- $1B of investment has been made just in time for the end of financial year
- 240 homes are ready to be tenanted just six months after program began
- Victoria has the lowest rate of social housing in the country
Victoria’s Big Housing Build – the largest ever investment in social housing in Australia’s history – has hit a milestone with more than $1 billion of investment already made in construction and development before the end of the financial year.
The news comes as more than 240 homes are ready to be tenanted six months after the program commenced. These houses join the 1,100 houses that have been purchased or constructed so far. The Victorian government said these houses created 356 direct jobs with a further 1,246 indirect jobs.
The $1 billion has helped to fast-start six projects in Ascot Cale, Ashburton, Flemington, Hawthorn, Richmond and West Heidelberg where either planning or construction work has begun.
The latest update comes after the first regional project under the program has been announced for Ballarat. $1.25 billion will be allocated to housing in regional areas.
Overall the project hopes to deliver 12,000 new homes for Victoria which has the lowest proportion of social housing in Australia.
“Our investment in housing is ensuring more Victorians have security and stability – whether that’s a roof over your head or a job building one,” said Richard Wynne, Minister for Housing.
“Our Big Housing Build is not only providing a roof over the head of vulnerable Victorians who need it – it’s creating thousands of local jobs and supporting our state’s economic recovery.”
“Our record investment is creating confidence in the construction sector as we navigate our way out of this pandemic.”
Richard Wynne, Minister for Housing
Additionally, 480 social and affordable are planned for Collingwood and South Yarra with these two projects alone expected to generate over 2,000 new jobs.
Community consultation has begun for the 150 homes being built along Wellington Street in Collingwood with architecture firm Fieldwork Projects appointed as the principal design consultant for this project.
Master planning by architecture firm Hayball is currently underway for the Simmons Street site in South Yarra.
“We’re getting on with building housing where it’s needed most in locations like Collingwood and South Yarra – close to school, employment opportunities, health services and transport,” said the Minister.