Victorian Budget a step in the right direction, but much work to do

The Andrews Government has handed down its State Budget for the 2023-24 financial year, with millions of dollars dedicated to housing supply.

$1.6 billion will be invested in the Victorian Homebuyer Fund (VHF), a shared equity scheme designed to assist 10,000 Victorians purchase a home. 12,000 new homes will be created as part of the $5.3 billion Big Housing Build, with approximately a quarter of the allocation to be spent in the regions.

The pre-budget submission submitted by the Victorian arm of the Property Council of Australia (PCA) indicated that the budget would allocate funds for housing supply.

Rothelowman Managing Principal Nigel Hobart says that while the Federal Budget showed promise in regards to funding for housing, his practice is excited by the prospect of the Victorian State Budget.

“We firmly agree with the PCA that with additional support from the state government, more Victorians will be able to enter the property market,” says Hobart, who is additionally intrigued by the potential streamlining of DA processes in the federation state.

“As more people grapple with cost-of-living pressures, it is vital that we harness these opportunities to supply housing of all types to Victorians.”

The Andrews Government has additionally invested $100 million into avoiding homelessness.

Rothelowman is excited by the potential of the build-to-rent sector in the wake of the Federal Budget, but believes there is more to be done in regards to affordable housing supply and development.