Work on an $80 million housing development at the corner of Regency and Churchill roads will start by the end of the year.
To be known as Prospect Corner, the 2.36ha site will feature 108 townhouses and 72 apartments, with 55 per cent earmarked for affordable housing to either buy or rent.
These homes will be available to eligible buyers earning less than $130,000 per year as a couple or family, or $100,000 as a single person. The current price point for affordable homes in Greater Adelaide is $417,000 to $479,550.
Affordable rentals will be income-based assessed with rent capped at less than 75 per cent of market rent for a property.
Shane Wingard, Executive Director Residential Project Delivery and Assets at Renewal SA, which is delivering the project, said the development would include green space and recreation areas.
"Renewal SA is not just in the business of building homes, but creating connected and well-serviced communities where people want to live and can thrive – and Prospect Corner is a prime example of this," Mr Wingard said.
"Prospect currently has one of the lowest levels of green open space out of any metropolitan Adelaide council so, as the local community stressed during consultation, we’re making it a priority to deliver a quality recreation area, nature play, revegetation and tree cover targeting 20 per cent of the site."
More information about Prospect Corner is available by calling 1800 565 755 or by visiting prospectcorner.com.au after Wednesday 13 September.
The news follows an earlier announcement that 249 new homes will be built along a newly extended Newton Boulevard in Munno Para, with 161 of the properties to be listed as affordable, as part of the next stage of the Playford Alive housing development.
Around 16ha of land will be unlocked for the housing development, which will feature a mix of homes to buy and rent to help more young families, single parents and key workers to break into the housing market.
The allotments designated 'affordable' will be sold at or below $187,650.
Renewal SA, which owns the Munno Para land, will deliver 25 houses as affordable rentals to be leased to tenants at less than 75 per cent of market rent and will be managed by a community housing provider (CHP).
Mr Wingard said the development would help lower-income earners.
"Renewal SA has an important role to play in addressing the current housing affordability challenges by unlocking land and creating affordable sale and rental opportunities for low-income individuals and families," Mr Wingard said.
"This latest stage at Playford Alive provides an opening for a CHP to partner with government to manage important rental stock within the development, which will be offered at below-market rents for the likes of key workers so they can live close to where they work."
Construction of the first homes is set to start in August 2024 and residents are expected to move in from late 2025.
Eligible first homebuyers purchasing affordable homes will be able to take advantage of the stamp duty abolition announced in the June State Budget, as well as a First Home Owner Grant of up to $15,000 – bringing total relief from the State Government of up to almost $45,000.
Other affordable housing projects being delivered by the South Australian Government include are at Bowden, Prospect and in the CBD.
Learn more at A Better Housing Future for South Australia.
