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Industry News, Latest News, Projects, South Australia

First homes bought under SA’s $400M construction stimulus

Tasmania has recorded the highest number of monthly dwelling approvals in a decade, with 369 being reported, which is expected to continue according to the state government.

The first of 1000 new homes built under the South Australian Government’s $400 million construction stimulus have been sold off the plan, with further works now underway.

Fairmont Homes, Metricon Homes, Rivergum Homes and Scott Salisbury Constructions were selected to begin building more affordable homes following a competitive tender process.

The first 19 homes were sold at Dover Gardens, with more to be built in Kidman Park, Tonsley, Kilburn, Edwardstown, Woodville, Blair Athol and Ingle Farm.

Human Services Minister Michelle Lensink said the State Government’s $400 million plan to increase the supply of affordable housing in South Australia was hitting the mark.

“Not only is our stimulus supporting South Australians get their foot into the door of homeownership, we’re providing a steady pipeline of work to support vital jobs during the COVID-19 and in the years to come,” Lensink said.

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“Our strong focus on delivering more affordable housing in South Australia is great news because it means people on moderate incomes have been able to purchase a home with the added bonus of not having to compete with investors or the broader market at auctions.”

As part of the stimulus, the State Government will help deliver 1000 new affordable homes in South Australia by 2025.

Affordable homes are only available to eligible buyers who meet the eligibility criteria and are sold for a maximum of $422,050 on the HomeSeeker SA website. In the June quarter 2021, data shows the median house price for a home in metropolitan Adelaide was $540,000.

To be eligible to buy one of the homes, the buyer must have an annual household income less than $110,000 before tax for couples and families or $85,000 before tax for singles.

In addition, buyers cannot own any residential properties, including overseas or in regional Australia and must live in the new home for at least six months within the first 15 of buying.

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