Housing Australia has broken new ground with its largest funding transaction ever, providing more than $500 million in Federal Government support to build 1,370 new homes in Melbourne.
This historic investment is another example of the Albanese Government’s reform agenda helping to tackle Australia’s housing challenges.
The $517 million transaction will help build new homes through the Victorian Government’s Ground Lease Model initiative, and will include more than 650 social homes, 180 affordable homes, 470 market rental homes and 55 specialist disability accommodation homes.
The new homes – to be located in South Yarra, Prahran, Hampton East and Port Melbourne ‑ will replace more than 500 outdated social dwellings.
The Housing Australia funding comprises a loan facility of $422 million through the Affordable Housing Bond Aggregator and $95 million via the ³Ô¹ÏÍøÕ¾ Housing Infrastructure Facility, which will enable critical infrastructure works.
Housing Minister Julie Collins said the Albanese Government would continue to work with states and territories to deliver its ambitious housing reform agenda, which also includes:
- The $10 billion Housing Australia Future Fund
- A new national target to build 1.2 million well‑located homes
- A $3 billion New ³Ô¹ÏÍøÕ¾s Bonus, and $500 million Housing Support Program
- A $2 billion Social Housing Accelerator to deliver thousands of new social homes across Australia
- A ³Ô¹ÏÍøÕ¾ Housing Accord which includes federal funding to deliver 10,000 affordable homes over five years from 2024 (to be matched by up to another 10,000 by the states and territories)
- An investment of an additional $1 billion in the ³Ô¹ÏÍøÕ¾ Housing Infrastructure Facility to support more homes
- Up to $575 million in funding already unlocked from the ³Ô¹ÏÍøÕ¾ Housing Infrastructure Facility, with homes under construction across the country
- Increasing the maximum rate of Commonwealth Rent Assistance by 15 per cent, the largest increase in more than 30 years
- An additional $2 billion in financing for more social and affordable rental housing through Housing Australia.
Quotes attributable to Federal Housing Minister Julie Collins:
“This is a historic day for housing in Australia, and another example of how the Albanese Labor Government is delivering on its commitments.
“We’re working every day to ensure that more Australians have a safe and affordable place to call home.”
