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Published 14 Feb, 2024

The first homes in the new Prospect Corner development have sold out within weeks of release following strong interest in the $80 million government-led project.

 

The first homes in the new Prospect Corner development have sold out within weeks of release following strong interest in the $80 million government-led project.

Seven architecturally designed, two and three-bedroom townhouses were offered as part of the first sales release of the 2.36-hectare development on Churchill Road, with three sold as affordable homes.

Prices for the seven townhouses ranged from $560,000 to $720,000, meaning eligible first home buyers could also qualify for full or partial stamp duty relief through the state government’s stamp duty relief scheme. Eligible buyers could also apply for a first home buyers grant.

Affordability is a key component of the Prospect Corner project with a number of homes offered at an affordable price point utilising the Government’s HomeStart shared equity finance option. The Prospect Corner project is targeted to provide nearly 55% of all dwellings as affordable homes. 

“We are committed to unlocking more quality housing for South Australians as quickly as possible and Prospect Corner is a great example of this,” Minister for Housing and Urban Development Nick Champion said.

“Along with other large-scale redevelopments in the pipeline such as the former West End Brewery and the transformation of the former Adelaide Bus Station site on Franklin Street, we are creating a critical mass of affordable and desirable homes for current and future generations.”

The site will feature 108 two and three-bedroom townhouses, all designed to target a 7-Star Nationwide House Energy Rating.

Prospect Corner will also include apartments across two high quality buildings and will deliver a significant portion of affordable rentals to the South Australian housing market.

At just seven kilometres from Adelaide’s CBD and with outstanding public transport links, Prospect Corner will be a vibrant community with a focus on delivering much-needed open space. Consultation helped define the community’s desire for more usable green areas, which is why Renewal SA’s masterplan will deliver quality recreation space and revegetation and tree cover targeting 20% of the site.

“Like every project Renewal SA is involved in, Prospect Corner is a community-first development that reflects the needs, desires and aspirations of the community,” said Renewal SA Executive Director of Residential Project Delivery and Assets Shane Wingard.

“At the same time, the project is supporting increased economic activity within the State through the construction of significant civil, landscape and housing activity, creating many jobs for South Australians.”

The first tranche of townhouses will be delivered by leading SA builder Buildtec, with the company selected through an open market procurement process.

Managing Director of Buildtec Anthony Carrocci said being part of the Prospect Corner Project went beyond just construction.

“We're not just creating structures, it’s about contributing to a community where everyone can thrive,” Mr Carrocci said. 

"Our team takes pride in knowing that these townhouses will serve as a comfortable and secure home for people.” 

Hailee Dyer, who recently purchased one of the first allotments said choosing to be part of Prospect Corner was an easy decision. 

“I see a community being built with care and purpose and knowing that I’m contributing to a project focused on affordable living and sustainability makes this more than a purchase, but a commitment to a better, more inclusive future,” Miss Dyer said. 

“When I decided to invest in a home at Prospect Corner, it wasn’t just about finding a place to live, it was about joining a like-minded community, with shared values.” 

Yenny Lee, a first home buyer, who has also purchased at Prospect Corner said:

“I have been looking to buy my first place ever since I moved to Adelaide from Alice Springs about 8 months ago, and what I like about Prospect Corner is its proximity to the local shops and the train station,” Mr Lee said.

“It wouldn't have been possible for me to buy this property without the Government’s HomeStart shared equity option, which has made it affordable.

“It's really exciting; construction will start soon, and I can't wait to become part of this community.”

Construction of the townhouses is scheduled to start in mid-2024, with the first residents expected to move in by mid-late 2025.

Another nine townhouses will be released for sale next month under the second round of sales.