Major developments underway in Queensland
ANZ has pledged to fund and facilitate $10 billion of investment to deliver more affordable, secure, and sustainable homes across Australia as part of the bank’s broader commitment to addressing the country’s housing supply problem.
“Governments across the country have made it clear that only in partnership with the private sector can new housing projects be delivered to help meet rising demand,” said Caryn Kakas, head of housing strategy at ANZ.
Australia has been grappling with a housing supply shortage for decades. According to the OECD, the country has fewer dwellings per 1,000 people than many other developed nations, including Canada, the US, and the UK.
Last year, the Australian government launched the $10 billion Housing Australia Future Fund (HAFF) to address this issue, providing additional funding for social and affordable housing projects.
“Helping to accelerate the development of new housing to help meet this need, especially for the most vulnerable in our communities, is a key strategic priority for ANZ,” Kakas said.
“We believe the best way to address this societal issue is through collaboration between the public and private sectors, using new and innovative approaches. Our role is integral to this engagement, and we are committed to responding to market needs by delivering the right housing in the right locations at the right price.”
Queensland, a state with a growing economy and rising interstate migration, is one key market where ANZ is focusing its efforts. Earlier this year, ANZ strengthened its presence in the state by acquiring Suncorp Bank. The bank is now backing two major housing projects funded by the Queensland government’s Housing Investment Fund (HIF), which together aim to deliver nearly 1,000 social and affordable homes.
The HIF’s goal is to commence 5,600 social and affordable homes by June 2027. It provides subsidies and capital grants to encourage partnerships among developers, builders, housing providers, and investors to boost housing supply in the state.
In Northern Queensland, ANZ is partnering with Tetris Capital and Community Housing Limited to deliver a residential campus for seniors in Woree, a suburb of Cairns. This project, funded by the Queensland government’s HIF, addresses the critical housing shortage in the region.
The development, backed by ANZ, the Northern Australia Infrastructure Facility (NAIF), and other funding sources, will create 490 social, affordable, and specialist disability apartments. This will be Queensland’s largest social and affordable housing precinct, providing homes for seniors and people with disabilities. The modular units, built by Modscape, will be constructed offsite and assembled in Cairns.
ANZ is also providing financing for a project in southeast Queensland that will deliver 483 affordable homes across multiple suburbs, including Burpengary East and Logan Reserve. These homes are designed for low-income individuals and families and will include private backyards and garages.
The project, funded by the HIF and led by a consortium that includes Tetris and National Affordable Housing (NAH), will help address the state’s growing need for affordable family housing. Once completed, NAH, Australia’s largest affordable rental manager, will operate the properties.
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