The first bricks are set to be laid in a neighbourhood built entirely for first home buyers.
The Australia-first initiative will see 400 new homes allocated to a pocket in Adelaide’s north specifically for those buying their first home.
South Australian Premier Peter Malinauskas said the state had the fastest-growing economy and fastest housing growth in the nation.
“In this week’s state budget, we’ll be allocating an additional $50 million to accelerate delivery of 400 extra new homes that will be exclusively available to first home buyers only,” Mr Malinauskas told reporters on Sunday.
“This will be the nation’s first-ever first home buyer neighbourhood.”
The pre-budget announcement comes ahead of the state Labor government unveiling its fiscal blueprint on Thursday, its first since being returned to power in a landslide result in March.
The first allotments – from 140 to 450 square metres in size – are already ready for sale as part of the federal government’s plan to build 100,000 homes nation-wide for first home buyers.
Civil works are under way to prepare the land, supported by a $50 million concessional federal government loan.
About 30 per cent of the allotments will be classified as affordable and released through HomeSeeker SA, capped at a maximum sale price of $259,000 for eligible buyers.
Eligible first home buyers who buy or build a new home will also be exempt from stamp duty.
SA Housing Minister Nick Champion said hundreds of families would benefit from the scheme.
“There is nowhere else in Australia where an entire neighbourhood has been set aside exclusively for first home buyers,” he said.
Brad and Courtney Vincent have just purchased a parcel of land in the purpose-built allotment for their first family home.
“To get our foot in the door and to build a life with our kids … it gives us security and peace of mind,” the couple told reporters.
Under an election pledge made earlier this year, Mr Malinauskas said he would stimulate housing growth across the state, abolish stamp duty for downsizers and help free up larger homes for families.
In February, the government announced a rent-to-own policy, fixing the price of a home at move-in to guard against price escalation.
South Australia hopes to build 6877 homes for first-time buyers as part of the 100,000 homes pledged nationally.
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