- $105 million investment will boost housing supply by up to 236 units in East Perth
- Well-located serviced apartment complex close to transport, shopping and other amenities
- To be managed by an experienced prequalified Community Housing Provider
- Record $5.8 billion investment in housing and homelessness measures since July 2021
The State Government has announced the acquisition of a serviced apartment complex in East Perth that will be repurposed as a mix of affordable and social housing and managed by a Community Housing Provider (CHP) to help address the needs of Western Australians in housing stress.
The government has agreed to a sale price of $105 million for the 12-year-old Adelaide Terrace complex, which comprises up to 236 short-stay serviced apartments and 11 commercial suites.
The complex is part of the Queens Riverside precinct and is well located, close to public transport, health services, recreation and other amenities.
The complex will be repurposed to provide long-term affordable and social housing rentals for low to moderate-income households.
A CHP will be appointed through the Community Housing Prequalification Scheme to manage the building and be responsible for property and tenancy management including tenant selection.
The acquisition represents the single biggest purchase for affordable and social housing in the State's history.
As stated by Acting Premier Rita Saffioti:
"This investment represents the biggest one-off purchase of new housing for people on middle and lower incomes we've ever seen. It also represents significant value for money for WA taxpayers.
"We're leaving no stone unturned when it comes to boosting the supply of affordable housing, and we've seen significant success with measures like our incentive scheme to convert short-stay accommodation into long-term rentals, with nearly 700 homes either returned to the long-term rental market or in the process of doing so.
"Since 2021, we've invested billions into housing and homelessness measures, and we will continue to invest in boosting housing supply so more Western Australians can access affordable housing."
Comments attributed to Housing and Works Minister John Carey:
"Our government is thinking outside the box when it comes to increasing housing options, including converting short-stay serviced apartments into long-term housing.
"We are working to deliver housing on all fronts including modular, prefabricated and tiny homes, and this project to convert short-stay units to permanent apartments is yet another example.
"It builds on our previous decision to convert the former Murray Street Lodge in West Perth to supported accommodation.
"This is the single-biggest purchase of affordable and social housing in the State's history, and the cost per unit is well below the cost to construct an apartment and represents exceptional value for money.
"The purchase and repurposing of this complex will provide a critical affordable and social housing boost in an area of high demand and high amenity.
"We have invested a record $5.8 billion in housing and homelessness measures since 2021 and added more than 3,100 social homes across the State."
As stated by Anglicare WA acting CEO Philippa Boldy:
"Converting Fraser Suites from short-stay accommodation into safe and affordable housing is a welcome move from the WA Government and a much-needed boost to accessible housing stock.
"Accessible housing should be a feature of every Western Australian community, and we welcome the government's leadership in investing in a property of this scale in Perth's CBD, close to amenities, services and supports.
"The demand for social and affordable housing in Western Australia continues to grow and will require an ongoing significant investment and this announcement is a positive step to provide safe, affordable homes for all Western Australians.
"At a time when many Western Australians are struggling to find an affordable and safe home, we need to pull on every lever we can to address imbalances in the housing market."
