St Clair is a fresh new residential expansion in Woodville and Cheltenham, offering over 1, 200 new homes including apartments, townhouses and land allotments.
The St Clair development epitomises modern, easy living. It boats twenty two hectares of lagoons and evergreen parklands, a proposed village square with shops and cafes, a planned train station and tram line extension enabling easy access from St Clair to West Lakes and Semaphore.
St Clair also caters for the active and social lifestyle with ample playfields, cycling and walking trails as well as playgrounds and picnic facilities in the St Clair parklands.
At the heart of St Clair is a specially designed environmentally sustainable urban waterway, which will be completed early next year.
With nearby private and public schools, recreation and sport centres, St Clair is particularly appealing to young families, retirees and first time homeowners. Despite a slump in the real estate market, St Clair has challenged the difficulties, logging an increase in housing sales due to its affordable price bracket.
The shared equity scheme is an unique South Australian Government initiative that provides a selection of homes at St Clair to be purchased at a lower cost through the Affordable Homes Option.
Depending on the purchaser’s eligibility, the scheme allows the buyer to attain a shared equity contribution loan of up to thirty three percent of the value of the home, meaning buyers only need a mortgage for sixty six percent to initially purchase a home.
Re-payment on the shared equity contribution loan is made when the home is sold, or, if the homeowner wants one hundred per cent ownership they can pay out the loan in installments.
As an example, for a townhouse priced at $390,000 the state government will loan $90,000 plus the new homeowners grant of up to $15,000. When they sell, the homeowner will pay back the loan plus a percentage based on the increase of the value of the home.
Josef Milano is a young first homeowner and he recently purchased an executive townhouse on Brocas Avenue at St Clair and says it was the design, convenience and affordability that attracted him to buy.
“I went to the open inspection and fell in love with the overall aesthetic and design so I put in an offer and within eleven business days, I was given the keys.“I had been searching particularly for brand new, established houses because I knew with work commitments I’d be unable to spend much time dealing with fixtures and designs.”
Josef did not take advantage of the shared equity scheme however he was eligible for the first homeowners grant.
“I got the first homeowners grant for seven thousand and the bonus grant of up to eight thousand and it’s because of this that it was affordable for me,” says Milano.
Josef says he will take advantage of the wetlands for walking his dog and also the oval, which is right out the front of his house.
St Clair has currently released homes to buy in different stages, with Tulloch Release land, premium Waterside land and Apprentice Townhouses available to purchase. Construction of the modern Apprentice Townhouses to be complete and ready to move in by September.
At the moment St Clair are offering a promotion to buyers who purchase an Apprentice Townhouse to be upgraded with SMEG appliances and ground floor tiling.