After a marriage breakdown resulted in the forced sale of the family home, Gillian Petracaro, like many women in her situation, believed she was destined to forever live in rental accommodation.
Unable to save the tens of thousands of dollars required for a deposit whilst paying rent, Gillian rented 7 different properties over 15 years, never really feeling at ease or secure in her situation. That is, until she was accepted as part of the Bowden apartments project.
The Bowden apartments are one of Australia’s first mixed-tenure housing projects, combining affordable and market-priced housing, in the Adelaide suburb of Bowden.
Specifically developed to provide a path to home ownership for ‘key workers’, including teachers, health care professionals, and police officers, the rent-then-buy affordable housing program offers key workers, who earn 120 per cent of South Australia’s median income, a heavily discounted rental rate for a maximum period of three years while they save for a deposit to purchase their home.
The social and affordable housing aspect of the project was established by Investec in partnership with Community Housing Limited. Renewal SA was also consulted to ensure the apartments aligned with the urban vision for the Bowden area.
Watch this video to learn more about the program.