The South Australian Government has unveiled a $1 billion plan aimed at accelerating the construction of new homes, centred on two $500 million funds to acquire land and support apartment developments.
The proposal, to be taken to the next election, includes a $500 million Housing Fast-Track Fund to purchase strategic land holdings that can be brought to market more quickly. A further $500 million Apartment Fast-Track Fund would support eligible off-the-plan developments in the Adelaide CBD, with the government acting as guarantor on up to 50 per cent of dwellings, capped at $30 million per project.
Premier Peter Malinauskas said housing supply was central to the government’s agenda. “Home ownership remains the cornerstone of the Australian dream, and SA Labor is utterly determined to ensure that dream is realised by as many South Australians as possible,” he said.
The Housing Fast-Track Fund would operate as a perpetual fund. When land purchased through the fund is sold, proceeds would be reinvested into future acquisitions. Renewal SA would manage the fund, with purchase criteria to include acquisition at fair value or below, based on independent market valuation and an assessment of site remediation requirements.
Sites would be assessed on whether a private developer would otherwise be likely to bring a housing precinct to market within five years. Eligible land could include existing state government holdings, land owned by other levels of government and privately held sites.
Likely candidates include the Hampstead and Warradale barracks, which the Commonwealth has announced plans to divest. The government said a dedicated funding source would allow it to respond to such opportunities and to prioritise infill and urban sites with access to public transport and community amenities.
The Apartment Fast-Track Fund is aimed at developments ready to commence construction within the Adelaide CBD. By underwriting part of the pre-sales risk, the government says it would enable projects to proceed sooner, supporting construction activity and increasing short-term housing supply.
Both funds are intended to complement Labor’s policy to abolish stamp duty for eligible downsizers purchasing new homes, a measure the party says could save households up to $103,830.
The government has previously purchased the former West End Brewery site, where homes are being built in the new suburb of Southwark. This week it outlined the broader vision for Southwark Grounds. In partnership with Commercial & General, more than 1000 homes are planned for the remaining two-thirds of the site, alongside a supermarket, childcare centre, aged care facility and retail and hospitality offerings.
Mr Malinauskas defended the earlier acquisition. “We were criticised by our political opponents when we purchased the West End Brewery site, but the last thing we wanted was for this prime real estate to turn into another North Adelaide Le Cornu site,” he said.
He said the government would intervene where required to prevent delays. “When the market cannot provide the right outcome, that’s when Government has to step in,” he said.
“Land like this doesn’t come along often, and we can’t allow it to stand vacant at a developer’s leisure for years on end, ever again.”
Mr Malinauskas said the state would act to accelerate projects and expand access to new housing. “We stand ready to fast-track housing development, to ensure South Australian homebuyers have access to affordable, well-situated homes in well-serviced, integrated communities,” he said.
“Adelaide is growing up and out. We need a Government that will do everything it can to build more homes for as many South Australians as we can.”
“That is what we stand for, and that is what we will deliver.”
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