First rent-to-buy homes at Seaford now open for applications from tenant-purchasers
Applications for dozens of family rent-to-buy homes in Adelaide’s south are now open for people who want to get into the property market.
Dozens of new rent-to-buy homes in Adelaide’s south under construction are now available for people to apply to buy them.
The rent-to-buy program allows people to rent at a cheaper rate – about 75 per cent of the market rate – while saving to buy the home in two years’ time.
The 32 family homes, being built near the Seaford train station, start at $550,000 for a two-bedroom, up to $675,000 for three bedrooms, two bathrooms and two carparks.
The homes will be ready for tenant-purchasers to move in by mid-2026.
Under the rent-to-buy initiative – delivered by the SA Housing Trust – tenants have already been handed the keys to properties in Salisbury East, with more tenants moving in this month to homes in Elizabeth East.
Anyone who has applied to the program and has already been assessed by the Trust as
eligible to purchase through the rent-to-buy scheme – and are pre-qualified – will be notified they can now apply for one of the Seaford homes.
The program offers eligible long-term renters a pathway to homeownership by moving in as a renter, paying 75 per cent of market rent, then purchasing the homes after two years.
The money saved while paying a reduced rent helps the tenant purchaser to save to buy their home.
If, after the two years, they do not buy the home, they generally need to move out.
The purchase price is fixed when the tenant moves in as a renter. However, if the market dips, the price of the house still stays the same.
Successful applicants must be assessed as being financially capable of purchasing to be able to apply for properties.
If the home is not purchased at the end of the rental period, they will be required to vacate, and the property will be sold to another eligible purchaser.
Priority is given to people who have long-term employment and who have been long-term renters without the opportunity to realise homeownership.
Homes are close to Seaford train station and the development includes 43 carparks.
Interested renters are invited to apply at homeseeker.sa.gov.au
Housing Minister Nick Champion said they were the first three-bedroom rent-to-buy homes in the program.
“Rent-To-Buy is another policy measure by our government that is increasing housing supply to the market,” he said.
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Originally published as First rent-to-buy homes at Seaford now open for applications from tenant-purchasers
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