Release date: 10/09/23

Work to deliver a major affordable housing boost in a prime inner-city location will begin by the end of the year, as the Malinauskas Government continues to progress a pipeline of affordable housing projects.

The Prospect Corner development – on the corner of Regency Road and Churchill Road, at Prospect – will include 55 per cent affordable housing to get more South Australians into housing sooner and address the housing crisis.

More than half of the 180 new homes to be built on the 2.36-hectare master planned site will be affordable, comprising a mix of multi-storey townhouses for purchase and affordable rental apartments, subject to federal funding approval.

The priority project – identified as part of the Malinauskas Government’s A Better Housing Future plan and delivered by Renewal SA – will help young families, single parents and key workers to enter the market and ease pressure on supply.

Early works are set to start before Christmas, with the $80 million project featuring:

  • 108 townhouses – includes minimum 27 new affordable homes
  • Two and three bedrooms.
  • 7-Star Nationwide House Energy Rating.
  • Adjacent Islington Railway Station and close to public transport.
  • Construction of the first homes set to start mid-2024, residents to move in from 2025.
  • Minimum 72 new affordable rentals across two residential buildings
  • Leased to tenants at less than 75 per cent of market rate.
  • Renewal SA to work with Community Housing Provider to manage.
  • Residents set to move in early 2026.
  • Subject to federal funding through the National Housing Accord.

Approximately 80 jobs will be supported each year as works progress.
The project includes a BBQ area, outdoor gym and nature play area for children following local resident and primary school student feedback.

Homebuyers can register their interest from Wednesday, with the first release of townhouses to go on sale over the coming months.

Affordable homes are available to eligible buyers earning less than $130,000 per year as a couple or family, or $100,000 as a single person.

The current price point for affordable homes is $417,000-$479,550 in Greater Adelaide.

Affordable rentals are income-based assessed with rent capped at less than 75 per cent of market rent for a property.

Eligible first homebuyers purchasing affordable homes will be able to take advantage of the Stamp Duty abolition announced in the June State Budget, as well as a First Home Owner Grant of up to $15,000 – bringing total relief from the State Government of up to almost $45,000.


The Stamp Duty abolition is part of the Malinauskas Government’s $474.7 million A Better Housing Future plan, which also includes:

  • Fast tracking the single largest release of residential land in the state’s history;
  • Strengthening renters’ rights including banning no cause evictions and rent bidding, extending minimum notice periods, allowing pets in rentals, raising bond thresholds, and expanding the Private Rental Assistance Scheme;
  • Fast tracking approvals for new homes in key areas;
  • Delivering the first substantial increase to public housing in a generation – building an additional 564 public homes and stopping the sale of 580 others;
  • Developing the former Adelaide Bus Station site on Franklin Street to deliver more than 130 social and affordable apartments;
  • Delivering new housing developments for key workers in regional South Australia through a new Office for Regional Housing in Renewal SA, and
  • Preparing a new 2 per cent deposit home loan through HomeStart for first home buyers building a new home.


More information on Prospect Corner is available on 1800 565 755. The project’s website prospectcorner.com.au goes live on Wednesday 13 September.

Quotes

Attributable to Peter Malinauskas

We are taking action to tackle the housing crisis at every level and help South Australians secure long-term housing.

The series of affordable housing projects being rolled out will provide a much-needed way for more people to break into the market.

Boosting supply is vital and this is another key addition in a highly sought-after area.

Attributable to Nick Champion

We are delivering projects as quickly as possible to make housing more accessible to South Australians.

This development offers affordable family homes in a community setting, supported by good amenities and bike and public transport links to the city and nearby schools.

We are well placed to capitalise on Federal Government support to fast-track the project and will continue to position SA as a frontrunner for new investment into housing.

Attributable to Member for Adelaide Lucy Hood

My community, like the rest of the country, is feeling the full effects of the housing crisis – so the prospect of a quality, well-planned development with a majority of affordable housing is most welcome.

I’m thankful the Government has listened to the advocacy of Prospect residents to ensure the project will have such a strong focus on usable green, open space, which will complement the two new Pocket Parks I’ve fought hard to deliver.

Attributable to Renewal SA Executive Director of Residential Project Delivery and Assets, Shane Wingard

Renewal SA is not just in the business of building homes, but creating connected and well-serviced communities where people want to live and can thrive – and Prospect Corner is a prime example of this.

Prospect currently has one of the lowest levels of green open space out of any metropolitan Adelaide council so, as the local community stressed during consultation, we’re making it a priority to deliver a quality recreation area, nature play, revegetation and tree cover targeting 20 per cent of the site.