Supporting Build-To-Rent In Victoria
16 October 2018
Victorian Government:
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.”
--ENDS--
Source: Victorian Government - www.premier.vic.gov.au
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