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Victorian Government to support greater housing choice

The Victorian Government’s measures to support a new Build-to-Rent asset class will see apartments with longer lease terms and access to more amenities on the market in two years that simply would never have been built without these measures.

The announcement has been made following a focused campaign of advocacy from the Property Council of Australia.

Victorian Executive Director, Cressida Wall, said the package of planning and tax changes announced today provides a welcome opportunity to get the Build-to-Rent sector off the ground across the state.

“The Victorian Government’s support for Build-to-Rent is best in class and a welcome first step in creating a sector that will deliver high quality rental homes and provide greater security of tenure for Victorians,” Ms Wall said.

“Tenants want the certainty and services that Build-to-Rent can offer. It’s a great example of how working with industry can deliver better outcomes for Victorians as well as economic activity.”

“Build-to-Rent models recognise and respond to the changing housing needs within our communities where more people are either needing or choosing to rent and are doing so for longer,” she said.

With longer leases, people move less, saving the money and hassle of multiple moves. For people saving for a home deposit, these savings can make a real difference.

As Australia’s fastest growing city, Melbourne needs agile and innovative housing solutions that focus on liveability, connectivity and security.

“We need to be creating homes that foster strong communities and allow people to live closer to where they work or study, to transport links and essential services like schools and childcare,” Ms Wall said.

“The Victorian Government has recognised the broad-ranging benefits a Build-to-Rent can bring to local communities and we congratulate them on their willingness to work with industry to support and explore its establishment,” she said.

Grocon Head of Residential, Christian Grahame, welcomed the state government’s announcement, saying it was a great start that would ultimately lead to an increased supply of quality housing and more choice for Victorians.

“We support the introduction of Build-to-Rent in Victoria and believe it will be a thriving sector in the future, providing housing, community creation, investment and employment for our growing state,” Mr Grahame said.

“Grocon is poised to embrace the opportunities in this emerging sector and we look forward to working with government to get it off the ground.”

“We commend the Victorian Government for their clear and practical support for the Build-to-Rent market, which will provide greater choice, greater security of tenure and better outcomes for Victorians in the rental market,” said Susan Lloyd-Hurwitz, Mirvac CEO & Managing Director.

Mark Steinert, Managing Director and CEO of Stockland, said: “We welcome the Victorian Government’s announcement to support the emergence of a Build-to-Rent housing sector in Australia.

“The package provides further clarity and certainty for property groups like Stockland which will in turn increase confidence and help us to create the best communities across Australia, offering a diverse range of housing options.

“Build-to-Rent is a new opportunity for Stockland and we note that there is good demand for affordable rental properties. We strongly support the focus on incentivising the provision of more affordable housing stock and believe partnerships with community housing providers will be an important part of this into the future. This is critical in terms of the potential benefits to key workers and ensuring the continued inclusivity and liveability of our cities and towns as Australia’s population grows.”

Greystar Managing Director for Australia Chris Key said, “Greystar is the only truly global player in the Build-to-Rent sector having started in the US and now delivering homes in the UK, Mexico, Chile, Holland, Germany, France, Spain, China and now Australia. In all of these countries we commonly see a repetition of fundamental factors that drive demand for build- to-rent or multifamily housing.

“In the case of Australia, we see many of the same fundamental drivers we have witnessed elsewhere but often in a more acute form. As a missing part of our housing continuum, there is arguably a stronger need for Build-to-Rent here in Australia than almost any other market we operate in globally.

“It is tremendous to see the state government in Victoria taking steps that will enable industry to provide a better rental experience for the people of Victoria and to meet the housing needs of local residents. We hope this support is replicated right around the country.”

 Media contact: Cressida Wall | M 0415 831 603 | E cwall@propertycouncil.com.au