- Cook Labor Government to help deliver almost 100 new rental homes in Mandurah
- New rentals to come through the first successful project supported under the Government's Build to Rent Kickstart Fund
- Negotiations underway with further proponents which could deliver almost 850 new homes
- Cook Labor Government committed to building more houses so every Western Australian has a home
Perth's southern suburbs will soon be home to almost 100 new rentals as part of the Cook Labor Government's Build to Rent Kickstart Fund.
Spotted Gum Property's Sutton Apartments development is the first to be supported through the fund and will deliver 98 build-to-rent homes in central Mandurah. It will be supported with a $9 million Kickstart Fund loan from the Government through Keystart.
The project - expected to start construction in coming months - includes a mix of one and two-bedroom apartments, with 31 units set aside as affordable rentals.
The Keystart Build to Rent Kickstart Fund was a major election commitment, providing concessional loans to support the delivery of private sector-led build-to-rent developments which deliver more affordable rental homes to the market.
Following a strong response to an Expression of Interest process, Keystart has proceeded to credit negotiations with seven proponents under the Fund.
Those proponents could potentially deliver almost 850 new homes.
Following the strong response from industry, the Government is now boosting the fund by $25 million bringing the total investment to $100 million.
To be eligible for a loan through the fund, developers must provide at least 40 new rental dwellings to be offered for at least 10 years.
Thirty per cent of the dwellings must be reserved as affordable rental housing, with rents capped at 25 per cent of the tenant's income, up to the standard Keystart income thresholds.
To further support the delivery of more long-term rentals across WA, the Cook Labor Government has increased the land tax exemption for build-to-rent developments to 75 per cent.
That means WA has the most generous land tax exemption in the country, to help reduce barriers to investment and get more build-to-rent projects off the ground.
These measures are part of the Cook Labor Government's record $10.8 billion investment in housing measures since 2021 to boost supply, improve affordability and help more people into a home.
Further projects will be announced as credit negotiations progress. More information is available at www.keystart.com.au/commercial/build-to-rent .
As stated by Premier Roger Cook:
"I want every Western Australian to have a home. That's why my government has invested billions of dollars in building more houses across the State, with this fund just one way in which we are delivering affordable homes where they are needed.
"I understand that it's been a bumpy couple of years, and WA families are feeling it.
"It's why my government is providing the steady and experienced leadership needed to build more houses and continue delivering for WA."
As stated by Treasurer Rita Saffioti:
"Our government is committed to ensuring every Western Australian has a place to call home, and through Keystart, we're unlocking more private sector build-to-rent developments for WA.
"Through the Build to Rent Kickstart Fund we're fast-tracking more affordable rental homes to the market and supporting the growth of WA's build-to-rent sector.
"We're also delivering the most generous land tax exemption for build-to-rent developments in the nation, to further support the delivery of long-term rental housing in our State.
"It's incredibly exciting to announce the first project to be supported through this innovative fund, which will deliver quality, well-located rentals for the Mandurah community.
"This project will pave the way for many more build-to-rent developments across our State as we continue to work with industry to deliver more housing choice for Western Australians."
Comments attributed to Housing Minister John Carey:
"Our government is delivering more homes and enabling greater density in existing suburbs to expand the amount and type of homes available to Western Australians.
"Ninety-eight apartments in the heart of Mandurah will significantly boost the stock of homes in a location close to jobs, services and transport infrastructure.
"Thirty-one of these apartments will be set aside as affordable rentals, providing accommodation to low income and key workers.
"This project adds to the unprecedented number of build-to-rent, social and affordable housing projects that our government is delivering right across Western Australia."
Comments attributed to Mandurah MLA Rhys Williams:
"The Cook Labor Government is proud to be supporting the delivery of more rentals for our fast-growing community through the Build to Rent Kickstart Fund.
"This development will deliver nearly 100 new homes in the heart of Mandurah, including affordable rentals so more people have access to a secure home.
"It's part of our government's record investment in housing which is delivering more homes for communities right across Western Australia."
As stated by Dawesville MLA Lisa Munday:
"As our southern suburbs continue to grow, our Cook Labor Government is committed to delivering more homes for people at all stages of life.
"This fantastic initiative is just one of the ways we're working with industry to deliver more affordable rentals and provide more housing choice for people in the Mandurah region."
