Seaford Rent-To-Own Homes Near Completion for South Australian Families

Long-term renters in South Australia are a step closer to homeownership, with construction nearing completion on the first family and southern suburbs homes delivered under the Malinauskas Government's Rent-To-Own scheme in Seaford.

Built by the SA Housing Trust, the development is designed to help renters transition into owning their own homes while easing the financial pressures associated with entering the property market.

The Seaford project includes 32 homes, comprising 16 two-bedroom and 16 three-bedroom properties suitable for singles, couples and families. Tenant-purchasers are expected to begin moving into the homes over the coming months.

The homes will add to the growing number of South Australians already benefiting from the initial 125-home pilot program.

Following strong demand for the initiative, the Malinauskas Government has begun planning the next stage of the scheme, backed by a $413.5 million commitment to deliver 2,000 Rent-To-Own homes over eight years.

Funds generated from the sale of homes in the first stage will be reinvested into future developments to help expand the program.

Under the scheme, eligible renters pay 75 per cent of market rent while saving towards purchasing the property. After two years, they are able to buy the home at a price locked in when they signed their lease, shielding them from rising property prices during that period.

The initiative prioritises long-term renters who are in ongoing employment but have struggled to break into the housing market.

Located close to Seaford Railway Station, the development also includes 43 car parks.

Housing Minister Nick Champion said the program was creating a practical pathway to homeownership for hardworking South Australians.

"Rent To Own is giving hardworking South Australians a real pathway out of the rental market and into a home they can own," he said.

"Our opponents called this scheme niche, but the popularity of Rent To Own has shown just how misguided that was.

"That's why we went to the election with a plan to significantly expand the program - from 125 homes to 2,000 homes.

"Now, South Australians from the north to the south and in-between are seeing their frames go up, getting the keys to their own homes and getting off the rental roundabout."