Roger Cook and WA Labor to kickstart delivery of new affordable rentals

A re-elected Cook Labor Government will invest more than $150 million to deliver hundreds of additional rental, affordable and social homes.
  • Re-elected Cook Labor Government to invest more than $150 million to deliver hundreds of additional new rental, affordable and social homes
  • New $75 million Build to Rent Kickstart Fund to get long-term rental projects off the ground
  • Land tax concessions to put WA at the front of the pack for new Build-to-Rent developments
  • $79.5 million funding injection to boost social housing delivery to 1,000 homes added a year

A re-elected Cook Labor Government will invest more than $150 million to deliver hundreds of additional rental, affordable and social homes.

To boost affordable rental supply, a $75 million Build to Rent Kickstart Fund will be established to support more Build-to-Rent projects to get off the ground in Western Australia.

The land tax concession for Build-to-Rent projects with more than 40 dwellings will be increased to 75 per cent for projects that commence within the next three years. Combined with the Built to Rent KickStart Fund, the increased concession – which will be higher than the 50 per cent land tax concession offered by Australia’s Eastern States – places WA at the front of the pack to attract Build-to-Rent projects and enhance their viability.

The Build-to-Rent model leverages institutional capital to deliver apartment complexes for the long-term rental market, typically offering secure, long-duration tenancies that are popular with many renters.

While the Build-to-Rent market is well established overseas, it is an emerging housing type in Australia and there are currently only two operational developments in Perth.

The Build to Rent Kickstart Fund will provide up to 30 per cent low-cost finance for Build-to-Rent projects – or up to $250,000 per apartment. This will include no-interest loans during construction and low-interest loans once the development is operational, with the loans repayable after 10 years.

In return, 30 per cent of homes in the development must be reserved for affordable private rentals, with no more than 25 per cent of gross income payable as rent.

The fund is expected to unlock Build-to-Rent developments worth up to $250 million, or around 400 long-term rental homes, allowing this new model of housing to gain momentum in Western Australia and further bolster supply in our rental market.

A re-elected Cook Labor Government will also ramp up delivery of social homes, further building on its record $4.5 billion investment to boost housing supply and affordability.

WA Labor’s $80 million funding injection will increase the number of additional social homes to be delivered this financial year to 1,000, with a further 1,000 social homes to be added next year.

Comments attributed to Premier Roger Cook:

“Our housing plan is working, and it is critical that we secure upcoming Build-to-Rent developments for WA to help meet our future housing needs."

“We know Build-to-Rent apartments are popular with renters who are looking for a stable, longer term lease, with requirements for a third of homes supported through our new Build to Rent Kickstart Fund to be classified as affordable."

“With pressures in the residential construction market easing, now is the time to get the settings right and accelerate construction – with our funding injection to enable delivery of 1,000 additional social homes a year."

“Only WA Labor has a serious and credible plan to do what’s right for Western Australians and keep building the housing they need – we can’t risk the Liberals undoing our good work on housing.”

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