Is Queensland’s property market finally outpacing New South Wales
Queensland has become the state to watch when it comes to property, following its strong response to the COVID crisis an...
South Australians have shown their enthusiasm for cheap property – and a new affordable housing development just 2.5 kilometres from Adelaide’s CBD.
On its first day on the market, a total of 13 one- and two-bedroom apartments were sold off-the-plan between $312,000 and $400,000 to eligible South Australians. The final apartment was sold within two weeks.
Nightingale undertook a ballot process in selling the apartments, with an oversubscription to the ballot requiring applicants to agree to unconditional contracts.
Nightingale Housing’s founder, Jeremy McLeod, said: “Around 20 per cent of the homes have been allocated to people we define as ‘key community contributors’ whose occupations are essential to the functioning of cities, but who are typically on fixed, low to moderate or casual wages.”
The remaining 20 apartments were retained by Housing Choices Australia for affordable and specialist disability housing rentals.
South Australia’s Minister for Human Services, Michelle Lensink, said the quick apartment sales represent huge confidence in the market as well as a surging demand for affordable housing among South Australians.
“The fact that these affordable apartments quite literally flew out the door shows a clear need for this type of housing for South Australians wanting to get their foot in the door of homeownership.
“This development demonstrates the need and desire for this type of housing – close to the city, sustainable, community focused and more affordable,” she reflected.
The project will commence construction in the second half of 2021, supporting 700 jobs over the course of building. It will be carbon neutral in operation and will boast a 5-star Green Star and 7.5 Nationwide House Energy (NatHERS) ratings.
To address the growing demand for affordable and sustainable housing, the state government has revealed an intention to roll out a $400 million plan to build 1,000 new affordable homes by 2025.
Ms Lensink expects the plan will ultimately “empower and support more South Australians into their own homes”.