The State Government is making a historic investment in housing, committing over $843 million across the next decade; the largest housing package in the state’s history.
The funding aims to increase housing supply, address homelessness, and help more South Australians achieve home ownership. Combined with previous allocations, the total investment now exceeds $1.4 billion.
In a significant move to support first home buyers, the government will abolish stamp duty for all eligible first home buyers who build or buy a new home, regardless of the property’s purchase price. Previously, stamp duty was scrapped for new homes up to $650,000 and land up to $400,000.
The 2024 to 2025 State Budget removes these property value thresholds, along with the $650,000 cap on the First Home Owner Grant, for contracts entered into on or after June 6th. The initiative is expected to save first home buyers $30 million over four years, providing over $50,000 in relief for those buying homes around Adelaide’s median price of $750,000.
The 2024 to 2025 State Budget will allocate $576 million for two major housing developments, adding more than 1900 homes in Seaton and Noarlunga Downs.
$425 million will be allocated to redevelop South Australian Housing Authority (SAHA) land, creating 1,315 new homes. This includes replacing 388 public homes and constructing 865 houses and townhouses, and 450 apartments, with at least 15% affordable housing and 30% social housing.
$150 million will be allocated to develop two parcels of vacant land, paving the way for 626 new homes by June 2032, with at least 27% designated as social or affordable housing.
An extra $136 million is allocated to build and upgrade 442 social housing dwellings in partnership with community housing providers. Other commitments include $66 million to SAHA in 2025-26 to support public housing commitments, and $30 million for the Office for Regional Housing to construct more homes in regional areas.
While $5 million over four years to extend the Aspire homelessness program, assisting an additional 264 people until June 2027.
“Sales have started and work has already begun on the first of these homes as we try to deliver the new builds as soon as possible,” Minister for Housing Nick Champion said.
“The work does not stop here. Further details on measures the Government is taking to tackle the housing crisis will be revealed at a special Housing Roadmap event at the end of the month.”
