The State Government is making homes affordable through the use of shared equity options to help first home buyers purchase properties at Government led developments.
The third round of sales has now opened at Prospect Corner for 27 townhouses, with 12 of the properties available to purchase through shared equity options.
South Australian first home buyers will be able to access flexible home loans, including low deposit home loans and shared equity options, through the State Government lender HomeStart.
During 2023/24 approximately 30 per cent of new customers utilised HomeStart's Shared Equity option and around two thirds of all new customers with HomeStart were first home buyers.
Prices for a Torrens' titled two-bedroom townhouse with a garage at Prospect Corner start at $650,000. The use of 25 per cent shared equity option would reduce a loan by up to $162,500.
There is a mix of 10 different styles of townhouses at Prospect Corner with the total development to comprise of 108 houses and 100 affordable rental apartments which are rented out at 75 per cent of market rate.
The first 16 dwellings released under stages one and two sold out in just a couple of weeks.
Construction at the $80 million Prospect Corner is taking shape with slabs poured and frames starting to go up on the first of 108 town houses to be delivered.
Leading South Australian company Kennett Builders have signed to deliver the 100 affordable rental apartments. This is a 39 per cent increase from the original target of 72 apartments announced last year.
Increasing the number of affordable rentals across the two apartment buildings at Prospect Corner will significantly increase affordable rental opportunities for South Australians.
At seven kilometres from Adelaide's CBD, Prospect Corner has outstanding public transport links with the adjacent Islington Railway Station and is close to retail and commercial facilities including the Churchill Centre.
Further sales opportunities will open in the coming weeks at State Government led developments Playford Alive and Seaton.
To view the available properties at Prospect Corner click here.
As put by Nick Champion
Prospect Corner will appeal to a wide range of people including first home buyers, young professionals and essential workers.
This development is a hive of activity and once complete will be a diverse and affordable community.
South Australia's growth in residential construction activity is number one in Australia and this Government is leading by example bringing more homes to market.
