- Construction starts on the first nine homes at Cherry Glades development
- Unique co-ownership trial aims to reduce financial stress on eligible buyers
Construction has begun on Manjimup's long-awaited Cherry Glades estate that will deliver affordable housing for seniors in Western Australia's South-West region.
The development will also offer a unique co-ownership scheme for eligible seniors.
State Government policy aims to help older Western Australians age well in their community by facilitating access to affordable and appropriate housing options in regional WA.
It is also designed to increase the availability and diversity of affordable and appropriate housing for seniors - particularly those with limited financial resources.
Cherry Glades' co-ownership scheme will offer an alternative opportunity for eligible Manjimup seniors to achieve home ownership.
The scheme is a fixed shared-equity product that will allow eligible, low income seniors to purchase a minimum 65 per cent equity share of the home. The Department of Communities will retain the remaining equity share as a silent partner.
The scheme will be accessible to those over the age of 65 with incomes under $49,900 per annum and with less than $332,000 in total net assets for singles or $412,000 for couples.
It is targeted to those seniors with a superannuation lump sum payment or equity in a current home who do not require a loan to purchase the minimum 65 per cent share in the new home.
Accessing the scheme will significantly reduce the upfront costs of buying a property - including stamp duty - and help reduce financial stress for seniors on low incomes.
The Cherry Glades co-ownership scheme will apply to two dwellings, released in both stages 1 and 2. If successful, the scheme may be replicated in other developments across the State.
Cherry Glades is a collaboration between the Department of Communities and the Shire of Manjimup, with support from the State Government's Royalties for Regions program and the South West Development Commission.
Pindan Constructions Pty Ltd is building the first stage of Cherry Glades; six three-bedroom, two-bathroom homes, and three two-bedroom, two-bathroom homes.
Construction of Stage 1A is scheduled for completion in late 2019. For more information, visit http://www.housing.wa.gov.au/manjimupseniors
Comments attributed to Housing Minister Peter Tinley:
"Cherry Glades is designed to allow Manjimup seniors to age in place in their community by providing affordable, age-friendly housing options close to services and amenity.
"The innovative, new co-ownership scheme that we are exploring is a first for WA and will mean significantly lower upfront costs and reduced financial stress for eligible seniors.
"Cherry Glades will be a safe and lively community, providing a range of appropriate housing choices in different sizes and styles that are high-quality, secure and easy to maintain."
Minister's office - 6552 5300