“This announcement acknowledges the urgency of the nation’s housing needs by making inroads now - ahead of further consideration of the Housing Australia Future Fund
In light of the declining proportion of social housing units and unprecedented challenges in housing affordability and rental availability this announcement is a positive step. Urbis Director and housing policy specialist Julie Saunders says that it is “great to see this announcement for a much-needed immediate injection into the social housing sector. This announcement acknowledges the urgency of the nation’s housing needs by making inroads now – ahead of further consideration of the Housing Australia Future Fund “
With demand for social housing increasing at three times the rate of the population, the funding comes at a pressing time for the social and affordable housing market. All funding is to be committed within two years ending 30 June 2025.
The States and Territories funding share is as follows:
State and Territory Government’s will have the power to decide how they spend their dollars, whether on new builds, refurbishing existing housing or expanding programs.
“The housing challenge is being felt, and needs to be met, across the whole spectrum. That is why it is encouraging to see multi-pronged leadership targeting intervention where it is needed.
Economist Mark Dawson added “A predicted 100,000+ shortfall of housing expected over the next 5 years risks swelling further with rapid rates of in-migration. The impact of a declining supply pipeline is already playing out with tight vacancy rates, growing rents, and expanding waiting lists for public housing. The housing challenge is being felt, and needs to be met, across the whole spectrum. That is why it is encouraging to see multi-pronged leadership targeting intervention where it is needed.”
“Implementation will be key, with each of the jurisdictions needing to consider the placement and form of this new housing. It will be important to provide diversity and use the opportunity to locate dwellings in strategic locations which consider public transport accessibility and affordable living as well as affordable housing” says Ray Haeren, Group Planning Director.
“Maximum leverage will be achieved through developing more medium density housing in areas with existing services, amenities, employment and transport
“Although building houses on the fringe may be attractive from a cost perspective, maximum leverage will be achieved through developing more medium density housing in areas with existing services, amenities, employment and transport.”