Work on Prospect Corner development, including majority affordable housing, to begin by end of year

Work on dozens of affordable homes at Prospect will begin by the end of the year, as one homebuyer reveals how hard it is to find a home.

Work on the Prospect Corner development, which will comprise 180 new homes – the majority at an affordable cost – will begin by the end of the year.

The 2.36-hectare site, on the corner of Regency and Churchill roads, will include a mix of multistorey townhouses for purchase and affordable rental apartments, subject to federal funding approval.

In total, 55 per cent of the housing will meet the criteria for “affordable”.

Currently, the price range for affordable homes in Greater Adelaide is $417,000-$479,550. Affordable rentals are properties with rental rates capped at less than 75 per cent of the market rate.

Potential homebuyer Ben Griffiths, with his dog Fergus, at the announcement. Picture Mark Brake

Benjamin Griffiths, 25, from Para Hills, described his experience as a first-time homebuyer as “stressful and a living hell”.

Mr Griffiths has been living with his parents to save money for his first home.

“I’ve had to significantly adjust my expectations,” he said.

“It would be much more beneficial for us to apply our money toward a mortgage rather than wasting it on rent, we could be saving for our long-term future instead,” he said.

The rising cost of living has made it difficult for the 25-year-old IT professional to save enough for a house.

“Everything is becoming more expensive,” he noted.

Griffiths, who is keen to start a family soon, said he was in a hurry to purchase his first home during the period of high inflation.

“There’s no alternative, the best we can do is to worry as little as possible about interest rates.”

Initially, Mr Griffiths hoped to find a house with four bedrooms within a $400,000 budget. However, after a year-long struggle to find an affordable and ideal property, he said he’s willing to settle for a one-bedroom home.

“At this point, all we can hope for is a roof over our heads,” he said.

Griffiths said there is a ‘really tough competition’ for first home buyers. “So many people are trying to buy a home, and it’s incredibly expensive.”

Work on Prospect Corner will begin by the end of this year. Picture: Supplied

Early works on the $80m project – which includes a BBQ area, outdoor gym and play area for children – are set to start before Christmas.

Prospective buyers can register their interest this week, with the first homes to go on sale over the coming months.

Premier Peter Malinauskas said the government was taking action to tackle the housing crisis “at every level”.

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

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

Housing Minister Nick Champion said the projects such as Prospect Corner were being delivered as quickly as possible.

“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,” he said.