Plans are underway to usher in a new era of affordable housing in the heart of South Australia’s inner city, with the Malinauskas Government forging ahead with a substantial affordable housing project in Prospect, set to commence in 2024.
The Prospect Corner development, strategically positioned at the intersection of Regency Road and Churchill Road, is expected to alleviate the housing crisis by dedicating a substantial 55 per cent of its 180 new homes to affordable housing options.
This ambitious undertaking is part of the larger plan outlined in the Malinauskas Government’s “A Better Housing Future” initiative and will be executed by Renewal SA. The goal is clear: to provide opportunities for young families, single parents, and key workers to access housing and alleviate the mounting pressure on the housing supply.
‘We are taking action to tackle the housing crisis at every level and help South Australians secure long-term housing,’ says Premier Peter Malinauskas.
As early as this Christmas season, preliminary work will commence on the $80 million project. Among the development’s key features are 108 townhouses, of which at least 27 will be designated as affordable housing. These townhouses will offer two to three bedrooms and boast a 7-Star Nationwide House Energy Rating.
Moreover, the Prospect Corner development enjoys close proximity to the Islington Railway Station and public transportation, ensuring convenience for its future residents. Construction of the first homes is scheduled to begin in mid-2024, with occupancy slated for 2025.
‘We are delivering projects as quickly as possible to make housing more accessible to South Australians,’ says Minister for Housing and Urban Development, Nick Champion. ‘This development offers affordable family homes in a community setting, supported by good amenities and bike and public transport links to the city and nearby schools.’
The project will also encompass two residential buildings, providing a minimum of 72 new affordable rental properties. These rentals will be available at rates significantly below the market average, making them an attractive proposition for those in need. The management of these rentals will be entrusted to a Community Housing Provider, further emphasising the commitment to ensuring accessibility to housing options.
One of the most remarkable aspects of the Prospect Corner development is the economic boost it will provide to the local community. Approximately 80 jobs will be created annually as construction progresses, reinforcing the project’s commitment to fostering economic growth and opportunity.
Community feedback has been instrumental in shaping this initiative, with local residents and primary school students contributing valuable input. In response, the project will include amenities such as a BBQ area, an outdoor gym, and a nature play area for children, enriching the quality of life for its future inhabitants.
For those aspiring to become homeowners, the opportunity is imminent. Prospective buyers can register their interest starting this Wednesday, with the first release of townhouses set to go on sale in the coming months.
Eligibility for affordable homes extends to individuals earning less than $100,000 annually and couples or families earning under $130,000. Affordable homes in the Greater Adelaide area typically range between $417,000 and $479,550, offering an accessible entry point into the property market.
Additionally, eligible first-time homebuyers stand to benefit from the Stamp Duty abolition and a First Home Owner Grant of up to $15,000, providing a total relief of nearly $45,000 from the State Government.
This development is part of the broader $474.7 million “A Better Housing Future” plan, which encompasses various initiatives aimed at strengthening renters’ rights, expediting the release of residential land, and increasing public housing stock.
Renewal SA Executive Director of Residential Project Delivery and Assets, Shane Wingard says, ‘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.‘
The Prospect Corner development represents a significant stride toward addressing the housing crisis in South Australia. With its focus on affordability and community well-being, it stands as a beacon of hope for many South Australians seeking a brighter, more stable housing future. As the project progresses, it’s set to reshape inner-city living and deliver a high standard for accessible housing initiatives.
