PropertyBuzz, your daily dose of property news.
Should the $10 billion Housing Australia Future Fund be doubled?; A council looks to encourage build-to-rent development; and how a new partnership aims to keep vulnerable Victorian renters safe.
Welcome to Property Buzz! I’m Juliet Helmke. Today is Wednesday, 24 April.
– A coalition of Australian housing bodies is urging the government to double the Housing Australia Future Fund from $10 billion to $20 billion in the next federal budget.
– HAFF, as it’s known, was established after a lengthy parliamentary negotiation process in September 2023, and is a dedicated investment fund that uses the proceeds to build social and affordable housing across Australia.
– The alliance that issued the call is composed of The Property Council of Australia, National Shelter, the Housing Industry Association, the Community Housing Industry Association, the Australian Council of Social Service, Master Builders Australia, and Homelessness Australia.
– Together, they say that more investment in social and affordable housing is needed to meet the national target of creating 1.2 million new homes by 2029.
– The coalition has also proposed recommendations for the forthcoming National Housing and Homelessness plan, including removing barriers to new home delivery and establishing transparent governance arrangements.
– The City of Sydney is encouraging developers to create more build-to-rent properties by updating planning rules in the Sydney Local Environmental Plan of 2012.
– The proposed amendments would allow developers 20-75 per cent more floor space for build-to-rent developments in conversions and new builds, depending on the site location, for applications made within a five-year timeframe.
– The council also proposes to allow developers 20 per cent more floor space for co-living accommodation, such as student and low-income worker housing near major tertiary institutions.
– The draft changes are open for public feedback until 14 May 2024, with the aim of increasing rental stock in central Sydney at a time when rentals are hard to find.
– And in Victoria, The Country Fire Authority and Royal Automobile Club of Victoria (RACV) are providing free smoke alarms to 500 at-risk rural and regional residents across the state, while educating residents about home fire hazards with the aim of reducing preventable fires.
– The initiative follows the results of a poll from RACV that revealed only 58 per cent of Victorians test their smoke alarms monthly and replace them yearly. 18 per cent reported they did not understand how their alarms work.
– The CFA recommends smoke alarms be powered by a 10-year lithium battery, interconnected, and installed in every bedroom, living area, and hallway on any property.
That’s Property Buzz for today. See you again on Friday, 26 April, for your daily dose of Property Buzz.
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