Released: 15 December 2009

Gold Coast Housing Company (GCHC) and Federal Housing Minister Tanya Plibersek MP today launched an innovative housing development that will offer rental and home ownership assistance through a suite of government and private sector initiatives.

The $7.6 million Upper Coomera based project has received Federal, State and Local Government funding for 22 dwellings through the National Rental Affordability Scheme (NRAS), Housing Affordability Fund (HAF), Nation Building Stimulus (NBS) and a shared equity partnership with GCHC.

The project will be developed and built by iLiv Homes with GCHC undertaking ownership of, and tenancy management for, the majority of dwellings.

Five duplex units will be offered under the NRAS, which subsidises market rent by 20 per cent for eligible tenants, representing an average weekly cost of $200 and annual saving of $4,000 per annum.

The NBS will fund six four-bedroom homes which will help cater for the increasing number of people on Queensland’s Social Housing Waitlist, with tenants renting the properties at 25 per cent of their income.

Those struggling to meet rising mortgage payments or looking to break into the property market will be eager to secure one of seven dwellings expected to be priced from just $265,000 following a $10,000 discount through the Housing Affordability Fund.

A further four dwellings in the precinct will be sold to first home buyers through an innovative shared equity scheme, with buyers paying 75 per cent of the anticipated $380,000 purchase price, with the remaining 25 per cent equity retained by not-for-profit GCHC.

Federal Housing Minister Tanya Plibersek says the mixed-use development demonstrates the government’s commitment to improving home accessibility and ownership for all Australians.

“It is terrific that the Rudd Government’s housing programs are supporting innovative projects that deliver a mix of affordable housing in areas of high need,” said Ms Plibersek.

“I congratulate the Gold Coast Housing Company for its vision in getting this innovative project off the ground.”
GCHC chief executive Jason Cubit says his team is proud to be part of a project that will set a new benchmark for affordable housing in Australia.

“What sets this development apart is the fact that it meets the needs of a range of different demographics – everyone from first home buyers and families looking for affordable rental accommodation to people on the social housing waitlist can find a property here,” Mr Cubit said.

“Importantly, it also addresses the difficulty those with a disability often face in finding an inexpensive, fully-modified home.

“I hope we will be able to help deliver more projects like this on a larger scale to assist in curbing the housing affordability crisis – particularly in high-need areas like the Gold Coast, where rent and mortgage prices are fast out-pacing wages.

“BIS Shrapnel has forecast property prices on the Gold Coast will increase by 14 per cent over the three years to June 2011, and figures released by Australian Property Monitors have already crowned the Gold Coast the most expensive regional city for rent.

“Many low and moderate income earners experiencing housing stress are already paying a third of their wages towards accommodation alone, and this increase in housing costs may price them out of the Gold Coast property market.

“To this end, we aim to help identify vulnerable residents working in key industries like health care, hospitality and retail and offer them a place in this new project to help them to continue to live and work in this city.”

Civil works have recently commenced on site, with building slated to commence as tenancies are allocated and sales achieved.
Mr Cubit anticipates the project will be met with high demand – not only because it boasts affordable housing but because it is situated in one of the Gold Coast’s fastest growing areas.

“The site was strategically chosen because it is centrally located along the Gold Coast-Brisbane corridor which is expected to experience a population boom over the coming years due to a large amount of new development underway or in the pipeline,” Mr Cubit said.

“The development site is only 500 metres north of the proposed $ 1 billion Coomera Town Centre, which is set to boast numerous new retail and commercial facilities, delivering up to 20,000 new job opportunities.

“It is also close to Coomera Anglican College and Assisi Catholic College and just one kilometre from Dreamworld Theme Park.”

The entire mixed affordable housing project is anticipated to reach completion by October 2010 and has the capacity to house more than 80 residents.

In addition to the Upper Coomera development, GCHC is responsible for the development and management of a range of affordable housing projects on the Gold Coast and throughout Queensland.

The company recently launched one of Australia’s largest NRAS projects – an 88-unit building in Southport which was also the Gold Coast’s first completed NRAS development.

GCHC has plans to roll out almost 1,000 affordable properties throughout Queensland by 2011, with almost half of these set to be built on the Gold Coast.

All funds raised by GCHC through tenancy management are retained by the charity and used to fund additional projects.

 

You can find out more about the Project, including the properties for sale, on this website in the coming weeks.