The Western Australian housing affordability scheme has helped more than 1,000 families, singles and seniors buy their own home, the state government has revealed.
Houses under the scheme are sold for a median price of $293,000, around $200,000 less than the Perth average.
“Most people who purchase a home under the shared home ownership scheme pay less in monthly mortgage repayments than they would pay in rent for a similar home in the same suburb,” WA housing minister Bill Marmion said.
The Opening Doors initiative offers residents either partial ownership, where the government retains 30 per cent equity in the property, or full ownership.
According to the Department of Housing, the government works with developers to ensure properties offered for sale are affordable to a broad range of incomes.
The shared ownership model allows homeowners to purchase scheme properties with a $2,000 deposit or two per cent of the purchase price, no saving history and no lender's mortgage insurance.
The aim of the scheme is to move middle and low income earners towards home ownership.
“We want to make home ownership, rather than public housing, the destination for all West Australians,” Mr Marmion said.
As of 1 October, 1,112 properties had been sold through the initiative.
Most properties sold have been in the suburbs of West Perth, Mirrabooka, Fremantle, Cockburn Central, Butler, Brighton, Banksia Grove, Ellenbrook, Avely, Girrawheen, Brookdale, Bertram, Wellard and Baldivis.