- Published:
- Friday 6 December 2024
The Allan Labor Government is delivering more homes and more opportunity in Melbourne’s inner city after fast-tracking hundreds of build-to-rent homes in Collingwood at the old Honda dealership – close to transport, jobs and services.
Minister for Housing Harriet Shing today announced the fast-tracked approval by the Minister for Planning of more than 400 new homes to be built across two sites at Hoddle Street with 10 per cent dedicated to affordable housing.
The development located close to North Richmond train station will feature a mix of one, two and three-bedroom homes, as well as food and beverage retailers and a not-for-profit space.
Melbourne continues to lead the way as Australia’s build-to-rent capital – with the city home to around three quarters of all build-to-rent projects completed in nation last year.
Reports from property advisory firm Charter Keck Cramer show a rapid increase in the number of build-to-rent projects in Melbourne – including 580 apartments completed in 2023 with 18,200 either under construction or with planning approvals.
With demand for rentals continuing to rise, the Labor Government is fast-tracking the approval of build-to-rent projects and good housing developments through the Development Facilitation Program – an accelerated pathway that has helped get thousands of new homes off the ground faster.
Eligible build-to-rent developments completed and operational from 1 January 2022 until 31 December 2031 receive a 50 per cent land tax concession for up to 30 years and a full exemption from Absentee Owner Surcharge.
Build-to-rent is just one type of housing option the Labor Government is helping deliver for Victorians – with the Government recently announcing tax concessions for off-the-plan apartments, a 10 pipeline of land for homes, easier subdivisions, and more homes around train stations and trams.
The latest Australian Bureau of Statistic data shows Victoria builds more homes than anywhere else in the country – approving and completing thousands of more homes than New South Wales and Queensland.
Quote attributable to Minister for Housing Harriet Shing
“Through our housing reforms, we’re delivering homes for Victorians at every stage of their life – whether it’s more rental homes, a house with a yard in the outer suburbs, or a townhouse close to the train station.”
Quote attributable to Minister for Planning Sonya Kilkenny
“This old Honda dealership will soon be transformed into hundreds of homes for Victorians, creating more opportunity for Victorians to live close to public transport, jobs and services.”
Quote attributable to Member for Northern Metropolitan Region Enver Erdogan
“We’re fast-tracking more homes in great locations like Hoddle Street because we know more homes means more opportunity – particularly for young Victorians who want to live close to public transport, jobs, and services.”