This article is from the Australian Property Journal archive
DEVELOPER Peet has sold all 185 homes at Woodville Road in Adelaide, a landmark project which boasted three times the amount of affordable housing typically required by the government.
The sell out was achieved in 18 months at the St Clair residential development, located just eight kilometres northwest of the Adelaide CBD, and including both apartments and Torrens titled terrace homes at various price points.
The 3.7-hectare site includes 84 homes or 45% dedicated to long-term affordable housing, which is three times the amount of affordable housing typically required by the government and is believed to be the highest percentage sold by a private development group under the affordable homes program in the state.
“We are incredibly proud of what we have achieved at Woodville Rd. Thinking differently about how we plan and design communities is going to be critical to overcoming the current housing supply challenges facing cities around the country,” said Brendan Gore, Peet managing director and CEO.
“Woodville Rd demonstrates that it is possible to deliver high-quality, affordable homes in great locations close to the city while maintaining an affordable price point.”
Peet targeted its sales to eligible buyers, including young people and first home buyers. With 44 of the affordable homes marketed by HomeSeeker.
Through HomeStart, eligible homebuyers receive a secondary loan under shared equity, enhancing borrowing power and providing an interest-free and repayment-free loan of up to 25% of the purchase price.
“We are seeing record numbers of young people access loans with State Government lender HomeStart, so they can build or buy their first home,” said Nick Champion, South Australian minister for Housing and Urban Development.
“The Woodville Road development is ideally located close to major public transport options and will complement the surrounding community and open space in the area.”
Woodville Rd also incorporated the Shared Equity initiative in collaboration with HomeSeeker, aimed at making homeownership more attainable and helping homebuyers enter the market.
“Partnerships between Governments and Community Housing Providers, as well as the development and construction sector, are critically important to addressing the housing crisis,” said Maria Palumbo, CEO at Junction.
“What we have here is a fantastic example of this collaboration delivering quality, sustainable and affordable housing South Australians are proud to call home.”
