The Property Council of Australia has made a statement aimed towards the Green Party to stop blocking new homes being built. The party’s conditions for passing the Build to Rent housing bill before the Senate would equate to new home delivery reaching zero.
Build to Rent housing is 12% of the US market and 5% of the UK market. Once established at scale throughout Australia, it would put significant downward pressure on the cost of renting in capital and regional cities, according to the Property Council.
A recent YouGov survey of over 1,500 Australians found that 61% of Australians support the Build to Rent legislation with the Property Council, Community Housing Industry Association and National Shelter’s proposed amendments, rising to 71% among renters. Only 13% of respondents opposed the proposal.
The Chief Executive of the Property Council stated that the Greens’ current proposal would destroy the promising future of the Build to Rent sector, which is currently 0.2% of the Australian housing market.
“If we get this legislation right, it will have more than twice the positive impact of the welcome Housing Australia Future Fund which will provide 40,000 new homes.
“The Greens’ policy will torpedo many tens of thousands of new rental homes that the right legislative settings can unlock, including 10% affordable rental homes.
“Industry, the community housing sector and the social services sector have explained the basic elements required to make build-to-rent projects viable, but the Greens’ proposal ignores reality.
“The Greens’ position blocking tens of thousands of new homes must come as a shock to people imagining this is a pro-rental supply, pro-housing affordability party.
“There’s only one week left to get this done – the Greens need to get on board or become deliberate blockers of new housing, including affordable housing, in the middle of a national supply crisis.”
Mike Zorbas, Chief Executive, Property Council
