Affordable housing sales pass $118m

The development industry has congratulated the state government for achieving $118 million worth of sales since launching an affordable housing initiative in September last year.

Since the State Housing Affordability Strategy was launched, 352 families have achieved home ownership.

A total of 577 properties have been made available over the life of the initiative.

Housing Minister Terry Redman said the program boosted affordability by making homes available under a shared ownership scheme, where the buyer pays as little as 70 per cent of the value of the property.

Urban Development Institute of Australia WA chief executive Debra Goostrey said the scheme had played a significant role in helping first homebuyers into the property market.

“It is essential that the state government maintains their commitment to this valuable program when they are considering cost cutting measures to compensate for falling royalties and the impact of the high Australian dollar,” Ms Goostrey said.