Peet's Woodville Rd is a Blueprint for Affordable Housing Success in Australia

Leading Australian property developer Peet, in partnership with the South Australian government, has reached a major milestone with the sale of all 185 homes at the Woodville Rd residential development.

Achieved in just 18 months, the success includes an impressive 45% (84 homes) dedicated to long-term affordable housing, which will deliver three times the amount of affordable housing that is typically required by the State Government. Construction on the community began in May 2023 and is located in St Clair, only eight kilometres northwest of the Adelaide CBD.

The 3.7-hectare site has been developed by Peet following an agreement with Renewal SA, the state government’s property agency, to create a liveable community, complete with new housing design options and a 45% affordable housing component. It is believed to be the highest percentage of affordable homes sold in South Australia by a private development group under the affordable homes program.

“We are incredibly proud of what we have achieved at Woodville Rd. Thinking differently about how we plan and design communities is going to be critical to overcoming the current housing supply challenges facing cities around the country. Woodville Rd demonstrates that it is possible to deliver high-quality, affordable homes in great locations close to the city while maintaining an affordable price point,” said Brendan Gore, Peet Managing Director and CEO.

“The substantial affordable housing outcomes achieved at Woodville Rd will help young people and first home buyers, in particular, get onto the housing ladder. Building a sense of community is fundamental to prosperity and well-being. St Clair offers easy access to the CBD, the coast and local retail and leisure facilities, and promises an enviable and productive lifestyle for its newest residents,” Chris Menz, CEO of Renewal SA.

Unlike many developers who list affordable homes for a limited time before releasing them to the public, Peet actively marketed and sold these homes directly to eligible buyers, ensuring that they were purchased by those who needed them most.

“This development is helping more young South Australians own their first home with 45% of new dwellings sold at or below the affordable price point. We are seeing record numbers of young people access loans with State Government lender HomeStart, so they can build or buy their first home. The Woodville Road development is ideally located close to major public transport options and will complement the surrounding community and open space in the area,” said Nick Champion, South Australian Minister for Housing and Urban Development.

44 affordable homes were marketed by HomeSeeker, enabling low to moderate income earners to become homeowners, while community housing provider Junction has bought 40 homes which will be used as affordable rentals.

Woodville Rd also incorporated the Shared Equity initiative in collaboration with HomeSeeker, aimed at making homeownership more attainable and helping homebuyers enter the market. Through HomeStart, eligible homebuyers receive a secondary loan under Shared Equity, boosting their borrowing power and providing an interest-free and repayment-free loan of up to 25% of the purchase price.

To create stable and vibrant communities with long-term residents, Peet understands the importance of diversity of housing stock to provide first homebuyers with viable options in new developments.

The development includes both apartments and Torrens titled terrace homes offered at various sizes and price points, creating suitable options for first time buyers, young families, and downsizers.

Junction CEO Maria Palumbo said the project would deliver much-needed housing for South Australians “within a community people want to be part of.”

“Partnerships between Governments and Community Housing Providers, as well as the development and construction sector, are critically important to addressing the housing crisis,” Ms Palumbo said. “What we have here is a fantastic example of this collaboration delivering quality, sustainable and affordable housing South Australians are proud to call home.”

Joe Szakacs, Member for Cheltenham said “I welcome the Woodville Road development, which is helping more young South Australians to buy homes in our community. I’m proud of growing up and starting a family in the western suburbs, and I’m glad that our government is working with industry to make this a reality for our future generations. I want more people to have the same opportunities I had: to live and work in communities we grew up in.”