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The South Australian government has added more affordable homes to the market for low and moderate-income residents, with all 100 homes now built and sold.
In a bid to help more South Australians into home ownership and provide a major boost to the construction industry, the state government delivered a “deliberate and targeted stimulus package” worth $21.4 million to build 100 new homes, including 71 affordable homes.
Under the HomeSeeker SA program, the two and three-bedroom homes all sold for between $250,000 and $418,000 — significantly lower than Adelaide’s median home value of $508,712.
Most of the sales were attributed to first home buyers, according to Minister for Human Services Michelle Lensink.
“Our strong plan to increase the supply of affordable housing in South Australia is hitting the mark when it comes to helping people on lower and moderate incomes get into home ownership as well as supporting vital jobs during the COVID-19 pandemic,” she said.
“In what’s been a challenging and tight housing market, the sale of our 71 affordable homes has given many South Australians the opportunity to buy homes in suburbs within 20 to 40 minutes from the CBD.”
She added: “It’s great news because it means people on moderate incomes have been able to purchase a home much closer to the city than they would otherwise be able to and there’s the added bonus of not having to compete with investors or the broader market at auctions.”
The homes were built across Blair Athol, Edwardstown, Findon, Kidman Park, Kilburn, Morphettville, Mt Barker, Pooraka, Woodville Gardens, Taperoo, Tonsley, Croydon Park, Felixstow, Klemzig, South Brighton, South Plympton, Mitchell Park, Devon Park and Elizabeth Park.
To be eligible for the purchase of affordable homes in South Australia, residents must have an annual income of less than $110,000 (couple or family) or $85,000 (single) before tax, and cannot own residential property, including overseas or in regional Australia. They must also live in the new home for at least six months within the first 12 months of buying.
Ms Lensink has indicated that the South Australian government aims to deliver another 1,000 more affordable homes worth $400 million across South Australia by 2025.
New locations for the homes will include Morphettville, Findon, Woodville West, Kidman Park, Dover Gardens and Devon Park.
“Our $400 million commitment to deliver 1,000 new affordable homes is creating a steady pipeline of work for our building and construction industry, guaranteeing jobs and certainty for hundreds of tradespeople and their families for the next five years,” Ms Lensink concluded.
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