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The Victorian Labor government has released a package to boost housing supply and affordability in its “biggest shake-up to planning and housing reform in generations”. Entitled Victoria’s Housing Statement – The Decade Ahead 2024–2034, the package sets an ambitious target to build 800,000 new homes over the next 10 years.
The state government aims to build 80,000 homes per year for 10 years, delivered through an Affordability Partnership with the housing industry.
The partnership was signed alongside the Property Council of Australia, Master Builders Victoria, the Urban Development Institute of Australia, the Housing Industry Association, and Super Housing Partnerships.
According to the Victorian government, the state is the fastest growing in the country, with a population set to reach 10.3 million by 2051 and thus necessitating this package in order to ease housing pressure for Victorians.
“We need to build 2.24 million homes in that time, including a target of 425,600 across regional and rural Victoria,” Victorian Premier Dan Andrews said.
As part of the package, the Victorian Homebuyer Fund will have another $500 million released, with the additional funding going towards supporting approximately 3,000 more Victorians into a home through its shared equity model.
According to the state government, the Homebuyer Fund has supported 4,251 settlements with $1.07 billion since it was launched in October 2021.
The fund provides eligible participants with a contribution of up to 25 per cent of the purchase price on a home with participants contributing a minimum of 5 per cent of the purchase price.
Furthermore, the housing statement will zero in on five key areas to address housing supply. These include:
- Unlocking new spaces to halt urban sprawl and building homes with better access to transport, roads, hospitals, and schools
- Reforming Victoria’s planning system to give builders/buyers/renovators certainty about how long approvals will take
- Closing rental loopholes that drive up cost of living for renters to give tenants certainty over leases, living standards, and finances while resolving disputes faster
- Accelerating the roll-out of social and affordable housing across the state as well as launching an urban renewal project across Melbourne’s 44 high-rise social housing towers
- Delivering a long-term housing plan to guide the state through the decades ahead and reviewing the Planning and Environment Act 1987
Premier Andrews commented: “The status quo is not an option, and admiring the problem will only make it worse.
“Unless we take bold and decisive action now, Victorians will be paying the price for generations to come.
“Whether you’re buying your first place, upsizing or downsizing as life changes, or renting – the work we’re doing will mean there’ll be a place you can afford, and that you can call home.”
NSW government reveals housing targets in latest budget
By the same token, the NSW government’s first state budget – released on Tuesday (19 September) – under the Labor Minns’ government aims to boost housing supply, expedite planning regulations, and construct more affordable housing.
NSW State Treasurer Daniel Mookhey acknowledged the housing affordability issue as the “biggest single pressure facing the people of NSW”, with rent and mortgage repayments being the most significant expense for most households.
The government has projected a $7.8 billion deficit for this financial year, followed by a “modest” surplus of $844 million in 2024–25 and has taken steps to reduce gross debt by $14.8 billion by June 2026.
[RELATED: NSW unveils housing targets]
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