RESIDENTIAL PROPERTY

Melbourne council mulls affordable housing target

Print Friendly, PDF & Email

MELBOURNE’S Affordable Housing Strategy 2030 could see up to 25% of all future residential development on council-owned land dedicated to affordable housing.

Councillors for the City of Melbourne will next week consider increasing the supply of Affordable housing as laid out in the Affordable Housing Strategy 2030.

Housing is not only a problem in the long term for the expanding city, but in the short term as the impacts of COVID-19 and second wave restrictions are still being felt, leading to a greater demand.

“Building more affordable housing gives people a safe and stable place to live and provides benefits for our business community,” said the Lord Mayor, Sally Capp.

Implementing these changes could relieve pressure on Melbourne’s housing options, impacting first responders, nurses, teachers, cleaners and the under and unemployed. With analysis revealing a shortfall of at least 5,500 affordable rental homes in Melbourne in 2019.

“For every $1 spent on affordable housing, more than $3 in benefits for our community would be created,” said Capp.

The 2030 strategy would also have Council to leasing one of its owned sites to develop an affordable rental housing project. 48 affordable housing units are currently in development alongside the Queen Victoria Market, as well as an additional 40 affordable housing units at the Boyd development in Southbank. This project will be in collaboration with PDG Corporation.

These developments will emphasise design and sustainability to the highest standards, to ensure these homes are not only high-quality but energy efficient.

“We’re proud to deliver on our commitments by working with private developers and in partnership with community housing providers to deliver affordable housing,” said the Lord Mayor.

This comes after the Victorian government’s commitment of $5.3 billion to deliver over 12,000 social and affordable homes.

This funding will change the lives of many vulnerable people, and we will continue to advocate for a coordinated response across governments, the private sector, the community housing sector and industry groups,” said the Lord Mayor.

“We look forward to working closely with the Victorian Government and industry to deliver affordable housing in the municipality as part of Victoria’s Big Housing Build.”

Related posts
CORONAVIRUS COVID-19 PANDEMICRESIDENTIAL PROPERTY

Low rates and FOMO push listings lower

PROPERTY listings fell by 2.7% over February, as demand swallows up supply, despite new listings…
Read more
CORONAVIRUS COVID-19 PANDEMICGENERAL PROPERTYRESIDENTIAL PROPERTY

RBA under pressure to raise rates

RISING house prices could put pressure on the Reserve Bank to lift interest rates sooner than…
Read more
RESEARCHRESIDENTIAL PROPERTY

Highest growth in 17 years, regionals outperform escape from city continues

HOUSE price growth across the country saw records broken in February, with values rising at their…
Read more