First time buyers may soon be able to crack into the property market sooner under new initiatives in one state, according to recently announced government plans.
The southside of Brisbane is set to receive an injection of affordable housing, with Coopers Plains public housing estate up for redevelopment and renewal into an affordable residential precinct.
Named Cornerstone Living, the $400 million master planned community will revitalized the former government land and ex-housing commission properties.
Minister for housing and public works, Bruce Flegg, said that the project will be a gateway for those looking for affordable properties.
"More than 1000 new apartments and townhouses are planned, with 15% (around 135 properties) earmarked for affordable housing," Mr Flegg said.
"It also involves the construction of a new 11-unit social housing complex on Boundary Road, purpose-built for seniors."
"Tenants in the older properties to be redeveloped will be offered new homes in the same neighbourhoods,” he said.
This arrangement is the “future” of social housing, he claimed, with more private-public joint funded initiatives being the way forward.