed a lot of transaction activity. As restrictions have eased, I think we've definitely seen a kind of revenge consumption take place in housing stock, as well as what we've seen in other sectors of the economy as that's started to open up as well. What's so interesting about this uplift in sales volumes is that a lot of it came from the regional parts of New South Wales and Queensland. These two sort of rest of state markets saw an additional 40,000 sales over the year to April. The highest volume of sales was across the Gold Coast market. About 18,000 sales took place, followed by the Sunshine Coast at 12,000. I'm now moving on to slide seven, which is looking at our listings volume. We've got two graphs showing the new listings that are being added to the market over time. On the right-hand side, we've got a line graph of total listings being added. The new listings is the start of listing campaigns that have been counted in the past 28 days, so the fresh stock being added to market. I think what you can see in historic years, particularly that yellow line over 2020, is that people were very hesitant to actually list their property through COVID, particularly those more restrictive periods. That's one of the pieces of the puzzle that explains why dwelling values have accelerated so quickly. At a time of record low cash rate targets, low mortgage rates, and increased buyer demand, it just hasn't been the same supply coming to market in terms of that listing base. Through the start of 2021, we are actually seeing new listings start to track closer to what we've seen in previous years. Over April, the volume of new listings added to the market is finally starting to tick up a little bit. On the right-hand side, a similar graph, but for total listings, so everything that's available on the market. Total listings volumes are still very low, sitting about 25% below their five-year average that we would usually see at this time of year. That, we think, is a function of just how strong sales volumes have been. There's essentially more than one sale occurring across Australia for every new property that's being advertised for sale. That's why we've got that deficit in the total listing base. Moving on to the next chart. In the interest of time, I won't spend too long on this. It is the monthly value of secured finance for the purchase of property. This is data from the ABS, and we like it, and we utilize it because it breaks up the owner-occupier and investor trends. In that first line graph on the left-hand side, the monthly value of owner-occupier versus investor housing finance. You can see that 2020 was an extraordinary year for housing finance and purchases. Most of it was driven by owner-occupiers. Investors did come back a little bit from the start of May in 2020, but ultimately, the most recent upswing has definitely been owner-occupier driven. The majority of the market has actually been the changeover buyer, although first-time buyers did see increased participation. In the month of February, however, we did see, for the first time since May last year, a decline in first-home buyer secured finance. That makes sense. House prices are rising, they're becoming more unaffordable, and first home buyers are price sensitive. We expect them to sort of fall out of the market a bit through 2021. The next slide nine, which shows the portion of investor participation and first home buyer participation in the housing market. You can really see that investors have just come back off very low levels. The portion of housing finance going to investors is sitting at about 24%. This is excluding refinancing, so it's well below the decade average, but it is just starting to come back a little through February. Similarly, first home buyer as a portion of the owner-occupier group is sitting very high relative to the decade average. We do expect that to fall away this year off the back of affordability constraints. Finally, just flicking over to the last section of our presentation. Lifestyle markets across Australia, both in capital cities and regional markets, have seen a very strong uplift through 2020, and that trend appears to be continuing through to 2021. In the past year, combined regional dwelling values across Australia, so the combined regionals market, values were up 13% and twice the growth rate that we saw in the combined capital cities market over the past 12 months, which was an uplift of 6.5%. If we move forward to slide 11, where we've got some migration data. The graph on the left-hand side shows the net internal migration levels to regional Australia. In other words, this is a time series of the volume of people that have gone to the regions minus the people that have left the regions. This provisional data from the ABS has been really helpful. It does indeed support that there has been an uplift in migration to the regions. In fact, through the September 2020 quarter, we saw over 11,000 additional people moving to the regions than those that left. This is a record high for this series, and it supports the idea that people really did try and leave some of the capital cities in order to sort of escape to the country through COVID-19. We did see a lot of tree change and sea change through this period. Much of that was driven by movements to regional New South Wales and regional Victoria, where interstate migration to these regionals are well above what they were in the September 2019 quarter. Now, the thing that's interesting about that time series data is that the previous high, you can see, around early 2018, was happening just as capital city markets across Sydney and Melbourne had reached their previous peak. In other words, this is a persistent trend. People moving to lifestyle markets, people moving to regional Australia. It is advanced when there are affordability constraints in the capital cities. We know that this trend has been accelerated through COVID-19 for obvious reasons, escaping density, relative affordability. Now that values are rising again in the capital cities, I think it's fair to say that there will be this kind of ongoing demand for regional Australia. The next slide 12. Won't go through in too much detail, it just shows some of the more popular regions for internal migration through the year to June 2020, with the Gold Coast and the Sunshine Coast topping the list. That is not unusual. That pretty much happens in the migration data every year. What was different in the year to June 2020 was just that the numbers were amplified, essentially, and even more movement to the Gold Coast and the Sunshine Coast was observed over that year. Moving on to slide 13. We have a map of SA4 sub-markets broken out on the left-hand side so you get a sense visually of how different markets have performed. The most important thing, I think, to note about the current upswing is that it is very broad-based. Virtually all markets of Australia, in terms of dwelling values, are seeing an increase in value. It's just that some seem to be growing more strongly than others. In the case of New South Wales, you can see fairly consistently there is strength in a lot of those coastal markets. I've also highlighted some key regions for Ingenia as well, where we can see, on the annual basis, double-digit growth across those sub-markets of New South Wales. Moving on to slide 14. Similarly, for sub-regions of Victoria, each of these markets are in upswing, with some of those regional markets outperforming the metropolitan regions. Ballarat and Geelong had among the highest of the regional market performance in the past three months. Then finally, looking at the sub-markets of Queensland, we can see again that broad-based uplift with the Southeast Queensland region in particular, showing very strong growth rates in the past three months. I will wrap it up there so we can move on to our panel. Everyone is welcome to have a copy of this slide deck as well, where we've got some contact details for CoreLogic on the back, if you have any questions we don't get to today. Hi, Eliza. That was great. I'm now going to hand over to Craig Maidment, who's one of our major builders. Craig, that stock photo there, I don't think I've ever seen you in a suit and tie. I'll hand over to you, Craig. It's a one-off, very rare photo, Simon. Thanks very much for that. Eliza, very informative, and Kate, thank you very much. Basically, in the construction side since 2021, we've had a number of different objects thrown at us, I suppose. We've had some natural disasters. There were the fires in early 2020, which were, as we know, catastrophic and basically had some storms, typical storms, a lot of hail damage in the end of 2020 in Queensland, which has caused a number of issues in the construction realms. The COVID-19 effects on the construction industry have been quite varied. Australia being very isolated from and managed the COVID-19 situation quite well here. We haven't had a lot of downturn in our labor force or our manufacturing internally. What has happened is there's been the external factors, the importing of raw materials has been affected fairly dramatically. Probably the biggest issue we've had and current issue is timber and steel. Timber's been increasing quite rapidly every month due to the combined facts that there was, I suppose, burn a lot of stock in Australia. A lot of people were importing, sort of backed off and stopped importing. The stimulus was put in place, which actually turned around the demand, and we were caught fairly short on a lot of items. Tiles, white goods, plumbing supplies, lighting, those incidentals all had their moments, but generally, we got through the phases. The steel issue, there's a current steel issue in Australia. There's a current recycling of steel issue overseas in India and Brazil, which are the two biggest recyclers. We have had limited stock coming into Australia due to the COVID-19 effects in their countries. Basically, issues have been with the materials. The labor side of it has not been as dramatically affected. The demands of the labor has been, but the pricing has been fairly consistent from that respect. We have had increases in materials, as I said, but the labor had less of an impact on the increase. We anticipate that this year, as we taper down from the stimulus packages that our government's put in place here, the demand will decrease somewhat. We also have, for example, in Queensland, there's 30,000 homes that were affected in a massive event in Southeast Queensland. All those homes have to have re-roofs. That's put a very strong demand in the roofing sector. Overall, we'll get through this 2021, and it should taper down for the demand and the imports should start to ease up of products and so forth. Other than that, I can hand it back for Q&A. Craig, thanks very much for those comments. I've got quite a few questions have come through, I might start this one off first for Eliza, if you're still there. Do you think the attractiveness of regional markets will continue or will a return to normal result in the desire to reconnect back with the cities? Thank you. Great question. I think it's important to note, I did point out on one of those slides as well. The trend of more people moving to the regions than leaving has been persistent for at least the past decade. I don't think that trend of migration to desirable regional areas is going away anytime soon. If anything, I think the normalization of remote work through COVID-19 has made that more of a reality for a lot of people. Potentially, it has brought forward some of the demand through the COVID period. Again, I think demand for regional property, which tends to be more affordable, could potentially be compounded amid the current price upswing in capital cities as well. This is a long-term trend, and I think it is set to hang around for quite some time. Kate, I might also direct that question to yourself about whether you think we've seen some longer term structural changes to the attractiveness of regional markets. Yeah, I think COVID, Simon, for our downsizers, COVID certainly really shifted their mindset. I think it's broken a lot of their habits. It's broken the golf club they went to every week. It's broken a lot of the connections that keep them connected and anchored in their existing communities. I think COVID's given them an opportunity. They've been at home, looking around at their home that's absolutely falling down or got a lot of maintenance. I think it's been an opportunity for them to recurate what the next chapter looks like. They've significantly escalated their skills and their digital skills. They're now connecting with grandchildren and family via Zoom and other means. I think they've realized, and we've got buyers coming in every single day saying, "Hey, we didn't think we could move away from home, but COVID. Hey, we haven't seen anyone for six months. Hey, it's all about us." I think there has been a structural shift in the way our buyers are seeing the opportunity to curate the next chapter. That's great. A follow-up question for you, Kate. Is Ingenia seeing any opportunity to increase home prices? What is the relationship between your pricing and that in the surrounding residential market? Yes, Simon. Thank you. We very closely map and monitor spend ratio. Spend ratio being the percentage of money spent on their new home as a proportion of the home that they're selling and the proportion of the median house price in the immediate catchment. We very closely measure the bucket of buyers that are purchasing on any given project because not all of those buyers come from the immediate area. One example, if we take Hervey Bay, when we were targeting the local catchment, it had a spend ratio of upward of 90%. They were spending almost 90% and tapping some other super and some other funds to fund their new home. As we've broadened our market appeal, and we're seeing a doubling of capital city buyers buying at Hervey Bay, that's fallen to 62%, which is giving us great headroom opportunity. We've got quite a strategic release strategy. Our First Choice Club VIP release strategy enables us to have a bucket of buyers ahead of every release. We analyze the spend ratios of each one of those buyers before we set the pricing of the release at that stage. It's worked particularly well. It means that we're able to, when we've got quarter-on-quarter growth at the moment in some of our catchments of almost double digits, we're really able to capture that price uplift with each release and also rent uplift opportunities. That's great. Another question for Eliza and Kate. Do you see there'll be any permanent structural change in real estate demand and a preference for houses over units and for space, and moving into regional markets? Or do we think there'll be a period of reversion back to pre-COVID structural conditions over time? I think that the current data we're seeing is showing a distinct preference for houses. Whether you're looking at approvals and commencement data, which has been very reactive to the introduction of a scheme like HomeBuilder, which really lent itself to the house segment. Whether you're looking at value increases, over the year-to-date, house values have risen over 8% compared to a 3% lift in units nationally. Sales volumes. The house sales volumes nationally are currently trending about 14% below, sorry, above the decade average, whereas unit sales are tracking a little below what their decade average would typically be. All signs are pointing to a preference for house stock. However, I think affordability constraints may see demand pivoted back to the unit segment. In terms of the city segment and inner-city apartments in particular, that is largely consumed by rental demand that comes from overseas migration. Until we see more pre-COVID levels of international travel, I don't anticipate as much recovery in inner-city apartment markets. In fact, they probably pose more of a risk for some of the financial institutions at the moment. As it is, I imagine that peripheral metropolitan markets and regional markets, that demand will remain fairly robust. I think to add to that, Eliza, firstly, just how resilient our market's been. I think for years people have said our market is underpinned by net overseas migration, and I think we've seen just how resilient it is. I think it's also understanding the buyer psyche post-COVID. Buyers are in a unit, they're in a common lift. There was a real fear around that close contagion around the peak of COVID. What we're also seeing is as affordability issues in capital cities escalate, parents, our target market, are wanting to cash out, downsize to help kids out. That affordability crisis has got a two-edged sword to our market, and it's really driving help the kids and cash out now. There's also the fear of how long will this market run. We've got sort of almost a bit of a panic amongst some of our buyers, not wanting to miss out the FOMO, not wanting to miss out on the peak of the market. We're getting a lot of parents and children moving to regional areas together. The next question is for Eliza Owen. It's from Scott Noble, our CFO. Scott was wondering, Eliza Owen, are there any particular regional housing markets that you think are attractive for the purchase of an investment property? I think the migration statistics don't lie, year after year, the top internal migration destinations for Australia have been the Gold Coast and the Sunshine Coast. It seems that those lifestyle markets have just ongoing demand, and they've long been top performers in that market in terms of capital growth as well. Certainly, the affordability constraints would be emerging locally. For cashed-up Sydney, Melbourne buyers, I think it's quite appealing, particularly after what we've been through in 2020. For me, personally, I feel similarly about Tasmania, even though it's not as much of a focus, and people may be wary of Tasmania just because it's had such strong growth recently, and that run might soon come to an end. I think long-term, the supply constraints are quite obvious across Tasmania. It is a very popular interstate and international tourism destination. We've seen a real tightening of the rental market, for example, through the introduction of Airbnb into that market. The other thing is that looking long-term at some of the risks that have been highlighted, for example, by the Australian Prudential Regulation Authority, climate is an ongoing risk. I think Tasmania has been cited by migrants to the state as a climate refuge as parts of the mainland have become too hot or weather conditions have become too extreme. That's great. Scott's studiously taking some notes there. I'm just going to hand over to Donna, who heads up Investor Relations. Donna's got some new questions that have come in from some of our investors and brokers. The first question's from Shane Scully. Shane asks, "What features are the key elements that attract a downsizer to a village? Further, given the strong demand for regional and lifestyle locations, how does the Ingenia team convert this to economic outcomes? Are you accelerating growth and/or increasing prices? Shane, I think that's about five questions. I'll hand that over to Kate. Shane, thanks for your question. It's a constant dilemma of volume versus price growth and we monitor both very, very closely. In terms of what's driving consumer demand, the lifestyle downsize decision has been exacerbated even further by COVID-19. A market who are seeing the number one thing they want to do with their money once they cash out is travel, often an international trip. Fortunately, we're going to be directing a lot of their travel budget internally within our Ingenia Holidays, and you're going to start to see a lot more cross-fertilization between the Holidays and the lifestyle business. What they're fundamentally looking for is that sense of belonging. Our clubhouses and the elements that are in our clubhouses tick all the boxes that the customer's looking for. At the end of the day, it's what their life's going to be like and how is that a more connected, happier community than the social isolation experience they've been having. Fundamentally, social connection is the key aspiration that is opening wallets for us at the moment. Giving them a really tangible experience of that in the pre-purchase period is fundamental for price growth and volume escalation. The next question's from Michael Peet. "What inflation are you seeing in building materials and labor? How much is timber and steel up, and what has this done to house build costs and civils? Have you moved house prices sufficiently to offset this? Craig, if you're there, do you want to just comment on what you're seeing in terms of inflation in materials and labor? Yep Translates through to what you're telling your clients, and then I'll also answer that from what Ingenia's seeing. Okay. The general increase is probably around that 5%-8% across the board of the houses. It's varied across steel, timber, aluminum, most supplies, materials, doors, concrete. Everything's had some sort of a price rise recently. More specifically this year. This year's been quite a firm increase across the board. Labor-wise is, as I said before, it's probably not been as sharp a rise as materials. Generally, across the board, you're looking at about that 5%-8%, depending on where we are. Does that answer that question? Certainly from Ingenia's perspective, we are currently experiencing low to mid-single digit cost inflation, particularly in some of our materials. We only use timber in Queensland for erecting the frames, and we're looking at moving across to steel. The price growth, the sales revenue that we're able to achieve through selling into a tightly constrained rising market, more than offsets the cost inflation. I do think on a same-store basis, we are looking at some further margin expansion over the next six to 12 months. Next question, Donna. There's a question now on the acquisitions from Michael Peet. "What is the EPS benefit on an annualized pro forma basis from these acquisitions? What were the cap rates like on the holiday acquisitions? In terms of the cap rates, Michael, on the acquisition, so the five holiday parks that we announced today, the ingoing cap rate was between 10% and 12.5%. They are leasehold parks, so we don't own the freehold land, but they're typically underpinned by 20-year leases. They are strongly and immediately accretive to earnings. In terms of Bargara, that is DA approved. We will start construction certainly in this current calendar year, and I would expect that we'd be looking at settlements in late 2021 or late 2022, or certainly in the FY23 financial year. That will take a little bit longer to play through into earnings. From an internal rate of return perspective, the purchase price of Bargara works out to be around AUD 30,000, AUD 35,000 a home site. We do expect it to be strongly accretive to earnings once we commence construction. There's another question from Michael regarding the Greenfield site. Can you talk to the vendor's interest in the development and also whether or not the JV looked at this acquisition? We have a longer-term ongoing relationship with the vendor who has been, I guess, working with Ingenia on and off over the last three years. They have a very small interest in the development profitability of the project, and then once it's fully sold down, it will be 100% an Ingenia asset. This community was shown to Sun Communities back in February or late February or early March last year, just as COVID was beginning to become prevalent. At that point in time, given global uncertainty, Sun declined to proceed. Ingenia did actually hit the pause button as we were navigating our way through COVID, we recommenced negotiations and closed on the transaction once we could see a clear pathway out from COVID. Okay. The next question is from James Bruce. How many contracts and deposits do you have left to settle this financial year? What are the risks around the leasehold in the acquisitions you've made? Sure. As of the end of March, we're currently sitting on 324 deposits or contracts on hand. Our guidance for the current financial year hasn't changed in terms of settlements, we are still looking at between 360 and 380 settlements for this financial year. On the downside and what could push it towards 360 or potentially even below that would be, we have had some severe weather delays, especially on the New South Wales Central Coast, where we presently have two expansion communities under construction at Sunnylake Shores and Bevington Shores. We are also, as Craig was alluding to, we have experienced some very minor supply chain challenges, which may mean that in projects like Hervey Bay, there's possibly 12 homes. The buyers are ready to go. They've sold their homes. They're staying in our holiday parks. They're ready to settle in May or June, but we can't guarantee their home's going to be ready in early June or early July. On the upside, which would take home settlements to 380 or potentially slightly above that, momentum's clearly building. We are strongly leveraged, as Eliza was talking about, to the regional tree change and sea change residential markets. In some of our communities, there's almost a FOMO, a sense of fear of missing out and demand is incredibly strong. Our forward order books have never been stronger than where they sit at the moment. At this point in time, it's difficult to determine whether some of these settlements are going to fall into the last quarter of this financial year or the first quarter of next financial year. In terms of the risks implicit in the leasehold nature of these parks, the majority of the five parks are on a 20-year lease. Three of the parks are with private leasehold, the private landowners, and we've just entered into a new 20-year lease. I would think that we've got very strong visibility on the tenure of those sites for the next 20 years. Ingenia's also negotiated a first right of refusal such that if the underlying landowners look to sell the land, then we have the ability to buy the freehold for the site. The other two sites, parks, the underlying leases are with local Crown lands, and one of those is, I think, 17 and a half years, and the other is close to 20 years. Again, we have great long-term visibility. The ingoing yields are in that low double digits. We do think there's some significant opportunity to put in some new cabin stock and get those sort of returns into the 14%-15% within a couple of years. These are really compelling coastal holiday parks, high barriers to entry, and we're very excited with the immediate accretion that these five holiday parks offer. Two questions from Gavin Peacock. Is there any update on the strategy evolution for debt funding for residents into lifestyle communities? Secondly, do you have any thoughts on the suitability of the Halcyon portfolio to Ingenia? Yes. Certainly, I'll deal with the second question first in terms of the Halcyon portfolio. Ingenia, as a policy, doesn't comment on market speculation, so I don't have anything to add there. In terms of resident finance, we are very close to finalizing an Australian first resident finance product that would see Ingenia potentially owning a small piece of that business. I would think, Gavin, in the coming weeks, if not months, then we'll be in a position to update the market on the ability to provide very low LVR loans to younger incoming residents. The final question I have is on tourism. As we move out of the peak season, what sort of occupancy and booking trends are you seeing? In particular, can you give a bit more color around Cairns as it's moving into its peak? Yeah. I might hand that question over to Matt. I know Matt was certainly up in Cairns only a couple of weeks ago. Thanks, Simon. What we're seeing within the market at the moment is that they're taking advantage of shorter breaks. That's really supporting that shoulder season. Whereas predominantly parks have had a longer lead time, so we're seeing that shorten up a little bit. What we're also seeing is that business market that they finish work on a Thursday afternoon and start a long weekend, because in our parks, in a cabin, they can actually set up their office away from home. It allows the family to disconnect to reconnect. In Cairns in particular, we're seeing people flying into Cairns as a destination and holidaying in the park for multiple days. The winter period in Cairns is very positive when we look at booking trends compared to 2019, and it looks to be a very promising season. That's great. If there's no further questions, Donna. With that, I'll end today. I'd really like to thank Eliza and Craig, our external speakers, for some really insightful comments and analysis on the residential property market and also our building supply chain. Also to Matt and Kate. Ingenia, at this stage, is not making any change to our previously articulated guidance. There is both some short-term pressure on the downside, and there's also some short-term pressure on the upside, and we're just trying to work out where that lies at the moment. One thing is abundantly clear, and as pointed out by Eliza, is that the number of Australians who are looking to move out of the capital cities, both at a working age and in retirement, and move to sea change and tree change locations, where the vast majority of Ingenia's development pipeline is located, is extremely strong for Ingenia in the medium to long term. We think the outlook for our business is continuing to improve. Thank you very much for your attendance today.