General Manager at VIMG Joe Khougaz said his group was interested in the concept but cited a need for culture change among property buyers as a potential barrier in the short term.
“It’s a class of asset we’re looking into at the moment. I'm not sure if there's anybody out there though who has successfully modelled it yet in Australia,” he said.
“The Australian dream is to own a home and we haven’t got past that yet.”
Reassuring signs are emerging. In July, developer Mirvac announced a build-to-rent ‘club’, in a sign of the growth of the concept in Australia. Earlier this year ANZ agreed to fund Make Venture’s $A60 million build to rent project in Kensington, Victoria.
In July ANZ research showed the stark divergence between the residential and commercial property segments in Australia is continuing.
Amid an overall sense of confidence, an ANZ-PCA report showed ongoing credit tightening and macro-economic factors such as immigration and unemployment levels are poised to drive change across the property market over the next 12 months.
David Oudshoorn is State Director, Property – Business & Private Banking, ANZ