The Palaszczuk Government will invest $70 million in an innovative partnership to deliver hundreds of affordable rental properties for low to moderate income earners, including key workers, in Brisbane’s inner city.
Ahead of today’s Mid Year Fiscal and Economic Review (MYFER), Deputy Premier and Treasurer Jackie Trad announced the Built to Rent pilot program to deliver subsidised, affordable housing in developments alongside homes offered at market rent.
"We know that housing affordability is a real issue right across Queensland," Ms Trad said.
"In particular, key inner city workers, including nurses, hospitality staff and carers can struggle to afford rental properties in the suburb they work in.
"This pilot seeks to increase the number of long-term, affordable rental properties for low to moderate income earners by partnering with the private sector.
"This Pilot Project will provide a targeted rental subsidy to a successful proponent to deliver affordable rental housing within a Build-to-Rent development in Brisbane.
"This model also has the potential to support hundreds of new jobs as the Pilot Project supports the growth of a new residential property asset class in Queensland."
Housing Minister Mick de Brenni said there was a clear and growing need for more affordable housing in Queensland.
"The Queensland Housing Strategy 2017-2027 involves a $1.8 billion investment over 10 years to drive key reforms and targeted investment across the housing continuum," Mr De Brenni said.
"As well as committing to improve social housing, last year we committed to build more than 1000 affordable homes for Queenslanders by 2022. Build-to-Rent is one way that we can support the delivery of these homes.
"We know that the number of renters in Queensland is on the rise, and the Palaszczuk Government is working to ensure that renting is a sustainable long term option for families.
"As part of our nine week consultation into rental reform, Queenslanders told us they struggled to find affordable rental properties in their communities.
"Locals are being priced out of areas close to the CBD where they work, and that has to change. Living close to work, your family and school shouldn’t be something only the wealthy can do," Mr de Brenni said.
"The Palaszczuk Government wants to see essential service providers like nurses, early childhood educators or cleaners offered affordable housing in the city.
"Internationally, Build-to-Rent has delivered fantastic outcomes and facilities to tenants and we’re looking to see what the market is open to delivering here.
"This Pilot offers the opportunity to harness best international practice to deliver long term rental properties with a greater focus on tenant amenity and experience – something we know the market is crying out for.
"By relieving housing pressure on low to moderate income earners, we give them more of an opportunity to save and purchase their first home sooner."
Minister de Brenni said the Cross River Rail development had opened up a unique opportunity to provide real affordable housing for those who need it most.
"Once we scope the potential of the Pilot, in the future, we’ll be able to explore rolling out Build-to-Rent developments in high-demand areas across Queensland.
Industry can learn more about the proposal and register an expression of interest in the Build-to-Rent Pilot here Www.treasury.qld.gov.au/growing-queensland/build-to-rent-pilot-project/
