Sterling First rally: Hundreds of residents protest in Mandurah in bid to get their money returned | Photos

The Mandurah community will congregate next Friday for another rally, with residents whose life savings are under threat after a property management group went into administration demanding action from the authorities.

Prior to its collapse earlier this year, Sterling First marketed lifetime lease packages for pensioners and people approaching retirement.

Impacted residents, predominantly seniors, are seemingly set lose up to $300,000 each, with the collective group calling for $28.6 million in compensation.

Many of the victims are from Mandurah and the Peel region, with the Mandurah Mail reporting in June local residents had more than $10 million of combined investment under threat.

The affected parties are seeking answers from the Australian Securities and Investment Commission (ASIC) as to why they were not notified about the inquiries into the company before its collapse.

Banking & Finance Consumer Support president Denise Brailey, who is representing the victims, said all community members were welcome at Friday's rally.

"ASIC had a duty to act against Sterling when the first complaints arrived in 2016 - 80 per cent of these people could have been saved the pain of losing their life savings," she said.

The rally will take place at 12.30pm on Friday, October 18 at the David Grays Arena on Dower Street in Mandurah.