- The homes are located in the northern suburb of Smithfield Plains.
- Part of the initiative means homeowners won't spend over 30% of weekly income on housing expenses.
- The two to three bedroom properties are pricced at $410,000 and below.
Twenty-two new homes between $330,000 and $410,000 have come to market in Adelaide’s northern suburbs.
As a result of the partnership between the Malinauskas Government and Rivergum Homes, the Smithfield Plains homes form part of the SA Housing Authority’s Affordable Homes Initiative which offers a range of single garage and double garage options.
“The outstanding partnerships we have with our builders like Rivergum Homes under the Affordable Homes Program, mean innovative approaches to bringing affordable homes to the market, benefiting our customers and South Australia as a whole,” said SA Housing Trust Board presiding member, Mary Patetsos.
Rivergum Homes land development manager, Tony Scott, said the builder was proud to partner with the SA Housing Authority, and:
“We are dedicated to the belief that affordability can be aspirational. We are committed to supporting this initiative to ensure everyone has the chance to attain homeownership.”
The initiative is designed to support those on low to moderate incomes, allowing households with limited financial resources to spend no more than 30% of their weekly income on housing expenses – whether mortgage repayments or rent.
Mortgage stress and rental stress is typically defined as spending over 30% of income on rental payments or mortgage repayments.
Proportion of low income rental households spending more than 30 per cent of their gross income on housing costs (rental stress) (%), by location, 2007–08 to 2019–20: South Australia
By limiting income spent on housing, it ensures households are able to sufficiently budget for other essentials including education, medicine, transport, food, and clothing.
“It’s really tough to break into the housing market at present and these homes will provide an opportunity for a number of first homebuyers,” said South Australian Minister for Human Services and Member for Hurtle Vale, Nat Cook.
“This is a really good initiative for lower income South Australians to realise their home ownership dream.
“We build these homes in locations like this one, so that people are near the services they need.”
The homes
The 22 new affordable Smithfield Plains homes will front Davison Crescent and Barrat Street, opposite the Curtis Road commercial precinct and will be in close proximity to services, shops, and abundant amenities including walking trails and wetlands.
Of the 22 affordable Adelaide homes, 12 will be Torrens-titled fixed priced house and land packages selling for between $399,900 to $410,000, and 10 community titled homes between $330,000 and $355,000.
The two and three bedroom homes are architecturally designed, and are listed on the SA Housing Authority’s affordable homes website.
One of the $410,000 homes listed on the SA Housing Authority platform notes the house includes stainless steel appliances, 2.7 metre high ceilings, reverse cycle air conditioning, is fully landscaped, and is merely half an hour from both the Barossa and North Adelaide.
The more affordable community titled home listed on the platform at $330,000 also has many of the same features.
Adelaide’s most affordable suburb
Smithfield Plains was typically among Adelaide’s most affordable suburbs, with rankings from across the previous years demonstrating the suburb has an excellent balance between cost and amenity.
Earlier this month, the suburb ranked eighth most affordable in the country, according to PropTrack*.
Weekly asking prices for 5114, including Smithfield Plains
A boon for the suburb’s excellent location, affordability, and amenity, in mid-2022, National Australia Bank (NAB) data showed the 5114 postcode, which includes Smithfield Plains, was one of the best for first home buyers.
Smithfield Plains is also an up-and-coming suburb for price growth, with the affordable pocket of north Adelaide ranking third behind two other Sydney suburbs as top 10 for median house price growth in Australia.
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* For suburbs across the combined capital cities, excluding regional.
