At least $180 million will be invested across the Greater Geelong region as part of Victoria’s largest-ever public housing construction blitz.
Under the plan, the Victorian Budget 2020/21 will deliver a historic $5.3 billion Big Housing Build to construct more than 12,000 new homes throughout Victoria, as well as supporting around 10,000 jobs per year over the next four years, to supercharge Victoria’s economic recovery through the pandemic.
The announcement is life-changing for people across the G21 region suffering housing insecurity.
There are about 3,300 social housing dwellings in Geelong, yet 7,300 households are urgently in need of social housing.
Around 6,400 households are living in private rentals where they are paying in excess of 30 per cent of their income on rent, and often more than 50 percent.
G21 is currently working on a Social and Affordable Housing Strategy which is due to be completed next year. The timing for this project is ideal as it will help identify where the need is across each of the G21 municipalities.
This package will boost Victoria’s social housing supply by 10 per cent in just four years, and will deliver 9,300 new social housing homes – including replacing 1,100 old public housing units.
A further 2,900 new affordable and low-cost homes will be built to help low-to-moderate income earners live closer to where they work and provide options for private rental.
The new homes will meet 7-star energy efficiency standards, making them more comfortable during summer and winter, and saving tenants on their power bills.
The unprecedented investment will boost Victoria’s economic recovery, generating an estimated $6.7 billion in economic activity and supporting a peak of more than 18,000 jobs – with 10 per cent of the work on major projects to be done by apprentices, cadets and trainees.
Hundreds of new jobs will be created for women, Aboriginal Victorians, people with disability, social housing tenants and people from diverse backgrounds through social procurement targets.
A new Government agency, Homes Victoria, has been established to work across government, industry and the social housing sector to deliver this record housing growth and to manage existing public housing.
Combined with new housing from existing investments such as the Public Housing Renewal Program and Social Housing Growth Fund, construction of more than 15,800 new homes will begin over the next four years.