Sat. Jan 22nd, 2022

Subscribers Only, Affordable Rentals, Essential Workers, Real Estate, Canberra Rentals, Canberra Homes

Research shows that Canberra is Australia’s most expensive capital to rent in, but a new program may provide some relief for frontline workers looking to secure a rental in the capital. Newcomers to the capital may be shocked when they realize that the median rent in Canberra is $ 633 per person. week compared to the national median of $ 485, according to real estate data firm CoreLogic. Tasneem Khan moved from Sydney in early November to take up a job as a receptionist at a medical center while completing a master’s degree in social work. “When I was looking for an apartment in Canberra, it was very expensive,” she said. “I thought, ‘It will not be affordable for me to live alone here with such high prices.'” MORE REAL ESTATE NEWS: After researching rental properties that were either too expensive or too far away from her work, Ms. Khan found an affordable apartment through a new program run by super-fund Aware Super. The foundation recently purchased 40 apartments in the new residential building Metropol, located in Reid on the outskirts of Canberra’s CBD. The apartments will be made available to essential workers, such as teachers, health professionals and emergency workers, for 80 percent of the market price. Apartments start at $ 368 per week for a studio, $ 400 for one-bedroom apartments, $ 504 for two bedrooms and $ 592 for three bedrooms. Research published in August by the housing advocate group Everybody’s Home showed that significant workers had to spend more than two-thirds of their weekly income to rent an apartment in the inner north or inner south of Canberra. Aware Super’s apartment purchases are part of its strategy of investing in affordable housing in high-employment areas for key workers, who make up a large part of their membership. Aware Super CEO Deanne Stewart said there was a “real, desperate need” for more affordable housing in Canberra. “I think we have all either experienced ourselves or have a loved one who has been desperate to rent a place lined up. [for an inspection] only to find hundreds of other people in front of you trying to get that place, “she said.” Supply is a real core element to solving the crisis of affordability, and so I think that by that we can contribute to it supply, it’s going to be really critical. “Affordability is an area of ​​concern to many Canberran residents and an area that the ACT government seeks to address through initiatives such as build-to-rent development. seeking feedback from the community and industry to build-for-rent projects, with two locations in Turner and Lawson earmarked for rental development, Kate Colvin, national spokeswoman for Everybody’s Home, said that while private investment was welcome, affordable housing was in need attention from the federal government. “More than 400,000 households are currently in need of affordable housing across Australia,” she said. “The problem is that we are facing an overwhelming need that can only be met by the federal government providing a subsidy that drives significant range in affordable leases. “IN COVID-19 NEWS: Aware Super has committed $ 900 million to finance affordable housing in Sydney, Melbourne and Perth. “There’s one thing in common with all of these cities: they all have cheap housing crises,” Stewart said. For their members, the return on these investments comes from the rent received from tenants as well as the potential capital growth on the value of apartments. Ms Stewart said more affordable housing investment could be on the cards for Canberra. “I certainly believe that if there are opportunities in the Canberra market that make good investment make sense, well, then we would like to invest more.” Our journalists work hard to deliver local, up-to-date news to the community. Here’s how you can continue to access our trusted content:

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