In the 2022/23 financial year, 229 eligible buyers bought affordable homes compared to 104 sales the previous financial year – an increase of 120 per cent.
The increase follows growth in the number of homes being made available under the SA Housing Authority’s Affordable Home Initiative (AHI), delivering 1000 affordable homes over five years, and comes after the abolition of new home buyer stamp duty.
The state’s 15 per cent affordable housing policy encourages developers to build lower cost homes for sale through the HomeSeeker SA website, with 540 homes listed in total for sale last financial year, including government and private sector-built affordable homes.
These homes are listed on the SA Housing Authority’s HomeSeeker SA website exclusively for eligible buyers, meaning people on lower incomes are not competing with chased up investor buyers to purchase a home.
Changes made in September 2022 have also made it easier for buyers to purchase affordable homes, with houses now listed for 60 days, giving them more time to choose a home that suits their needs and their budget – and also to arrange financial pre-approvals.
In the 2022/23 financial year, affordable homes were sold across the metropolitan area:
- Western suburbs – 37.1 per cent
- Northern suburbs – 34.5 per cent
- Southern suburbs – 24 per cent
- CBD – 4.4 per cent
More homes are currently under construction across the metropolitan area, unlocking valuable house and land supply for eligible buyers.
Funded through the SA Housing Authority’s AHI, Bradford projects by Scott Salisbury has 89 new affordable homes under construction in Woodville Gardens, across five sites. The first site commenced in November last year, with all 14 homes sold and four already completed.
Across the suburb, more than 20 affordable homes are still available on Homeseeker SA, with a further ten listings to be released to the market shortly. All homes are listed well below the $665,00 median house price for Woodville Gardens.
All homes were made available with a HomeStart Shared Equity Loan. This allows the buyer to pay no more than the affordable price limit of $479,000, with HomeStart then contributing the balance.
Buyers of affordable homes can access a HomeStart Shared Equity Loan, which increases their borrowing capacity, without increasing payments. Check HomeStart Finance’s website for details – homestart.com.au
Affordable houses are available to eligible buyers earning less than $130,000 a year as a couple or $100,000 as a single person. First homebuyers can take advantage of Stamp Duty abolition for first home buyers as well as a First Homeowner Grant of up to $15,000.
To check your eligibility and to sign-up to get alerts about these and all new affordable housing listings on HomeSeeker SA, visit www.homeseeker.sa.gov.au.
As put by Nat Cook
The Malinauskas Labor Government is committed to improving the housing outcomes for South Australians, particularly those in need of safe, fit-for-purpose public, social and affordable housing.
The Affordable Homes Initiative is a great example of what we are doing to combat the housing struggles faced by many South Australians.
Households on lower incomes often struggle to find a place to call home so it’s encouraging that so many South Australians are taking advantage of the Affordable Homes Initiative to realise their dreams of homeownership and long-term, secure housing. Providing affordable homes to the market is incredibly important in creating the right kind of housing supply for lower-income earners.
As put by Scott Salisbury Managing Director
During this housing crisis, with the lack of affordable housing and rentals, it is extremely important that new home buyers have confidence in the builder of their new home. We’re building affordable housing with the State Government under the Affordable Homes Initiative.
It means new homeowners can be confident that their homes will firstly be completed and secondly completed with a quality builder whose trades and suppliers and are all South Australian.
As put by Mary Patetsos AM, SA Housing Trust Board Presiding Member
Buying an affordable home is within reach of South Australians who otherwise might be priced out of the market. There are many options available through HomeSeeker SA, from Oakden, to Blair Athol, to Virginia. To find out where affordable homes are available, just go to the HomeSeeker SA website where you will also find and information and guidance about what you need to do to prepare to buy a home.
