AUSTRALIA is estimated to need 36,000 affordable social housing properties per annum, but was producing just 3,000 being each year prior to the onset of COVID.
According to analysis by Duncan Rouch, a researcher affiliated with the Victorian Greens’ housing and homelessness working group, there are approximately 119,350 people on multiyear waitlist for social housing, and that is a conservative estimate.
A Housing For All Australians (HAA) report, Give Me Shelter, found that the national average benefit-cost ratio (BCR) for Australia in providing adequate social and affordable housing infrastructure is 2:1. In other words, for every $1 invested to drive the delivery of public, social and affordable housing, the Australian community saves $2 in future costs. This rate of return is comparable to, or better than, those achieved in many other major investments in infrastructure including Melbourne Metro (1.5:1) and the M12 Motorway Sydney.
Former Stockland CEO Mark Steinert warned that if nothing changes, the health, education, productivity and crime costs borne by the community as a result of this unmet housing need is estimated to reach $25 billion per year.
PRD chief economist Diaswati Mardiasmo said the Brisbane 2032 Olympic Games presents an opportunity to create a lasting social housing legacy. Brisbane is heading for a peak shortfall of 5,000 dwellings in 2027-28, according to the National Housing Finance and Investment corporation. There is currently a 16,760 social housing waitlist for south east Queensland.
While the Real Estate Institute of Australia (REIA) referred to the observations of government assistance needed in the social housing sector as “obvious”, REIA president Hayden Groves remarked that the private rental market will remain crucial.