The Queensland property industry has welcomed a commitment from the QLD Government to catalyse the development of ‘Build-to-Rent’ residential projects through a new pilot subsidy program.
Property Council Queensland Executive Director, Chris Mountford, described the move as a win-win for the property industry and Queensland renters.
“This is a very welcome step towards creating a new way of delivering housing options for Queenslanders that will deliver high quality rental accommodation and provide greater security of tenure,” Mr Mountford said.
“Build-to-rent residential development isn’t well known in Australia, but it is an increasingly popular form of housing in the UK and the US.”
“Build-to-rent buildings are built specifically for long term rental, often by big institutional investors who have a strong interest in delivering high quality, well managed and attractive developments.”
“Tenants in build-to-rent developments are able to enjoy longer contracts, and greater amenity than what is available in the current private rental market.”
The Government’s $70 million commitment, made in conjunction with the release of the Mid-Year Fiscal and Economic Review, will see a targeted subsidy provided to proponents to deliver affordable rental housing through a Build-to-Rent development with 10km of the Brisbane CBD.
“This will not only unlock economic activity, and create jobs but also help ensure the long-term housing needs of Queenslanders are met,” Mr Mountford said.
“By partnering with the private sector to get these projects off the ground, the Government is taking a welcome step towards ensuring build-to-rent gets a foothold in the Queensland market.”
Initial information on the ‘Build to Rent Pilot Project’ can be accessed via the QTender website. Expressions of Interest in the pilot will close on 23 January 2019.
Source: Property Council of Australia