The 2020 Victorian Budget will include a $5.3 billion Big Housing Build to construct more than 12,000 new homes throughout metro and regional Victoria.
The move is expected to support around 10,000 jobs per year over the next four years.
The package will boost the state’s social housing supply by 10 per cent in four years, aiming to provide a stable foundation for thousands and supercharge Victoria’s economic recovery.
“This will change lives – giving thousands of Victorians the security and stability of a home, and tens of thousands of Victorians a job,” Premier Daniel Andrews said.
“It’s a profound investment in a stronger, fairer Victoria – a Victoria that recognises everyone deserves a place to call home.”
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Of the new homes, 2000 will be for Victorians living with mental illness. A further 2900 affordable and low-cost homes will be built to help low-to-moderate income earners live closer to workplaces and provide options for private rental. A quarter of the funding will be allocated to build homes in regional Victoria.
The new homes will meet 7-star energy efficiency standards to help save tenants money on power bills during summer and winter.
The move is estimated to generate around $6.7 billion in economic activity and support 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 the package of works.
This unprecedented housing blitz will deliver new homes and jobs across Melbourne and regional Victoria,” Housing Minister Richard Wynne said.
“We’re delivering the biggest investment in social housing Victoria has ever seen – we’re not just investing in bricks and mortar, but the lives of Victorians for decades to come.”
Construction of more than 15,800 new homes will begin over the next four years.