Many Australian renters see little hope of buying their own homes in the near future, adding to calls for beefed up build-to-rent laws.
A survey commissioned by the Property Council of Australia found more than half of Australian renters felt stuck with no choice but to rent and four in 10 believed they wouldn’t be able to buy a home in the next five years.
Property Council of Australia Chief Executive Mike Zorbas said the Federal Senate needed to pass build-to-rent legislation with amendments to expand the supply of rental housing.
Mr Zorbas said if the legislation passed with proposed changes, 105,000 new homes could be delivered over the next decade, including 10,500 affordable rentals.
“Over 60 percent of Australians support the build-to-rent legislation with the industry bodies’ proposed amendments, rising to 71 percent among renters,” he said.
Mr Zorbas said the recent survey showed nearly eight in 10 Australians felt there was a lack of affordable housing in their area, with housing affordability the second-highest concern among respondents, coming just after cost of living.
“The survey comes out as the Australian Government has in front of the Senate a scheme that would allow build-to-rent projects, which are apartments owned and developed specifically for renters, to be invested in as easily as commercial property.
“With the right amendments, this legislation is the best and cheapest way for the Federal parliament to add 105,000 new rental homes to supply across Australia over the next decade.”
He said that was two and a half times the number of new homes to be delivered under the Housing Australia Future Fund.
Mr Zorbas said the amendments called for would:
- Adjust tax settings to encourage build-to-rent housing growth.
- Refine the 10 per cent affordable housing requirement within build-to-rent projects.
- Introduce measures to enhance security of tenure for renters.
He said build-to-rent housing offered resident-centred, professionally managed communities and would grow the availability of affordable and market-rate rental housing.
“It provides the flexibility of renting with long-term lease stability, allowing people to save toward future goals like home ownership.”
