The Victorian government’s Big Housing Build has been developed to support the state’s construction industry through 2021 and beyond. Importantly, it’ll also assist those in need of help when it comes to finding somewhere to live.
At a cost of $5.3 billion, it’s Victoria’s biggest ever investment in public and community housing. And over the next four years, will see the construction of more than 12,000 new homes per year both in Melbourne and across the state – with a quarter of investment in regional areas.
That’s a 10% boost to the public and community housing supply in an incredibly short time. Of those 12,000 new homes:
- 9,300 will be social housing for those struggling to get on their feet, including 1,100 that will replace existing public housing units.
- 2,000 will be for those living with mental illness, one of several programs from the budget aimed at supporting this sector.
- 2,900 new affordable and low-cost homes will be built to help low-to-moderate income earners live closer to where they work.
The new homes are set to meet 7-star energy efficiency standards, and the build of them is estimated to support around 10,000 jobs a year over the next four years and boost economic activity across the State.
“We’re delivering the biggest investment in social housing Victoria has ever seen – we’re not just investing in bricks and mortar, but the lives of Victorians for decades to come,” said Minister for Housing Richard Wynne.
Victoria’s Big Housing Build includes several other programs designed to boost affordable housing and keep construction happening:
- The Victorian Homebuyer Fund – $500 million aimed to accelerate Victorians into home ownership.
- Land tax discount – a 50% land tax discount for eligible new developments until 2040.
- Land transfer duty waiver – tax relief on stamp duty for residential property transactions of up to $1 million.
- First Home Owner Grant – this has been extended to new builds in regional Victoria until 30 June 2021.
- Unlocking construction activity – $52 million to implement the Commissioner for Better Regulation’s planning reforms.
For more information about Putting People First and the Big Victorian Build, visit the Victorian Budget 2020-21 website.
The above information is a brief summary only and does not take into account your personal needs and is not a substitute for independent professional advice. We strongly recommend that you speak to your accountant as they will be able to provide you the most suitable advice for your individual circumstance and to ensure that you are also always receiving the most up to date information.