NSW Boosts Build-To-Rent
The Property Council of Australia has warmly welcomed the NSW Government’s package of measures to help provide more and better housing choices for people who rent by boosting the growth of the ‘build-to-rent’ sector.
“The incentives announced today will help to attract institutional investment into new housing, giving the one-third of Australian households who rent their home more choice, certainty and better amenity,” said the Property Council’s Chief Executive, Ken Morrison.
“Build-to-rent improves the resident experience, can offer longer-term tenure, provides professional lease and facility management, while adding to the spectrum of rental housing options,” Mr Morrison said.
“This announcement is a very welcome shot in the arm for new housing construction and will supports jobs and investment as we rebuild and recover from the impact of COVID-19.
“Build-to-rent has flourished overseas and it’s great to see the NSW Government taking the steps necessary to support the growth of the sector locally by providing a clearer pathway for investors and removing tax disincentives which have held back the sector’s potential,” Mr Morrison said.
The Property Council has been a strong advocate for build-to-rent housing for its ability to provide more privately funded housing units and affordable rental housing if the right incentives are put in place, as well as provide better amenities for tenants and support new housing construction
Build-to-rent has proven to be a successful model in the US and UK but remains in its infancy in Australia. Mirvac has recently completed one of the first large-scale build-to- rent projects at Olympic Park in Sydney.
The Property Council has also welcomed development of a new planning policy that includes proposed development standards for build-to-rent projects, including design, guidance on context and character, sustainability and amenity.
‘With this package of investment incentives and the right planning framework, NSW is poised to lead the nation in the development of this new type of housing to deliver better outcomes for people who rent as well as support new housing construction,” Mr Morrison said.
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