The Forest Glade Smart Housing project at Parklea, Sydney was developed collaboratively by Landcom and developers, Cosmopolitan Developments, and targeted 20% of its properties for sale to those on moderate-incomes.
The project comprised 64 detached homes with a mix of two, three and four bedroom houses. Thirteen were targeted to moderate-income households, through a balloting process to eligible purchasers. (Landcom defines moderate household incomes as being between $48,000 and $69,000).
Pricing for the 13 designated homes ranged from $156,000 to $220,000 (2002 prices), while the asking prices of those aimed at the broader market were between $270,000 and $415,000. Apart from income, assets and property eligibility (purchasers had to be first time buyers), there were also re-sale restrictions placed on the moderate-income homes. These homes were distributed throughout the site and are indistinguishable from the other 50 in the project. The project went on sale in June 2002 and the moderate-income homes were oversubscribed by eligible purchasers by a ratio of 25 to one.
The provision of affordable housing at this site was a condition stipulated by the local council in return for a more flexible approach to planning, design and construction.
Smart design, regulatory provisions and the use of efficient construction and materials planning delivered increased project value, which was then transferred to make the moderate-income homes affordable. While providing moderate-income housing, the developers were nonetheless required by council to guarantee high standards of amenity and design.