Two more brand-new apartment buildings including 100 homes ready to be lived in have now been completed at Prospect Corner in Adelaide, as a result of the Albanese Government’s Housing Australia Future Fund program and the Malinauskas State Government.
Today Prime Minister Albanese and Premier Malinauskas marked the milestone by visiting the site and meeting with local residents.
Prospect Corner is an $80 million, 208-home urban renewal project in Prospect, South Australia. Notably, this 2.36-hectare master-planned site was one of the first nationally to receive federal backing from the Housing Australia Future Fund (HAFF) to boost housing supply under the Albanese Government’s $47 billion Homes for Australians plan.
Today’s milestone means that three-quarters of the homes at the Renewal SA precinct are now complete or under construction.
This latest construction milestone at the site builds on the 29‑home, multi-storey apartment completed on the southeastern edge of the development in recent months which is already fully occupied.
Further, an eight-storey building with 71 apartments recently achieved practical completion and residents are expected to begin moving in this week.
Prospect Corner’s original master plan included a single apartment tower with 72 homes.
In 2024, the Malinauskas Government was successful in securing support from the Albanese Government’s Housing Australia Future Fund Facility (HAFFF), enabling a second apartment development to be completed, increasing the total yield.
The tenanted 29-home building is being managed by Community Housing Provider Junction, offering affordable rental opportunities to eligible tenants through a government-led scheme.
Renewal SA is in final stage negotiations with a Community Housing Provider to manage the recently completed 71 home building.
The apartments offer a mix of studio, one, two and three-bedroom homes.
Both the internal and external spaces feature original First Nations artwork commissioned specifically for the site.
A rolling program of construction will see work on the remaining homes begin throughout this year and into early 2027.
In total, there will be 208 homes built at Prospect Corner – with 108 townhouses being constructed in addition to the 100 apartments.
The first homes and the large central park were completed in spring last year and celebrated with a community welcome event. Thirty additional townhouses are expected to be completed within the next three months.
Renewal SA is targeting construction completion of Prospect Corner in 2028.
Quotes attributable to Prime Minister Anthony Albanese:
“Our number one focus continues to be supply and we are throwing everything at it.
“We want to reach our target to build 1.2 million homes. And to do that we must use ever lever available.
“My government has a $47 billion Homes for Australians Plan that we have been rolling out since we were elected four years ago.
“We’d had 10 years of Coalition inaction on housing supply. We are turning things around.”
Quotes attributable to Premier of South Australia, Peter Malinauskas:
“South Australia is in the middle of a housing boom, the likes of which we've never seen before.
“That is because our government has a track record of taking vacant, strategic land in key locations and turning it into thriving suburbs.
“The Albanese Government has backed in our ambitious housing agenda. That manifests itself in the significant expansion of our efforts to build more homes, just like at Prospect Corner.
“We are building more homes, faster, for South Australians.”
Quotes attributable to the Minister for Housing, Clare O’Neil:
“We’ve got a very simple approach to housing: build more homes. That’s what’s happening here at Prospect Corner and right across South Australia.
“More homes means more affordable housing, and that’s exactly what this project is delivering for South Australians.”
Quotes attributable to SA Minister for Housing and Urban Development, Nick Champion:
“Prospect Corner is a benchmark for smart urban renewal; great location, affordable options and a community that's coming to life.
“The Albanese Government partners with our government because it knows we can deliver more homes for South Australians at pace.
“A once vacant block of land is now a thriving community - that's the Albanese and Malinauskas Government's housing agenda in action.”