State budget to help unlock doors for first home buyers
The first bricks will be laid in the neighborhood built entirely for first home buyers.
The initiative, a first in Australia, will see 400 new homes allocated to a pocket north of Adelaide, especially for first-home buyers.
South Australian Premier Peter Malinauskas said the state had the fastest growing economy and fastest housing growth in the country.
“In this week’s state budget we will allocate an additional $50 million to accelerate the delivery of 400 extra new homes that will be available exclusively to first home buyers,” Mr Malinauskas told reporters on Sunday. he said.
“This will be the first homebuyer neighborhood in the country.”
The pre-budget announcement comes before the Labor government unveils its fiscal plan on Thursday; this was the first time since he was returned to power in a landslide in March.
The first allotments, ranging in size from 140 to 450 square metres, are already available for sale as part of the federal government’s plan to build 100,000 homes across the country for first home buyers.
Construction is underway to prepare the land, supported by a $50 million concessional federal government loan.
Approximately 30 percent of the allocations will be classified as affordable and will be released through HomeSeeker SA, capped at a maximum sales price of $259,000 for eligible buyers.
Eligible first home buyers purchasing or building a new home will also be exempt from stamp duty.
SA Housing Minister Nick Champion said hundreds of families would benefit from the programme.
“There is nowhere else in Australia where an entire neighborhood is dedicated solely to first home buyers,” he said.
Brad and Courtney Vincent purchased a parcel of land on purpose-built land for their first family home.
“Stepping in the door and building a life with our children… gives us security and peace,” the couple told reporters.
Under an election promise made earlier this year, Mr Malinauskas said he would encourage housing growth across the state, scrap stamp duty on downsizers and help free up bigger homes for families.
In February, the government announced a rent-to-own policy that fixes the price of a house at move-in to guard against price rises.
South Australia hopes to build 6,877 homes for first-time buyers as part of the 100,000 homes committed nationally.
