Home ownership for Karratha’s low-to-medium income earners is now a step closer, with the recent completion of 29 dwellings at the Pelago East development.
The Pelago East units have been developed to accommodate key workers as owner-occupiers, with a selection of one-bedroom apartments. The units will be sold through shared home ownership with up to a 60:40 split where the Department co-owns a percentage of the properties. Other one-bedroom units and three studio apartments will be available at their full selling price.
The Department originally negotiated the purchase of 50 units for a different housing program prior to commencing construction, but saw the opportunity to apply the successful shared equity scheme, Opening Doors Shared Home Ownership, in the North-West before construction was completed in November last year.
General Manager Commercial and Business Operations, Paul Whyte said the Department is acutely aware of the impact of high housing costs in the Pilbara area, particularly for key workers, and confirmed that more affordable housing options will be delivered in the region.
“Purchasing a unit through the Department of Housing’s shared home-ownership scheme with a SharedStart Home Loan product from Keystart enables applicants to bridge the gap between the cost of the property and what they can afford,” Mr Whyte said.
“By undertaking this initiative, the State Government is not only providing stability through home ownership for key workers, but ensuring through these sales that other affordable developments in regional WA can take place.
“This innovative initiative highlights not only the government’s lead in the provision of affordable housing, but also its continued commitment through the royalties for Regions investment to help build capacity in regional economic centres.”
In March 2012, $355.5 million in Royalties for Regions was allocated to Housing for Workers, a program for key workers in regional WA administered by the Department of Housing.
The Pelago East initiative is being developed by Finbar and was made possible through $30.4 million of the Royalties for Regions funding, with the high-amenity
accommodation and commercial complex opened by the Premier and the Minister for Regional Development on 30 November 2013.