The state government is accelerating housing supply with $500 million in pre-sale guarantees supporting eligible off-the-plan apartment developments – both in the city and in key strategic areas across Greater Adelaide.

The $500 million Apartment Fast-Track Fund – a major commitment ahead of the March State Election – is now open for applications, with a significantly expanded scope that will see projects commence construction sooner, helping to increase housing supply.

Originally slated to target shovel-ready developments only within the Adelaide CBD, the fund will now focus on three priority areas: the CBD, North Adelaide and the Port Road precinct in Adelaide’s inner west.

The expansion of the fund builds upon the Malinauskas Labor Government’s policy to build up in the right areas, encouraging density in key locations near existing services and public transport while encouraging choice and space in suburbs.

The launch and expansion of the fund coincides with the announcement of plans for one of North Adelaide’s most exciting development projects, with Wallis Entertainment revealing a revitalisation of The Piccadilly.

The proposal includes a 16-storey residential development alongside the restoration and preservation of key elements of The Piccadilly, celebrating the cinema's iconic Art Deco heritage and securing its long-term future. Artist impressions can be  viewed here.

The state government has championed key developments in North Adelaide, including Commercial & General’s Eighty Eight O’Connell precinct.

The old Le Cornu site sat unnecessarily dormant for decades. Now, Eighty Eight O’Connell is a symbol of North Adelaide’s renewal, bringing new homes, businesses and life back to the heart of O’Connell Street.

The inner west priority area takes in James Congdon Drive and Port Road, running from Thebarton and Southwark to Hindmarsh.

Developments on other major corridors and strategic locations leading into the CBD can also apply, with each application assessed on its merits.
To be eligible for the Fast-Track Fund, projects must:

• be apartment developments of at least 20 dwellings;
• have development approval in place;
• be capable of commencing within six months; and
• demonstrate commercial viability independent of Government support.

The fund’s expansion aligns with newly-released plans to rezone parts of the inner west for more homes. Building heights of up to 20 storeys would be allowed in parts of Hindmarsh along Port Road between Park Terrace and South Road.

Building heights across this area are currently capped at either 2 or 3 storeys.