Adelaide: Affordable housing for low-paid

Simon Hampel · 14th Aug, 2007

Affordable housing for low-paid | NEWS.com.au Business

LOW and moderate income-earners will be given the first opportunity to buy affordable homes to be built in Adelaide in an Australian-first program, the State Government says.

Housing Minister Jay Weatherill said the properties, to be built in various new housing developments, will be priced under $250,000.

They will be made available exclusively to homebuyers earning less than $59,000 a year for 90 days before being opened up to the wider market.

"This is a great new opportunity to assist many buyers struggling to break into the housing market," Mr Weatherill said.

"As part of the new scheme, eligible buyers will have the first option to purchase a home at the listed price.

"Properties that fail to sell will be released onto the general home buyer market."

As well as earning less than $59,000 a year, eligible buyers will also be required to live in the property, must own no other properties and must have less than $250,000 in assets.

Mr Weatherill said the median house price in Adelaide was now around $300,000 which was out of reach for many home buyers.

He said the state government was working to increase the supply of affordable homes and this initiative would ensure low to moderate income earners had the first pick of the houses that became available.

"This initiative will allow many young people to purchase their first home, along with others who have previously owned a home to once again enter the market," the minister said.
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Tropo · 14th Aug, 2007

Sim said: ↑

Affordable housing for low-paid | NEWS.com.au Business
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Hmmmmm.....South Australia in recession: bank | NEWS.com.au

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Adelaide: Affordable housing for low-paid

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