More affordable housing announced for $80m Prospect Corner development

Dozens of new homes have been announced for a booming $80m housing development in Adelaide’s inner-north.

A third round of sales has been announced for a booming $80m development in Adelaide’s inner-north, with 27 properties up for grabs for potential first-home buyers – 12 of which can be purchased through shared equity options.

Ten different styles of townhouses have been earmarked for the Prospect Corner development – which will eventually include 108 houses and 100 affordable rental apartments.

Housing Minister Nick Champion said the increase in affordable rentals would significantly increase opportunities for South Australians.

27 properties at the Prospect Corner development are now available to purchase. Picture: Renewal SA

The Prospect Corner housing development includes rentals and affordable homes. Picture: Renewal SA

Work on the $80m Prospect Corner housing development has started. Picture: Renewal SA

“Prospect Corner will appeal to a wide range of people including first-home buyers, young professionals and essential workers,” Mr Champion said.

“This development is a hive of activity and once complete will be a diverse and affordable community.”

South Australian first-home buyers will be able to access flexible home loans, including low-deposit home loans and shared equity options, through the state government lender HomeStart.

27 properties at the Prospect Corner development are now available to purchase. Picture: Renewal SA

Some of the townhouses being built at the Prospect Corner development. Picture: Renewal SA

Prices for a Torrens-titled two-bedroom townhouse with a garage at Prospect Corner start at $650,000. The use of 25 per cent shared equity option would reduce a loan by up to $162,500.

Construction at the $80m development has already begun, with slabs poured and frames starting to go up on the first of 108 town houses to be delivered.

South Australian construction company Kennett Builders have signed to deliver the 100 affordable rental apartments – an increase from last year’s original target of 72.

Further sales opportunities will open in the coming weeks at state government-led developments Playford Alive and Seaton.

Originally published as More affordable housing announced for $80m Prospect Corner development