The Victorian Government has announced its support of Build-to-Rent (BTR) to improve housing access and choice for Victorians.
The model aims to provide high quality and well maintained rental stock to Victorian renters by building properties to rent instead of selling them to individual buyers.
Treasurer Tim Pallas said the model 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.”
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.
The Australian Institute of Architects has welcomed the move, saying it will ensure the housing supply grows in line with Victoria’s exponential population growth.
Amy Muir, Victorian Chapter President said there are currently projects underway by developers that support this mission such as award-winning Nightingale Housing.
“It is a key example of our members’ work in the sustainable and affordable housing space, a series of innovative projects leading a housing revolution in our cities by constructing multi-residential buildings that are financially, socially and environmentally sustainable,” Ms Muir said.
Ms Muir said the government’s commitment to fast track development applications was commendable but must come with assurances building quality would not be compromised.
“Good quality design responds to critical contemporary issues such as rising energy costs, by making homes more energy efficient and these features need to be considered for this new housing class,”she said.
The Institute would encourage government to provide incentives linked to specific design and sustainability outcomes, supported by enhanced tax revenue from development for re-investment in public benefit initiatives and infrastructure.