Traders in Purple top out Northsea Wollongong with mix of affordable and private apartments

National property group Traders in Purple has topped out Northsea, the Wollongong apartment development they've been working on with the NSW Land and Housing Corporation and community housing provider Housing Trust to help bridge the gap in affordable housing.

Sold out earlier this month, Northsea integrates affordable rental and privately owned apartments in a single building, a deliberate move to provide more equitable access to secure quality housing.

Due for completion in mid-2024, Northsea rises 13 storeys overlooking Wollongong’s beaches and consists of 38 two and three-bedroom private apartments, 18 apartments for Land and Housing Corporation and nine for Housing Trust, dedicated to affordable housing.

The 65 new homes will relieve some of the housing pressure in Wollongong, where vacancy rates remain stubbornly below one per cent, but barely puts a dent in the shortfall of houses. The housing shortage is affecting the local economy where a recent survey revealed 93 per cent of businesses were suffering workforce shortages which 43 per cent attributed to the lack of affordable housing.

The survey also found that the rising cost of private rental housing meant key workers were paying 40 per cent of their income on rent.

Traders In Purple Director Charles Daoud, a passionate advocate for increasing the supply of community housing, said the lack of affordable homes risked undermining the fabric of Australian communities.

“People who are couch surfing, eking out an existence on inadequate retirement savings or trying to raise a family while paying half their income in rent, deserve better in a country like Australia,” Daoud said.

“Many of these people are key workers carrying out essential but often low paid jobs.

“The public private partnership behind Northsea gives hope to people who have a valuable contribution to make but are hindered by the costs or unavailability of a decent, affordable home. Local businesses are hurting too because the workers they need to operate at full capacity cannot find an affordable place to live.”

Daoud said the proposition to integrate private and community housing in a single building was considered by many as posing a risk to the marketability of the private dwellings.

“Contrary to many expectations purchasers were comfortable about living with community housing tenants once they understood their neighbours would be people just like them,” said Daoud.

Northsea was 85 per cent sold before construction commenced and completely sold out before the topping out.

Daoud says he wants the industry and politicians of all stripes to take notice of the success of Northsea.

"This is the blueprint for dealing with the current housing crisis, with a financial model that works and a social return that is beyond calculation.”

NSW Land and Housing Corporation Chief Executive Michael Wheatley reiterated the role of partnerships in addressing the urgent need for additional housing.

“The housing crisis is real and growing, and it’s only through innovative partnerships like this one, which leverages the expertise of the community housing sector that we’re able to deliver much needed housing sooner,” Wheatley said.

Traders in Purple has over $3 billion of projects under construction or in planning across NSW, Queensland and Tasmania. It is delivering five projects in partnership with NSW Land and Housing Corporation, including Canvas, the largest land subdivision currently in market in metropolitan Sydney.

Traders recently secured approval for a Woody Point apartment development, on the site of the former Palace Hotel.