Retirement village operator Eureka Group’s focus on the affordable end of the market, with a portfolio heavily weighted to Queensland, is paying off for its investors, with a 22 per cent lift in revenue to $36.4 million for the 2023 financial year.

While a relative minnow among the listed property trusts, Eureka’s budget build-to-rent business distinguished itself with a healthy 33 per cent increase in its portfolio valuation to $229 million, a contrast to the asset write-downs experienced by many of its larger peers.