Making home ownership a reality for more Victorians

More Victorians have been able to purchase new homes, thanks to Development Victoria’s commitment to delivering affordable housing options across the state.

Development Victoria sold a total of 495 homes and land lots in the last financial year, in new developments across Melbourne, with 357 (72 per cent) of these homes sold at an affordable price point for moderate income households.

Development Victoria is creating more housing opportunities for moderate income earners, in locations close to jobs, transport and services, meeting strong demand from buyers looking for more diversity and affordability.

“Development Victoria is committed to supporting sustainable growth and creating housing opportunities close to jobs, transport and services.” Said Penny Forrest, Group Head of Property Development for Development Victoria.

“We are making it easier for more Victorians to purchase their own home, with a range of affordable housing options for moderate income households and first home buyers.”

Stage 1 of Development Victoria’s Olio development in Officer recently sold out, with 84 homes sold since the project launched in November of 2020. Through a Priority Access program, designed to make affordable housing more accessible for those who need it, a total of 30 moderate income households were able to purchase homes at Olio before sales were opened to the general market.

In Melbourne’s west, the LUMA development in Sunshine North is also seeing strong demand for its diverse range of townhouses, located within one of Plan Melbourne’s identified National Employment and Innovation Clusters.

Since the commencement of sales in 2020, LUMA has sold 77 of the 85 homes in Stage 1, with this stage expected to sell out by the end of 2021. The development will feature approximately 300 homes in total, with future sales releases scheduled to commence in 2022, along with the introduction of a Priority Access program for moderate income earners.

Also located in the western suburbs, the Taylors Quarter development at Taylors Lakes recently sold out, with all 149 land lots, and 22 medium density homes now sold. New residents will enjoy access to shops, schools, buses and trains all within a short walk, and a future park to be delivered by Development Victoria in early 2022.

In Altona North, the new Alfie development has also sold out 127 homes across its three stages, and has now settled all homes within its first stage. Eligible purchasers at Alfie were able to apply for the Victorian Government’s Shared Equity scheme, which was established to allow low and moderate-income earners to buy their own home with as little as a five per cent deposit.

For more information about the residential communities currently being delivered by Development Victoria, visit www.development.vic.gov.au/projects.