Aspiring property buyers are poised to save an average of $20,000 for 3,214 new homes and lots as a result of the Rudd government's $50 million investment for more affordable homes.

The latest cash injection, which is a part of the $512 million Housing Affordability Fund, will provide infrastructure such water pipes, sewerage, roadwork, and community facilities in the developments and will bring more than 7,000 lots forward between six and 14 months faster than would otherwise been the case.

Eight housing developments will share the spoils including: 

  1. $2 million for Ballarat City Council to prepare a Precinct Structure Plan for the Ballarat West Growth Area, Victoria. This will fast track land supply in the area, bringing forward much needed construction by 330 days.
  2. $1.5 million for Salisbury City Council to develop infrastructure at Parafield Gardens and Salisbury North, South Australia. This will deliver around $12,000 in savings to more than 120 homebuyers.
  3. $7.5 million for the New South Wales Department of Planning to provide infrastructure for the Bungarribee Residential Estate, near Blacktown. This will deliver around $20,000 in savings for 450 homebuyers.
  4. $8 million for the New South Wales Land and Housing Corporation to provide infrastructure in Seven Hills. This will deliver around $67,000 in savings to Community Housing Providers who will purchase 120 properties to rent as affordable housing.
  5. $11.5 million for Sunshine Coast Regional Council to deliver infrastructure in Palmview, Queensland. This will deliver around $26,000 in savings to around 450 homebuyers.
  6. $7 million to the Western Australian Housing Authority to cover the upfront costs of sewerage, water, gas, electricity and road connections in Henley Brook. This will take around $19,625 off the cost of around 350 new homes.
  7. $7.5 million to the Australian Capital Territory Land Development Agency for a collector road and bus route to provide public transport services to the residents of Crace.
  8. $5 million to the Northern Territory Department of Lands to establish infrastructure to support the Palmerston Land Release.

"This will be welcome news for families across the country looking for a new home, and will help unlock housing supply and improve housing affordability," said PM Kevin Rudd.

The Housing Industry Association welcomes the and said the move is an important step forward in the fight to improve housing affordability.

Thirty-seven projects shared in around $120 million under Round One of the Housing Affordability Fund and the savings generated are already being passed onto to homebuyers. Additional Round Two recipients will be announced shortly.


 

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker