Affordable housing to allow more Australians to own a home

A $160 million housing development is set to extend home ownership to hundreds of Australians who might otherwise struggle to raise enough money for a deposit.

Located in Narre Warren, 45km southeast of Melbourne along the Monash Freeway, the eight building, 539 dwelling project will be one of the largest approved under the federal government’s National Rental Affordability Scheme (NRAS), reported by The Australian Financial Review.

Bruce Barron, MD for the developer, Providence Housing, said that tenants would be given the opportunity to purchase their unit at “market value” at the end of each financial year. Those taking up the offer would receive a 30% rebate on their past rent payments.

The development, dubbed ‘Casey Gardens’, will be built on the site of an old caravan park. It is located within walking distance to Narre Warren railway station and five minutes’ drive from Fountain Gate Shopping Centre.

Providence will now look to roll out similar developments nationally.