Eureka Group Pays $18.4M for Mandurah Holiday Park, Yield 7.7%

Mandurah is Western Australia's second-largest city outside Perth. Its population hit an estimated 106,800 in June 2025, growing at roughly 3.5% a year. Rental vacancy sits at 1.6%, and median house prices have jumped more than 20% over the past 12 months to $847,000. That price pressure supports demand for cheaper rental and land lease options, which is the core of Eureka's strategy.

Managing director Simon Owen said the purchase gives the group exposure to one of the country's strongest regional growth markets. "This acquisition is consistent with our strategy of investing in affordable rental housing in major regional growth centres where supply remains constrained and long-term demand fundamentals are favourable," he said in a statement. He pointed to the existing approval for extra homes, the site infrastructure, population growth, low vacancy, and rising house prices as reasons the investment works long term.

Formerly known as Belvedere Caravan Park, the property underwent extensive multi-year renovations before reopening in 2021. Eureka has more than $120 million in non-binding acquisitions either in due diligence or advanced price discovery, the company said. Settlement is expected by the end of the month.