New Homes in Prahran, Melbourne, Provide Diverse Housing Options

In Prahran, Melbourne, 434 newly built homes are now occupied, offering a blend of social, market rental, and specialist disability units. This significant achievement is the result of the Ground Lease Model 1 (GLM1) project, supported by Housing Australia funding.

Under GLM1, Crown land was leased to a private consortium, tasked with designing, building, financing, managing, and maintaining the housing for 40 years. Housing Australia played a crucial role by providing $394.1 million in funding through the Affordable Housing Bond Aggregator and National Housing Infrastructure Facility.

The success of GLM1 has prompted further investment, with Housing Australia approving an additional $517 million for the second stage (GLM2). This second phase aims to deliver a total of 2,454 homes in metropolitan Melbourne, with a commitment to allocate at least 1,200 units to social housing.

The completion of these homes represents a significant step towards addressing housing affordability and accessibility issues in Melbourne. By offering a mix of housing options, including social housing and specialist disability units, the project exemplifies the importance of inclusive urban development.

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Article Title: Tenants move into 434 newly built homes delivered by a partnership between Housing Australia, the Victorian Government and industry
Retrieved from www.housingaustralia.gov.au