Project pipeline revealed to unlock more affordable housing
A pipeline of strategic housing projects will deliver hundreds of new homes to the South Australian property market over the next two years – including 331 affordable homes and rentals – following the identification of five priority projects expected to generate in the order of $300 million in economic activity for the state.
The development-ready projects – at Bowden, Playford and Prospect – are among the first tranche of state government projects to be submitted for support through the $10 billion Housing Australia Future Fund. The National Housing Accord seeks to build one million new homes across Australia from mid-2024.
Renewal SA has unlocked land for these developments and will partner with community housing providers, developers, and builders to progress these projects to shovel-ready, then construction status as soon as possible.
The projects earmarked for immediate advancement include:
- Playford Alive – 249 new allotments including 25 homes specifically providing affordable rentals
- Bowden – 60 new rental apartments
- Bowden – 36 new rental apartments
- Prospect (Apartment 1) – 30 new rental apartments
- Prospect (Apartment 2) – 42 new rental apartments.
Playford Alive
A master-planned approach will unlock 16.6 hectares of land at Playford Alive, in what will be a major investment in long-term housing in the north. 249 new allotments will be created along Newton Boulevard at Munno Para as part of the new estate. The development will target 65% affordable housing while Renewal SA will directly deliver 25 houses as affordable rentals.
Civil construction is expected to commencement by the end the year, pending planning approvals, with the first homes to begin in the second half of 2024.
Playford Alive
Bowden
Already synonymous with a quality mix of inner-city housing options for every demographic, Renewal SA’s Bowden project will add two new affordable rental projects to its footprint.
The first will offer affordable rentals and secure tenancy outcomes. The mixed-used project is expected to feature ground-floor retail outlets and public and private car parking.
It is anticipated construction will begin on-site from mid-2024 following completion of design work, planning approvals and tenders to select a builder.
The other will neighbour and take on a similar model to the highly successful Nightingale Bowden project on Second Street. Renewal SA will seek to enter a partnership arrangement with a Community Housing Provider for the site, targeting a minimum of 36 affordable rental apartments. The development will sit just metres from public transport links providing ease of access to the city via train, tram and the Outer Harbor Greenway.
Construction is anticipated to start before the end of 2024.
Prospect
In 2021, Renewal SA announced a 180-home development that would include 55% affordable housing on the high-profile corner of Churchill Road and Regency Road at Prospect. This project has been further refined and is able to deliver two well-located apartment buildings dedicated to 100% affordable rental outcomes.
Subject to planning approval, 10 months’ worth of civil works will begin on the Prospect site around September, with apartment builds to start by the end of 2024.
Residents can expect to move in around 12 months after home construction begins on all projects.
Prospect development. Image is for illustrative purposes only.
Affordable rentals use income-based rent capped at 75 per cent of market rent for a property.
Affordable homes are available exclusively to eligible buyers earning less than $130,000 per year as a couple or family, or $100,000 as a single person.
The current price point for affordable homes is $417,000-$479,550 in Greater Adelaide.
“Supply of Affordable housing is critical to the growth of our city,” Renewal SA Chief Executive Chris Menz said.
“These five new projects represent the beginning of a pipeline of homes to be delivered for workers. We look forward to partnering with the industry, community housing providers and the commonwealth to deliver them.”
Renewal SA will continue to investigate opportunities to unlock land for housing development across the entire state, adding to its pipeline of housing stock for South Australians.
