A rare opportunity for home seekers to tick off major must-haves on their dream home checklists will be realised this week, with the launch of Renewal SA’s latest city-fringe community, Prospect Corner.
The $80 million housing development at Prospect provides buyers and renters the chance to reside in well-crafted and generously proportioned homes, that are enviably close to the CBD, and at price points that makes the dream of home ownership or home security a reality.
55% of the entire development will be offered as affordable housing - almost four times the mandatory minimum.
Architectural designs for the new community’s 108 multi-storey townhouses are well advanced, with a diverse range of styles and layouts on offer to provide choice and variety for different lifestyles. The homes will range from two-to-three bedrooms and are targeted to achieve a 7-Star Nationwide House Energy Rating.
Prospective homebuyers can register their interest in house and land packages, with the first release of townhouses and pricing scheduled to hit the market before Christmas. The first residents expected to move in in 2025.
Subject to Commonwealth funding through the National Housing Accord, Prospect Corner will also include at least 72 apartments across two buildings, 100% of which are expected to be brought to market as affordable rentals. These apartments will be delivered with the support of a Community Housing Provider (CHP).
Both buildings will achieve the national best practice 5 Star Green Star rating, demonstrating high environmental performance and will be net zero in operations.
Thoughtful master-planning of the 2.36-hectare site has also identified much-needed pockets of open space, including opportunities for extensive tree planting. This follows consultation with local residents and students from nearby Rosary Primary School, who provided input into the design of a community garden, BBQ area, outdoor gym, and nature play area for children.
Prospect Corner sits immediately adjacent Islington Railway Station – a quick seven-minute train ride to the city – and is just moments from Prospect Road’s famed coffee shops and the bustling brunch spots of Bowden’s Plant 4.
Minister for Housing and Urban Development Nick Champion said Prospect Corner would attract strong interest given its highly desirable location.
“We are delivering projects as quickly as possible to make housing more accessible to South Australians,” Minister Champion said.
“This development offers affordable family homes in a community setting, supported by good amenities and bike and public transport links to the city and nearby schools.”
Eligible first homebuyers looking to purchase a home at Prospect Corner will also benefit from around $45,000 in savings thanks to the First Home Owner Grant and the elimination of Stamp Duty on new homes valued up to $650,000.
Renewal SA Executive Director of Residential Project Delivery and Assets Shane Wingard said the development is designed to provide more than just housing.
“Prospect currently has one of the lowest levels of green open space out of any metropolitan Adelaide council so, as the local community stressed during consultation, we’re making it a priority to deliver a quality recreation area, nature play, revegetation and tree cover targeting 20% of the site.”
The Prospect Corner development is expected to generate an average of 80 full-time equivalents (FTEs) jobs annually during construction.
Prospective purchasers and community members can keep up to date on project progress or register their interest at prospectcorner.com.au from Wednesday 13 September.