The Property Council of Australia has strongly welcomed Federal Labor’s commitment to support the establishment of ‘Build-to-Rent’ housing in Australia.
“Build-to-Rent housing is an internationally-proven way to provide better housing choices for people who rent their home and can play a big role in Australia with the right policy settings,” said Property Council of Australia Chief Executive Ken Morrison.
“Labor’s pledge to tackle the taxation disincentive for institutional investors by creating a level playing field for managed investment trust tax rates will help to attract investment into the Build to Rent sector.
“This will help deliver better choice and more certainty for the 2.7 million Australians who rent their homes,” Mr Morrison said.
“Build-to-Rent housing is purposely designed and managed for the needs of renters, offering long leases, purpose-built units, shared facilities and investment in community.
“They put the customer at the centre of the rental experience supporting better quality housing outcomes for people who rent, as well as increasing housing supply.
“They also enable industry to partner with government in providing more affordable housing choices,” Mr Morrison said.
The Property Council has been calling for more consistent taxation treatment for Build-to-Rent housing to support the growth of the sector at scale in Australia.
“Getting institutional investors behind this new property type is critical to delivering the new housing units and bringing the management expertise to enable the sector to flourish in Australia,” Mr Morrison said.
The Build-to-Rent sector is thriving in overseas markets such as the United Kingdom and the United States, but it is only now on the cusp of emerging in Australia.
“Labor’s support for Build-to-Rent is a big step forward in promoting the establishment of this new form of housing in Australia, especially in our growing cities where people need more and better housing choice that is close to work, schools and transport.
“Build-to-Rent will deliver Australians who rent more choice and more certainty, while stimulating new construction and supporting jobs at a challenging time for the property industry which supports 1.4 million jobs across Australia,” Mr Morrison said.