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Following a concerning rise in the number of Victorians facing acute rental stress, the state government has unlocked $7.8 million in funding.
The $7.8 million Rental Stress Support Package will be split between nine community organisations that provide rental assistance, each of whom was selected following a rigorous application and assessment process.
The organisations set to receive funding are: Anglicare Victoria, Child and Family Services, Housing for the Aged Action Group, Justice Connect, Launch Housing, Mallee Family Care, Quantum Support Services, South East Community Links, and Tenants Victoria.
The funding will be available from 2024 to 2026, and will be administered by Consumer Affairs Victoria.
The majority of the funds will be spent on providing legal advice, advocacy and financial counselling for Victorians renters facing housing insecurity.
The funding round fulfils a promise made in the Victorian government’s Housing Statement, which had originally pledged to commit $2 million to fund community organisations that are helping the 5 per cent of Victorians at risk of eviction.
In addition to the funding package, the Allan government has recently given the go-ahead to a substantial build-to-rent development in inner-city Melbourne.
The $240 million development, which is located near Marvel Stadium, will contain 925 rental apartments along with ground-floor retail and a public plaza.
This latest development is one of many being built in the Docklands area, which Minister for Development Colin Brooks said played “a key role in delivering much-needed housing in Melbourne – with more than 10,000 apartments delivered or under construction” in the area.
Currently, Melbourne is home to three-quarters of all build-to-rent projects in Australia. The city saw 580 new build-to-rent apartments completed in 2023, with 13,900 apartments set to be completed in the next three years, and an additional 18,900 apartments either with planning approval or in the early stages of the planning process.
These developments benefit from a 50 per cent land tax concession and a full exemption from Absentee Owner Surcharge.
Sonya Kilkenny, Minister for Planning, said: “Victoria is leading the nation when it comes to build-to-rent and dwelling approvals – but we know there’s more work to be done and we’ll continue to pull every lever we can so industry can build more homes.”
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