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Posts Tagged ‘Earnings’

Nobility Homes Reports Q1 2017 Results

March 21st, 2017 Comments off

NobilityHomesModelHomeLogoQuarterlyReport-ManufacturedHousingIndustryDailyBusinessNewsMHProNews-Nobility Homes, Inc. (OTCQX: NOBH) has announced their Q1 2017 sales results.

The company reports sales increased 16 percent to $8,573,400, as compared to $7,374,050 recorded in first quarter 2016. Income from operations for first quarter 2017 was $1,056,477 versus $975,741 in the same period last year.

Net income after taxes was $703,323, as compared to $678,401 for the same quarter last year, and diluted earnings per share were $0.18 per share, compared to $0.17 per share last year.

The demand for affordable manufactured housing in Florida and the U.S. continues to improve. According to the Florida Manufactured Housing Association, shipments in Florida for the period from November 2016 through January 2017 were up approximately 8.9% from the same period last year. Our sales and earnings continue to be affected by the lack of available retail and wholesale financing. Constrained consumer credit and the lack of lenders in the industry, partly as a result of an increase in government regulations, have limited many affordable manufactured housing buyers from purchasing homes,” said Nobility Homes President Terry Trexler.

Notably, Nobility Homes maintained a strong cash position during the quarter, with cash, cash equivalents and short-term investments of $25,962,722 with no outstanding debt. Stockholders’ equity sits at $45,498,192 and the book value per share of common stock increased to $11.36.

We believe maintaining our strong financial position is vital for future growth and success. Because of the recent years of very challenging business conditions in our market area, management continues to evaluate all expenses and react in a manner consistent with maintaining our strong financial position, while exploring opportunities to expand our distribution and manufacturing operations,” said Trexler.

The Board of Directors also declared a one-time cash dividend of $.15 per common share for fiscal year 2016, on March 10, 2017. The cash dividend is payable on April 17, 2017 to stockholders of record as of March 27, 2017.

NobilityHomesReportsQ12017EarningscreditBloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Nobility one year look. Credit: Bloomberg.

Our many years of experience in the Florida market, combined with home buyers’ increased need for more affordable housing, should serve the Company well in the coming years. Management remains convinced that our specific geographic market is one of the best long-term growth areas in the country,” said Trexler.

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Inside of a Nobility manufactured home. Credit: Nobilty Homes.

As Daily Business News readers are aware, Nobility Homes designs, manufactures and sells about 100 different models of manufactured and modular homes through its own vertically integrated retail sales centers throughout Florida, and has for over 49 years. Other holdings include multiple retail sales centers, an insurance subsidiary, and an investment in a retirement manufactured home community.

Nobility Homes is also one of the industry stocks monitored each business day. For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Sun Communities Reports Q4 2016 Earnings

February 25th, 2017 Comments off

suncommunitiesquarterlyresults-creditssunmhpronews-manufacturedhousingindustrydailybusinessnewsmhpronewsSun Communities, Inc. (SUI) has reported its Q4 2016 earning results.

Total revenues for the quarter increased $50.4 million, or 30.0 percent, to $218.6 million compared to $168.2 million for the same period in 2015.

Net loss attributable to Common Stockholders was $1.6 million, or $0.02 per diluted common share, as compared to net income attributable to Common Stockholders of $89.4 million, or $1.56 per diluted common share, for the same period in 2015.

For the year ending December 31, 2016, total revenues increased $159.1 million, or 23.6 percent, to $833.8 million compared to $674.7 million for the same period in 2015. Net income attributable to Common Stockholders for the year ended December 31, 2016 was $17.4 million, or $0.26 per diluted common share, as compared to $137.3 million, or $2.52 per diluted common share, for the same period in 2015.

For the quarter, funds from operations (FFO) excluding certain items was $0.91 per diluted share as compared to $0.81 in the prior year, an increase of 12.3 percent.

For the year, FFO excluding certain items was $3.79 per share as compared to $3.63 in the prior year, an increase of 4.4 percent.

Home sales for Sun Communities increased by 27.8 percent as compared to the year ended December 31, 2015, and revenue producing sites increased by 301 sites for the quarter, bringing total portfolio occupancy to 96.2 percent.

Sun’s most recent results demonstrate the ongoing power of our platform. We achieved industry leading internal growth, increased or maintained occupancy for the 20th consecutive quarter and sold a record number of homes into our communities, while integrating our largest acquisition to date,” said Chairman and Chief Executive Officer Gary A. Shiffman.

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Sun Communities CEO Gary Shiffman, photo credit: Glenn Triest.

As we proceed through 2017, we are keenly focused on continuing to deliver exceptional results to our shareholders. Along with continuing to drive NOI growth from our core portfolio, we anticipate the most meaningful opportunities will come from value-add assets that we can reposition to deliver superior returns over the long term. Sun is well positioned to continue our track record of value creation.

Sun Communities Q4 and year-end 2016 earnings report linked here. ##

As Daily Business News readers are already aware, Sun owns and operates 338 manufactured home and recreational vehicle communities located in 29 states throughout the United States and Ontario, Canada. Sun Communities’ portfolio consists of approximately 117,000 developed sites. The firm has one of the largest portfolios of manufactured home communities in the United States.

Sun is also one of the industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews.  For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Killam Properties Reports Q4, 2016 Earnings

February 16th, 2017 Comments off
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A Killam property in London, Ontario, Canada. Credit: Killam.

Killam Apartment REIT (TSX: KMP.UN) has reported its financial results for the fourth quarter and year ended December 31, 2016.

Killam generated funds from of operations (FFO) per unit of $0.21 in Q4 2016, a 5.0 percent increase over Q4 2015.

Similar to the results for the year, growth was attributable to higher earnings from the same property portfolio, lower interest expense from refinancing and the Q3 2016 repayment of $57.5 million of convertible debentures, and growth from acquisitions and developments.

 

Killam achieved same property revenue growth of 1.8 percent in in the quarter, attributable to increased rents of 1.6 percent and improved occupancy levels. The same property apartment portfolio achieved 96.1 percent occupancy during the fourth quarter, up from 95.7 percent during Q4 2015.

Killam delivered strong results in Q4, and for the year,” said Killam President and CEO Philip Fraser.philipfraser-presidentceokillamproperties-manufacturedhomecommunitiesdailybusinessnews-mhpronews

We achieved many successes during 2016, reflected in our financial performance: solid growth from our existing portfolio, strong demand for our recently completed developments, portfolio-enhancing acquisitions in our core markets, and interest expense savings. In addition, we strengthened our balance sheet with reduced debt levels and an expanded acquisition credit facility.”

Overall in 2016, Killam generated FFO per unit of $0.86, an 8.9 percent increase from the $0.79 generated in 2015. FFO growth was attributable to a 4.0 percent increase in same property net operating income (NOI), interest expense savings on mortgage refinancings and convertible debenture redemptions, and accretive returns from developments and acquisitions.

Killam also completed $71.5 million in acquisitions in 2016, contributing positively to net income, and their newest development, Southport Apartments, was fully leased by November and also positively impacted earnings in the year.

The benefit of our established development program stood out last year,” said Fraser.

The lease-up of Southport Apartments in Halifax exceeded our expectations and reinforced the opportunity to add value through developments. We are excited about our two current projects and our pipeline of over 1,000 units for future development. Development will continue to be an important part of Killam’s growth strategy going forward.

KillamPropertiesReportsQ42016EarningscreditBloomBerg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Killam 1 year look. Credit: Bloomberg.

Daily Business News coverage of the most recent acquisitions by Killam is linked here.

In addition to multifamily apartments, Killam owns 35 manufactured home communities in Atlantic Canada and Ontario.

Killam is also one of the manufactured home industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews. For the recent closing numbers yesterday on all MH industry-connected tracked stocks, please click here. ##

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

LCI Industries Reports Q4, Year End Earnings

February 9th, 2017 Comments off
LCIIndustriesReportsQ4YearEndEarningscreditInvestorsLCI-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credits: LCI, Investors.

LCI Industries (NYSE: LCII), formerly Drew Industries, reported earnings for Q4 2016 and year-end today.

Consolidated net sales in the fourth quarter of 2016 were $403 million, 21 percent higher than Q4 2015 net sales of $334 million. Net income was $26.3 million, or $1.05 per diluted share, for the fourth quarter ended December 31, 2016, compared to net income of $16.1 million, or $0.65 per diluted share, for the fourth quarter ended December 31, 2015.

According to LCI, the increase in year-over-year net sales reflects industry-wide growth in wholesale shipments of towable and motorized RVs by OEMs, which increased 20 percent and 16 percent, respectively, in the fourth quarter of 2016, enhanced by acquisitions completed in 2016, which added $17 million in net sales in the fourth quarter of 2016.

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Jason Lippert. Credit: LCI Industries.

2016 RV industry volume out-paced 2015 each quarter, as 2016 fourth quarter wholesale travel trailers were up nearly 24 percent and fifth-wheels were up over ten percent, said CEO Jason Lippert.

 

For January 2017, LCI consolidated net sales reached approximately $149 million, 18 percent higher than January 2016.

As the industry prepares to meet the anticipated demand of the 2017 spring and summer selling seasons, I am encouraged by January sales following up on a strong fourth quarter,” said Lippert.

Our operating profit in the fourth quarter of 2016 improved to $40.6 million, compared to $23.6 million in the fourth quarter of 2015,” said LCI President Scott Mereness.

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Scott Mereness. Credit: LCI Industries.

Strong industry growth, lower costs for certain key commodities, accretive acquisitions completed over 2016 and a focus on cost management, lean initiatives and other operational efficiencies, all contributed to profit improvement for the quarter.

Consolidated net sales for the year ended December 31, 2016 increased to $1.7 billion, 20 percent higher than the net sales for the year ended December 31, 2015 of $1.4 billion.

Acquisitions completed by LCI in 2016 added $64 million in net sales in 2016. Net income for the full-year 2016 increased to $129.7 million, or $5.20 per diluted share, up from net income of $74.3 million, or $3.02 per diluted share, in 2015.

LCIIndustriesReportsQ4YearEndEarningscreditLCI1-postedtothedailybusinessnewsmhpronewsmhlivingnews

 

LCIIndustriesReportsQ4YearEndEarningscreditLCI2-postedtothedailybusinessnewsmhpronewsmhlivingnews

LCI Acquires Sessa Klein

LCI also announced its has reached an agreement in principle to acquire Sessa Klein S.p.A., a Varese, Italy-based manufacturer of highly engineered side window systems for both high speed and commuter trains for approximately €7.9 million (US$8.5 million). Sessa Klein’s sales for 2016 were approximately €10 million (US$11 million).

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Credit: Sessa Klein.

Sessa Klein has an excellent management team, and a great reputation in the international rolling stock industry for the sophisticated engineering and design of their window products,” said LCI President Scott Mereness.

In 2016, we acquired Florence, Italy-based Project 2000 S.r.L., a manufacturer of motorized entry steps, bed lifts and RV accessories, as a foundation for LCI in the European RV market. We believe the addition of Sessa Klein’s products and diversified customer base opens a door into a new adjacent market for LCI.

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LCI 1 year look. Credit: Bloomberg.

LCI supplies component parts to the manufactured housing and recreational vehicle industries across the U.S. and in Europe, and is one of the various manufactured housing industry-connected stocks monitored each business day on the industry’s only daily market report, featured exclusively on the Daily Business News.

For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

LCI Q4 2016 and Year End Results.

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Louisiana-Pacific Corp. Reports Q4 Earnings

February 8th, 2017 Comments off
LouisianaPacificCorpReportsQ4EarningscreditLPX1-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Louisiana-Pacific Corp.

Louisiana-Pacific Corporation (NYSE: LPX) reported results for the fourth quarter and year ending December 31, 2016 today.

Total net sales for the fourth quarter totaled $550 million, 19 percent higher than the same quarter one year ago. Total net sales for the year were $2.2 billion, 18 percent higher than the previous year.

 

Income from continuing operations for the fourth quarter was $43 million ($0.29 per diluted share) and income of $150 million ($1.03 per diluted share) for the year.

Non-GAAP adjusted income from continuing operations was $32.8 million ($0.23 per diluted share) for the fourth quarter and income of $130 million ($0.89 per diluted share) for the year. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) from continuing operations for the fourth quarter was $85 million compared to $34 million in the fourth quarter of 2015.

For the year, EBITDA from continuing operations was $346 million compared to $67 million the previous year.

LouisianaPacificCorpReportsQ4EarningscreditLPX2-postedtothedailybusinessnewsmhpronewsmhlivingnews

LouisianaPacificCorpReportsQ4EarningscreditLPX2-postedtothedailybusinessnewsmhpronewsmhlivingnews

Our fourth quarter ended very strong which added to an outstanding 2016 for LP,” said CEO Curt Stevens.

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LPX CEO Curtis Stevens. Credit: LPX.

Siding revenues were nearly 20 percent higher in Q4 of this year compared to Q4 of last year while adjusted EBITDA for this business was over 50 percent higher. Coupled with over a 400 percent increase in OSB earnings this quarter compared to last year, the full year ended with an 18 percent increase in revenues, an EPS from continuing operations of $1.03 and adjusted EBITDA of $346 million.

LPX shares were up today, gaining 4.63 percent.

I am confident that housing will continue to grow over the next several years as household formations increase and both job and wage growth become stronger,” said Stevens.

With our new leadership in place, our facilities running well and our sales force focused on growth, 2017 should be a good year for LP.

LouisianaPacificCorpReportsQ4EarningscreditBloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Bloomberg.

Louisiana-Pacific Corporation is a leading manufacturer of quality engineered wood building materials including OSB, structural framing products, and exterior siding for use in residential, industrial and light commercial construction. From manufacturing facilities in the U.S., Canada, Chile and Brazil, LP products are sold to builders and homeowners through building materials distributors and dealers and retail home centers.

LPX is one of the various manufactured housing industry-connected stocks monitored each business day on the industry’s only daily market report, featured exclusively on the Daily Business News.  For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

LPX Q4 2016 and Year End Results.

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Cavco Industries Reports Q2 Results

November 10th, 2016 Comments off
cavcoindustriesreportsq2resultscreditcavco-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Cavco Industries.

Cavco Industries (NASDAQ: CVCO) reported financial results for Q2 2016 on November 8th.

Net revenue for the second quarter was down 1.9 percent from Q2 2015 to $188.3 million, while net revenue was up 5.6% for the first six months of the year compared to the same period in 2015.

Pretax income was up 4.8% to $13.1 million, powered by operating leverage from homes sales volume. Net income was up 14.8 percent to $9.3 million.

Net income per share for the second quarter, based on basic and diluted weighted average shares outstanding, was $1.04 and $1.03 respectively, compared to net income per share of $0.91 and $0.89 for the comparable quarter last year.

Net income per share for the six months ended October 1, 2016, based on basic and diluted weighted average shares outstanding, was $1.65 and $1.63, respectively, versus basic and diluted net income per share of $1.52 and $1.49 for the prior six-month period.

 

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Cavco's Joe Stegmayer. Credit: Cavco.

Cavco’s Joe Stegmayer. Credit: Cavco.

We are pleased to report improved profitability this quarter while still operating in a highly competitive housing market,” said Cavco Chairman, President and Chief Executive Officer Joe Stegmayer.

We remain encouraged by the continued housing recovery and our solid backlogs. Interest from manufactured home retailers, developers and community operators for our product offerings remains strong heading into the winter season.

As Daily Business News readers are aware, Phoenix, AZ-based Cavco Industries produces manufactured homes, modular and park model homes, vacation cabins and commercial structures. Factory-built homes are designed and produced under such brand names as Cavco Homes, Fleetwood Homes and Palm Harbor Homes.

 

cavcoindustriesreportsq2resultscreditbloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Bloomberg.

 

Cavco is also one of the manufactured home industry connected stocks tracked every business day by the Daily Business News, with the most recent report, linked here.

For an exclusive interview with Joe Stegmayer, click here. ##

Cavco Q2 Results

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Sun Communities Announces Q3 Results

November 5th, 2016 Comments off

suncommunitiesquarterlyresults-creditssunmhpronews-manufacturedhousingindustrydailybusinessnewsmhpronewsSun Communities, Inc. (NYSE: SUI) reported its Q3 2016 results on November 1, 2016.

For the quarter ending September 30, 2016, total revenues increased $64.3 million, or 34.7 percent, to $249.7 million compared to $185.4 million for the same period in 2015.

Net income available was $18.9 million, or $0.27 per diluted common share, as compared to $28.8 million, or $0.53 per diluted common share, for the same period in 2015.

For the nine months ended September 30, 2016, total revenues increased $108.6 million, or 21.4 percent, to $615.1 million compared to $506.5 million for the same period in 2015. Net income available for the nine months ended September 30, 2016 was $19.0 million, or $0.30 per diluted common share, as compared to $47.9 million, or $0.90 per diluted common share, for the same period in 2015.

SunCommunitiesQ3Earningsbalancesheet-postedtothedailybusinessnewsmhpronewsmhlivingnews

Click here or on the photo for Sun Communities full Q3 2016 report.

Equity analysts provided earnings per share (EPS) guidance of $0.89 – $0.91 for the next quarter.

Our strong third quarter results demonstrate the consistent growth profile of our portfolio. With home sales solidly ahead of last year in both the third quarter and year to date, the ongoing demand for manufactured housing in our high quality communities is clearly evident,” said Gary A. Shiffman, Chairman and CEO.

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Sun Communities CEO Gary Shiffman, photo credit: Glenn Triest.

I am pleased with the integration of the Carefree assets, which are performing ahead of expectations, as we employ our experience and expertise as a consolidator in this space. With both site expansion opportunities, and selective acquisitions such as the four communities purchased during and subsequent to the quarter, we continue to be well-positioned to drive ongoing growth across our platform.”

Other highlights from the earnings call:

  • Home sales increased by 43.0 percent as compared to the third quarter of 2015.
  • Revenue producing sites increased by 292 sites for the quarter bringing total portfolio occupancy to 96.2 percent, up 250 basis points from the third quarter of 2015.
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Credit: Sun Communities.

As regular Daily Business News readers know, Sun owns and operates some 338 manufactured home and recreational vehicle communities located in 29 states throughout of the United States and Ontario, Canada. Sun Communities’ portfolio consists of approximately 117,000 developed sites. The firm is one of the largest portfolios of manufactured home communities in the United States.

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Sun is one of the industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews.  For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

UFPI Declares Cash Dividend

November 25th, 2013 Comments off

Manufactured housing (MH) component supplier Universal Forest Products, Inc. (UFPI) will began trading ex-dividend Nov. 26, 2013 with a cash dividend of $0.21 per share to be paid to shareholders Dec. 15, 2013, representing a five percent increase over the prior quarter. According to nasdaq.com, its current shares of stock at $51.56 are trading 55 percent higher than its 52-week low. Zacks Investment Research reports the company’s 2013 forecasted earnings growth at 81.78 percent compared to an industry average of only 14.7 percent. As MHProNews knows, UFPI provides wood and wood-like products to the manufactured housing and recreational vehicle industries.

(Photo credit: woodworkingnetwork–Ovations, UFPI’s composite wood)

UFPI to Post Q3 Results

October 16th, 2013 Comments off

Universal Forest Products, Inc. (NASDAQ:UFPI) will release its Q3 2013 financials Thursday, Oct. 17, at 8:30 AM EST. Headquartered in Grand Rapids, Michigan, as MHProNews knows the company supplies the manufactured housing industry with solid wood and wood-like products as well as plastic and other materials. Analysts expect UFPI to post earnings of +$0.54 per share and revenue of $625.77 for the third quarter, according to northforkvue.com. The company’s market cap is $835.5 million with a price-to-earning ratio of 36.41. To listen to the conference, please click here.

(Photo credit: Universal Forest Products, Inc.)

Ingenia announces buy of two ‘down under’ MHCs

August 28th, 2013 Comments off

ingenia-communities-logo-posted-daily-business-news-manufactured-housing-professional-news-mhpronews-com-Ingenia (ASX:INA) purchased two immediately earnings-accretive Manufactured Home communities in Mudgee, New South Wales, for $11.2 million. The Mudgee Valley MHC will be acquired for $4 million, which has an 8.8% trailing yield, and unlevered internal rate of return (IRR) exceeding 20%. The second purchase is the Mudgee Tourist and Van Resort acquired for $7.2 million. The later property boasts a trailing yield of 9.3%, and an unlevered IRR exceeding 15%. Mudgee, New South Wales, Australia offers a buoyant local housing market, strong employment growth and a vibrant local economy underpinned by resources and agriculture. The proactiveinvestors also tells MHProNews the median house price in Mudgee is currently $389,000, and has grown at a 9.2% rate over the past five years, making manufactured housing down under an attractive niche investment for Ingenia. ##

(Image credit: Ingenia Communities logo)