The South Australian government has unveiled a major election commitment aimed at revitalising apartment construction in Adelaide’s CBD by offering a $500 million financial guarantee to developers.
Premier Peter Malinauskas announced that, if re-elected at next year’s March poll, the government would underwrite mid-tier apartment projects to restore investor confidence. The guarantee would only be activated if apartments built under the scheme failed to sell.
“We are in effect acting as a guarantor,” Malinauskas said. “The developer and builder will construct the apartments and sell them, and our guarantee will only be called upon if those sales are not achieved.”
The Premier highlighted that more than 2,400 approved apartment projects in the CBD over the past decade had never been built. He said the scheme was designed to incentivise construction and improve affordability, with eligibility limited to apartments priced under $1 million.
“We have to unlock housing in our city that is affordable and accessible to working people,” he told the party’s state convention. “Nurses at the Royal Adelaide Hospital and police officers in Hindley Street can’t aspire to luxury apartments in the East End that cost over $1 million each.”
The initiative is positioned as both a housing affordability measure and a strategy to stimulate urban development in Adelaide’s city centre.
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