The Andrews Labor Government is acting to further improve housing affordability, by supporting Build-to-Rent (BTR), to improve access and choice for Victorians.
The Build-to-Rent model – building properties to rent instead of selling them to individual buyers – can provide high quality and well maintained rental stock to Victorian renters.
It builds on the Labor Government’s recent changes to the Residential Tenancies Act which is making renting fairer for Victorians.
As an emerging sector, industry has identified some barriers to development, which the Andrews Labor Government is acting on.
The Government will be facilitating planning assessment, establishing an industry working group, financially supporting BTR in community housing, clarifying taxation arrangements, and making the case for BTR to the federal government.
The first BTR approval in Victoria is for a 60-level apartment block on City Rd, Southbank, with several further applications being assessed through the fast track process.
While many of the barriers facing BTR sit with the Commonwealth, Victoria is leading the way in supporting BTR.
Quotes attributable to Treasurer Tim Pallas
“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.”
Quote attributable to Minister for Planning Richard Wynne
“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.”
Quote attributable to Property Council Victorian of Australia, Executive Director, Cressida Wall
“The Victorian Government’s support for 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.”