Western Australia Minister for Housing Terry Redman
Affordable Housing Sales Pass $118 Million
Victor P Taffa
- Program helping to make home ownership dream a reality
- Modest income earners able to escape rental trap
West Australians on modest incomes have taken advantage of a State Government program and purchased more than $118 Million worth of affordable housing.
Housing Minister Terry Redman, who today inspected an affordable housing development in Busselton, said 352 families had realised home ownership through the Department of Housing’s Opening Doors to Affordable Housing program.
“The program makes home ownership more affordable through a shared home ownership scheme where the buyer pays as little as 70 % of the value of the property.” Mr. Redman said.
“By sharing ownership of the property with the department, monthly home loan repayments are lower, making it more manageable for families on modest incomes.”
“For those who do not qualify for the shared home ownership scheme, there are also properties available that can be bought at full market value. These are still very affordable relative to the market and within reach for many.”
Since the launch in September 2011, 577 affordable properties, ranging from units to three and four-bedroom homes, have been made available through Opening Doors. The department is seeking to provide up to 2,000 home ownership opportunities by 2013.
Properties, many of which are built in partnership with the private sector, are located across the Perth metropolitan area and some regional locations, including Busselton, Manjimup and Cowaramup.
Prices start as low as $190,400 for an apartment under the shared home ownership scheme and $300,000 at full market value for a three-bedroom house.
“The response to Opening Doors has been very positive with many households on modest incomes realising it is an ideal way to escape the rental trap, especially in this tight market.” the Minister said.
- 227 properties currently listed for sale under Opening Doors to Affordable Housing