The Big Housing Build project for 2021
Reports emerged late last year about a strong housing market in 2021. According to analysts, things are definitely looking up as more Australians are feeling optimistic about the market. A survey showed that about two-thirds are positive that this year is a good time to invest in property, which is the highest recorded figure since 2019.
The Andrews Labor government had recently announced about creating jobs and making sure that people get to go home to their own place. Construction jobs are currently underway with hundreds of properties expected to be built this year. The best part is, thousands more will be constructed this year as part of the biggest investment in social housing in the history of the nation. The Labor Government’s commitment to building 1,000 public housing is at full speed.
Across the state of Victoria, there are more than 230 properties are under construction, and about a thousand more new homes are expected to be finished by 2022. With the number of construction comes a number of construction jobs and more than 3,000 indirect jobs to be created during the span of the project. The investment will bring about 9,300 new social housing homes, which had been pushed to support Australians with no permanent shelter. Part of the project is replacing old public housing units and 2,900 new affordable ones that will be perfect for moderate-income earners who are wanting to have a place closer to their workplaces.
This Big Housing Build project was created to boost social housing supply across the state of Victoria by 10 percent in approximately 4 years – with 1,000 homes to be delivered in Melbourne. Vulnerable Victorians, specifically the underprivileged and the struggling individuals with mental illnesses and disability, and other single-parent families are the main concerns so this is how the project all came about.
The expected economic growth is around $6.7 billion with the funding of 25 percent to be allocated to regional Victoria, plus, last year, the government announced an initiative that would encourage more Australians to get into the building and construction industry with the wage subsidy for apprentices/trainees. So, part of this billion grant will be allocated to those who took this invitation, mainly those who had to leave school and find employment. The Australian government believes that the economy would benefit greatly from more construction projects, which is why it’s been prioritized for this year. In the next four years, over 15,800 new homes will commence.
Premier Daniel Andrews says that the unprecedented investment will surely change lives, which is something that the government is really pushing for. Not just secure and stable housing will be provided, but more jobs for Australians as well.