Leading Australian property developer Peet has reached a major housing milestone with the sale of all 185 homes at its Woodville Rd residential development.

Achieved in just 18 months, the success includes an impressive 84 homes dedicated to long-term affordable housing, three times higher than the State Government requirements set for developers.

Buyers on a budget were, on average, able to save $210,000 for units and $286,000 for terrace homes.

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According to PropTrack, Adelaide’s median unit price currently sits at $540,000, while houses sell for a median price of $795,000.

Peet Managing Director and CEO Brendan Gore said the project, which was delivered in partnership with the SA Government, served as a powerful example of how developers could effectively contribute to addressing housing affordability challenges.

Tempo apartments on Woodville Rd.

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“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,” he said.

“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.”

Construction on the Woodville Rd community project began in May 2023, with the development located in St Clair, only 8km northwest of the Adelaide CBD.

The 3.7ha site has been developed by Peet following an agreement with Renewal SA.

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A concept image of the Balmoral Collection.

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Renewal SA CEO Chris Menz said his branch teamed up with the SA Housing Trust to jointly run an EOI process in 2020, inviting proposals that would increase the supply of land and development projects for affordable housing.

“Substantial affordable housing outcomes were agreed and PEET has achieved those targets,” he said.

“The Woodville Road partnership will help young people and first home buyers, in particular, get onto the housing ladder.”

South Australian Minister for Housing and Urban Development Nick Champion said Peet actively marketed and sold all homes directly to eligible buyers, ensuring that they were purchased by those who needed them most.

Forty-four 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.

Peet Limited chief executive Brendan Gore.

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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 per cent of the purchase price.

“This development is helping more young South Australians own their first home with 45 per cent of new dwellings sold at or below the affordable price point,” Mr Champion said.

“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.”