Delivery of new housing cannot be measured only by totalling the gap between supply and demand. Housing provides a base for one to exist in a community and access both the social and economic opportunities allowing them to thrive.
"Here is where figures and metrics are important – ANZ has a target to fund and facilitate $10 billion of investment by 2030 to deliver more affordable, accessible, and sustainable homes to buy and rent.”
As a nation, a growing number of Australians can’t access suitable housing. We are simply not building enough housing to match demand and the challenges for delivering more social and affordable housing are becoming more complex.
There are around 363,000 social housing dwellings in Australia, less than half of what is needed to match waiting lists across the country, according to research from the Australian Housing and Urban Research Institute.
Over the last two decades, social housing has not kept pace with need, house prices have soared, rental vacancies have dwindled to 1 per cent and Australia’s population grew by a third.
Those who were once caught in the safety net or were able to find a place are realising it is harder to locate affordable rental accommodation, particularly for the young, the vulnerable and the elderly.
Funding the gap
The Federal Government recently passed legislation to establish the Housing Australian Future Fund, which has committed to support construction of 20,000 social homes and 10,000 affordable homes over the next five years.
The fund will invest $10 billion via the Future Fund and returns on those investments will support subsidies to successful tenderers to help build and maintain this housing.
Given the size of the market gap, a mix of government initiatives and private sector innovation has evolved to support the delivery of the right supply to market. At ANZ, we view housing as central to our purpose of helping to shape a world where people and communities thrive.
We're committed to helping improve the availability of suitable and affordable housing options for all Australians and New Zealanders.
As a part of this we're supporting an increase in the supply of social and affordable housing by investing in emerging housing markets, such as specialist disability accommodation, land lease housing and build to rent. And by backing new house models, including 'build-to-rent-to-own'.
We're also working with our community partners by backing programs that aid people experiencing vulnerability and to help alleviate homelessness.
Here is where figures and metrics are important – ANZ has a target to fund and facilitate $10 billion of investment by 2030 to deliver more affordable, accessible, and sustainable homes to buy and rent.
This commitment was made in 2018 and we are already halfway there – with over $5.3 billion worth of deals already financed. How we’ve pursued this goal – and formed key partnerships – shows the way ahead.