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RESIDENTIAL PROPERTY

WA injects $394m into affordable housing

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THE Western Australian government along with local partners will invest $394 million in social and affordable housing projects to complement Metronet.

As part of the Budget 2018-19, the government will chip in $184 million over four years through the Metronet Social and Affordable Housing and Jobs Package.

In partnership with the private sector, the package will use four different work streams to develop eight high-density mixed-tenure projects and develop and redevelop smaller scale sites within 800 metres of new Metronet or existing heritage line stations.

It is estimated that the building of 1,390 new homes will support 2,350 jobs and generate $765 million in economic activity.

Premier Mark McGowan said over the Budget and forward estimates period, the package is forecast to be net debt neutral due to state government sales proceeds and the creation of an extra 320 social dwellings.

This package will build up to 320 new social housing dwellings and an additional 400 affordable homes, and deliver a further 670 homes for full market price sale during the next five years.

Housing Minister Peter Tinley said many of the new properties will be more appropriate for tenants and better located; better reflecting the needs and aspirations of modern households and designed to cater for Perth’s rising population, which is expected to reach 3.5 million by 2050.

Planning Minister Rita Saffioti said Metronet is also about building liveable, connected communities that drive activation and foot traffic.

“Our existing train stations and new Metronet stations can be so much more than just a place where passengers tag off or tag on – they should be a vibrant community hub.” The Minister said.

Australian Property Journal