Affordability Partnership to build 152,000 regional homes

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Representative image // Photo by Tierra Mallorca on Unsplash

The Governments has unveiled a groundbreaking package to enhance housing supply and affordability in rural and regional Victoria, signifying a profound shift in planning and housing reform, the most extensive in generations.

Victoria is experiencing significant growth, being the fastest-growing state in Australia. The population is projected to reach 10.3 million by 2051, and more than 2.3 million of that will reside in regional Victoria. To address the housing challenges faced by Victorians, it is necessary to construct 2.24 million homes over this period, averaging around 80,000 homes per yea

Victoria’s Housing Statement – The Decade Ahead 2024-2034 sets a bold target to build 800,000 new homes across the state over the next 10 years, delivered through an Affordability Partnership with the housing industry, an official press release said.

That includes a target to build 648,000 new homes in metropolitan Melbourne and 152,000 new homes in regional and rural Victoria.

As part of the initiative to construct the 2.24 million homes required in Victoria by 2051, a regional target will also be established to build 425,600 of these homes in the regions and rural areas.

Victoria’s Housing Statement focuses on five key areas to tackle the root of the problem – housing supply:

  1. Good decisions, made faster: reforming Victoria’s planning system, clearing the backlog of planning permits, giving builders, buyers and renovators certainty about how long approvals will take – and a clear pathway to resolve issues quickly if those timeframes aren’t met
  2. Cheaper housing, closer to where you work: unlocking new spaces to stop urban sprawl, building more homes closer to where people have the transport, roads, hospitals and schools they need and delivering vital, basic community infrastructure
  3. Protecting renters‘ rights: closing loopholes that drive up the cost of living for renters, giving tenants more certainty over their leases, living standards and finances, and resolving disputes faster to keep them out of VCAT
  4. More social housing: rapidly accelerating the rollout of social and affordable homes across Victoria and launching Australia’s biggest urban renewal project across Melbourne’s 44 high-rise social housing towers
  5. A long-term housing plan: delivering a long-term plan to guide how our state grows in the decades ahead, and reviewing the Planning and Environment Act 1987 to build a planning system that works with Victorians – not against them.

In recognition of the joint effort needed to ease the housing pressure Victorians face, the Labor Government today signed the Affordability Partnership alongside the Property Council of Australia, Master Builders Victoria, the Urban Development Institute of Australia, the Housing Industry Association and Super Housing Partnerships.

There are a range of initiatives that will benefit people living in rural and regional Victoria. By expanding Victoria’s Development Facilitation Program, we’ll boost critical housing supply in regional Victoria.

The work being facilitated as part of this Housing Statement will support 16,000 jobs across Victoria.

This Housing Statement comes addition to our $1 billion Regional Housing Fund – which will deliver more than 1,300 homes across regional Victoria in a mix of social and affordable housing. We’re working closely with councils, regional partnerships and local communities to determine the right mix of stock and locations for each region.

As a part of the $5.3 billion Big Housing Build initiative, 25 percent of new social homes will be allocated to rural and regional Victoria, representing a substantial $1.25 billion investment in providing housing for deserving regional Victorians.

Additionally, a $150 million investment is being made in the Regional Worker Accommodation Fund, aimed at creating new housing options for regional communities struggling to find affordable housing for key workers. This comprehensive package is expected to enhance job security for regional workers and simplify staff recruitment and retention for businesses

For more information, visit: www.vic.gov.au/housing-statement
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