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SA deal unlocks thousands of homes for first home buyers
South Australian first home buyers will benefit from an $800 million deal that unlocks thousands of new homes, improving their chances of entering the property market.
A deal between the South Australian and federal governments will deliver 17,000 homes, including nearly 7,000 for first home buyers, significantly boosting their chances of entering the market.
The deal, announced on 31 January, will see 6,877 new dwellings delivered specifically for first home buyers, in addition to 10,000 general-purpose homes in South Australia.
Construction of the new homes will be fast-tracked, beginning in 2026 and set to be completed by 2027.
The deal will see more than $800 million committed to building homes as part of the federal government’s election promise to construct 100,000 new homes for first home buyers.
The funding will go toward a mix of infrastructure development to expand housing land and urban renewal projects.
Prime Minister Anthony Albanese said the government was aware of the state of the housing market and the deal would provide a significant boost to supply.
“We’re determined to make it easier for young people and first home buyers to achieve the dream of owning a home,” Albanese said.
“Thanks to this agreement we’ve reached with Peter Malinauskas and his government, there will be thousands more South Australians getting the keys to their very own home.”
Premier of South Australia Peter Malinauskas said there were already more homes under construction than ever before in the state’s history.
“Now, thanks to our agreement with the Albanese Government, this work is about to reach a new level,” Malinauskas said.
“Our government is throwing everything at building more homes for South Australians.”
Minister for Housing Clare O’Neil said the decision to invest in housing supply was a significant boost to the hopes of first home buyers.
“We’re putting first home buyers at the heart of our home building program, making sure that when we build more homes – first home buyers benefit.”
“We said we’d make it easier for first home buyers to get into home ownership, and that’s exactly what this deal does,” O’Neil concluded.