In a significant move to address Western Australia's housing affordability crisis, the Cook Government has completed the sale of 18 affordable housing apartments in East Perth for a combined $18 million.
Strategic Housing Initiative
The transaction forms part of the government's broader strategy to increase affordable housing stock while ensuring financial sustainability. The apartments were sold to both owner-occupiers and investors, with strict conditions requiring the properties to remain as affordable housing for specified periods.
Prime Location Development
Located in the heart of East Perth, these apartments represent a rare opportunity for low-to-moderate income earners to secure housing in one of Perth's most sought-after inner-city suburbs. The development includes a mix of one, two, and three-bedroom units designed to accommodate various household sizes and needs.
Long-term Affordable Housing Commitment
What makes this initiative particularly noteworthy is the government's requirement that the apartments must remain as affordable housing for at least 12 years. This ensures that the properties continue to serve their intended purpose of helping those struggling with housing affordability, rather than being immediately flipped for profit.
Broader Housing Strategy
The sale proceeds will be reinvested into the state's social and affordable housing programs, creating a sustainable cycle of housing development. This approach allows the government to continue funding new affordable housing projects without relying solely on taxpayer funds.
Market Impact and Future Plans
Real estate experts have praised the initiative as a practical solution to balancing market forces with social responsibility. The successful sale demonstrates that affordable housing projects can be both socially beneficial and financially viable, potentially paving the way for similar developments across Western Australia.
With housing affordability remaining a key concern for many West Australians, this project represents an important step forward in creating diverse housing options that cater to all income levels within the community.
