The Labor government under Andrews is stepping up to the plate and getting ready to help improve housing affordability with its support of Build-to-Rent (BTR) projects. Victoria will soon be swamped with rentable properties which are perfect to lower demand and price. The BTR model is a when a company or individual builds a property to rent rather than to sell.
The BTR model sits in line with the labor governments recent Residential Tenancies Act changes, that aims to create a fairer rental environment for Victorians.
Cressida Wall, Executive Director of the Property Council Victorian of Australia, was heard stating that “The Victorian Government’s support for the build to rent is best in class and a welcome first step in creating a sector that will deliver high-quality rental accommodation and provide greater security of tenure for Victorians. We congratulate the Government on its willingness to work with industry to address these challenges.”
To overcome any obstacles, the Andrews Labor Government will financially support BTR in community housing projects and facilitate planning assessment. They will establish an industry working group that will clarify taxation issues, and present the benefits of BTR to the federal government.
Richard Wynne, Minister for Planning, is attributed to the claim that “New ideas often take a while to navigate the planning system. These actions will ensure that BTR can prosper and increase the stock of rental housing to meet the current record demand.”
The first BTR project is located on City Road, in Southbank, where a 60-level apartment block is being processed through the fast track process.
Tim Pallas, the Treasurer, mentioned in regard to the commonwealth issues, that by “Encouraging BTR will increase the supply of new, large-scale housing for longer-term renting. It can grow our stock of affordable and social housing, expanding housing choices for Victorians. Victoria is leading the way in supporting Build-to-Rent. We’ll keep listening for new ideas through our new industry working group.”