The Allan Labor Government is delivering more build-to-rent (BTR) homes than any other state, fast-tracking the approval of developments and providing thousands of secure, affordable leases in more new homes than ever.
Premier Jacinta Allan and Minister for Planning Sonya Kilkenny today visited one of the completed projects by Mirvac, LIV Munro – a build-to-rent development located within the Queen Victoria Market precinct.
The $333.5 million building – delivered in partnership with the City of Melbourne and PDG Corporation – consists of 490 BTR apartments and 49 affordable housing dwellings.
Data from the Department of Transport and Planning shows a rapid increase in the number of BTR projects – including 1,800 apartments completed and 12,000 either under construction or with planning for approval.
Recent industry analysis from Knight Frank shows 45 per cent of Australia’s BTR pipeline is located in established suburbs in metropolitan Melbourne, close to services and transport.
The BTR model sees developers like Mirvac build multi-unit buildings and instead of selling them individually, retain them to rent to provide Victorian renters with long-term leases in high-quality and well-maintained homes, with social and community benefits.
As well as providing much-needed housing, the Munro site also includes a community hub, a library, hotel, retail and a public car park primarily for QVM customers and has achieved an 8.1-star NATHERS rating for sustainability.
With demand for rentals continuing to rise, the Labor Government is fast-tracking the approval of BTR projects that meet the requirements of the expanded Development Facilitation Program as part of the Housing Statement.
A new BTR development was recently approved by the Minister for Planning along Macaulay Road in Kensington which will deliver 447 dwellings, including a number of affordable houses with a 10-year lease tenure.
Eligible BTR 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.
As stated by Premier Jacinta Allan
“Victoria is leading the nation when it comes to delivering build-to-rent apartments, and our Housing Statement will turbocharge affordable rental options as part of the 800,000 new homes we need to build over the next decade.”
As stated by Minister for Planning Sonya Kilkenny
“As long as rental supply is low, rental prices will stay high. That’s why we’re approving and delivering more homes for renters in established suburbs, close to jobs, transport and services and ensuring they include affordable housing for Victorians who need it most.”
