The State Government's Affordable Housing Initiative to build 1000 affordable homes has passed the half-way milestone.
The SA Housing Trust led initiative is a key element of the South Australian Government's Housing Roadmap, with construction underway on the 578th property.
Since March 2022, 197 affordable homes have been built and already occupied across suburban Adelaide and regional South Australia.
The latest development at Harbrow Grove in Seacombe Gardens is nearing completion and will deliver 29 homes for eligible buyers at a fixed price.
Bradford Projects by Scott Salisbury is constructing the development in Seacombe Gardens, with homes sold from $485,000, well below the median price of $775,000 for the suburb in Q2, 2024.
All affordable homes built through the Affordable Housing Initiative are for low to moderate income South Australians and are advertised exclusively for sale on the government's affordable homes website www.homeseeker.sa.gov.au.
The price point of homes is capped between $495,000 to $585,000 to ensure households avoid housing stress by paying no more than 30 per cent of their before-tax income on a mortgage.
Affordable homes are available exclusively to eligible buyers so they don't have to compete with investors.
The Trust's affordable builds accounted for 46 per cent of all successful sales through Homeseeker SA in 2023/24, with overall annual sales reaching an all-time high of 338 in the last financial year.
To make it easier for South Australians to enter the housing market and support low and moderate income households, the State Government also made some important changes through the State Budget:
- Abolished stamp duty for all first homebuyers who buy or build a new home
- Expanded the First Home Owner Grant for eligible first home buyers, making it easier for buyers to purchase a newly built affordable home.
- An example of the benefit for eligible buyers who purchase a new home for $495,000, would receive a $15,000 First Home Owner Grant and $21,080 in stamp duty relief
As put by Nick Champion
This Government is delivering more affordable homes for South Australians.
It's a priority to build a wide variety of affordable homes across suburban Adelaide and regional South Australia to suit the varying needs of the community.
We are building more new homes and making ownership more accessible through important initiatives like Homeseeker, scrapping stamp duty on new builds and expanding the First Home Owner Grant.
The key to addressing the housing crisis is increasing supply at all levels of the market and this Government is determined to help more South Australians into homeownership.
