Ahead of tomorrow’s budget, the WA Government has announced it will inject more than $840 million into social and affordable housing and homelessness initiatives to increase supply and support across WA alongside $5 million to incentivise owners of vacant properties to put their homes on the market.
The 2024-25 State Budget will allocate an extra $400 million to boost the Social and Affordable Housing Investment Fund (SAHIF), aiding in the expansion and renovation of social housing.
This latest SAHIF investment adds nearly 5,000 new social homes funded by the current government, with over 2,100 already completed. Additionally, more than 1,500 homes have been refurbished.
An extra $144 million is aimed to fast-track priority affordable housing projects like Pier Street in Perth. Also, $179 million will maintain the state’s portfolio of around 45,000 social, key worker, and Aboriginal homes.
The state will also selectively purchase National Rental Affordability Scheme properties for conversion to social housing as the scheme is set to end by 2026.
The government’s $92.2 million funding increase in will further support homelessness services and help more people find permanent housing.
Premier Roger Cook said the government is doing everything it can to boost the supply of housing.
“There is no doubt that housing supply is a key challenge right now, and that’s why my Government is leaving no stone unturned when it comes to the issue of housing.
“We are also making major investments in training to grow our construction workforce and speed up delivery of homes, and boost supply of affordable housing and rentals so social housing is available for those most in need.”
Housing Minister John Carey said 1,00 social homes are currently under contract or construction.
“This additional investment totalling more than $840 million will provide a boost to social and affordable housing throughout the State and provide a major uplift in funding to more than 120 critical homelessness services across WA.”
The government also announced a $5 million incentive scheme to convince owners of vacant homes to offer them on the rental market.
The scheme will offer owners $5,000 to offer their vacant properties on the market. The government said it is hoped it will lead to 1,000 more homes in the rental market.