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Land Rent Scheme releases more ...

Land Rent Scheme releases more properties in Moncrieff

More land is set to be released in Moncrieff in February, in a move that comes as part of a new single dwelling development.

CHC - a Canberra-based housing provider - will release 31 house and land packages in March, Domain reports, and this is in line with the Land Rent Scheme from the Australian Capital Territory (ACT) government. 

The organisation will cover land rent repayments while the 31 properties are constructed and buyers take over the payments come settlement - unlike standard rent arrangements. 

An additional four accessible houses will also be designed and built for people with a disability - and these properties will be retained as part of the organisation's rental portfolio. 

The Moncrieff development site was purchased by CHC in 2016. Included in the project are several two and three-bedroom houses of one or two storeys each, which range in size from 95 sq m to 139 sq m.

Kim Sinclair, chief executive officer of CHC, said the Land Rent Scheme removes upfront costs in a way that is intended to make the properties more attainable.

Under the terms of a standard scheme, purchasers typically begin making land rent payments once they commit to a contract and before construction has commenced. 

"Land rent creates an opportunity to enter the housing market but the reality of committing an upfront deposit, making contributions to land rent payments and sustaining current rental accommodation while the property is being constructed, renders the scheme unachievable for many of the eligible buyers," Ms Sinclair explained. 

Once completed, Moncrieff will include around 2,200 dwellings, including multi-unit sites. 

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