SA HOUSING SERVICES

Buying a New Build Home in Adelaide

Purchasing a newly built home in Adelaide involves several key steps and offers various support options to assist you throughout the process. Here’s how you can navigate this journey:​

1. Understand the Home Buying Process

Familiarize yourself with the steps involved in buying a home, including budgeting, securing financing, and selecting the right property. The South Australian Government provides a comprehensive guide outlining these steps. ​Home

2. Explore Financial Assistance Programs

As a first-time homebuyer, you may be eligible for financial support:​RevenueSA+1homestart.com.au+1

• First Home Owner Grant (FHOG): This grant offers up to $15,000 for eligible individuals purchasing or constructing a new residential home in South Australia. Notably, as of June 6, 2024, there is no property value cap for this grant. ​RevenueSA

• Stamp Duty Relief: Eligible first-home buyers may receive relief on stamp duty when purchasing a new home or vacant land to build on. ​RevenueSA+1adelaidenow+1

3. Consider Affordable Housing Initiatives

The South Australian Government collaborates with developers to offer affordable housing options:​adelaidenow

• HomeSeeker SA: This program connects buyers with affordable homes and provides resources to navigate the purchasing process. ​HomeSeeker SA

• Shared Equity Options: Some developments offer shared equity arrangements, allowing you to co-own a property with an equity partner, reducing the amount you need to borrow. For instance, in the Prospect Corner development, prices for a two-bedroom townhouse start at $650,000, with shared equity options potentially reducing the loan by up to $162,500. ​adelaidenow+1adelaidenow+1

4. Secure Appropriate Financing

Understanding your borrowing capacity is crucial:​homestart.com.au+4HomeSeeker SA+4homestart.com.au+4

• HomeStart Finance: This organization offers low-deposit home loans and shared equity options tailored for South Australians, making homeownership more accessible. ​homestart.com.au+2adelaidenow+2adelaidenow+2

5. Stay Informed About New Developments

Keep an eye on upcoming housing projects that may offer affordable options:​

• Blakeview Development: A project featuring over 60 new homes with prices starting from $586,500, incorporating shared equity options to enhance affordability.

• Woodville Rd Development: This completed project included 185 homes, with 84 dedicated to long-term affordable housing, demonstrating the government’s commitment to increasing affordable housing stock. ​adelaidenow

By leveraging these resources and programs, you can make informed decisions and access support tailored to assist you in purchasing a new build home in Adelaide.