Housing project has affordable targets

A new development which is designed to enable moderate income community members to enter into home ownership is being offered for sale by the Department of Housing.

The Ford Road property, one of 227 currently listed in regional WA or metropolitan Perth under the Department’s Opening Doors to Affordable Housing program, was inspected by Housing Minister Terry Redman during a visit last week.

Mr Redman said since the program’s launch in September 2011, 577 affordable properties ranging from units to three and four-bedroom homes have been made available and 352 families had used it to move away from renting.

“The program makes home ownership more affordable through a shared home ownership scheme where the buyer pays as little as 70 per cent of the value of the property,” he 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.”

Some properties can be bought at full market rate for those who do not qualify for shared ownership.

Prices start from $190,400 for an apartment under the shared home ownership scheme and $300,000 at full market value for a three-bedroom house.

The department is seeking to provide up to 2,000 home ownership opportunities by 2013.