industry & reform
Super homes,
super happy
Super fund invests in affordable
housing for health workers.
By Conor Burke
A
ustralia’s major cities are becoming
increasingly expensive to live in,
with many people priced out of city
centres entirely.
Figures show that in Sydney, less than
1 per cent of rental housing is deemed
affordable, and researchers say that
Australia will need more than one million
more social and affordable homes by 2036,
with a current deficit of 651,300.
Victoria currently has an affordable
housing shortfall of 42,700, according
to figures from the UNSW City Futures
Research Centre, and this is impacting on
essential workers.
In Melbourne, nine out of 10 hospital
workers live more than 4km from their
work and face an average commute time
of 47 minutes: 32 per cent longer than the
state average. For health and social service
workers in Melbourne, that commute time
increases to 56 minutes: 38 per cent longer
than the state average for their industry.
To address this issue, First State Super
has announced the acquisition of 55 new
key worker affordable rental units that are
6km from Melbourne’s CBD.
The fund has so far committed nearly
$200 million in NSW and Victoria, believed
to be the largest investment in key worker
affordable housing by any institutional
investor in Australia.
The properties will be available to key
workers – in areas such as healthcare,
aged care, disability services, teaching,
law enforcement, emergency services
and childcare – to rent at 80 per cent of
the market rate for the area. The units also
boast short commutes to several leading
Melbourne hospitals and schools.
Robyn Bourke is a nurse at Melbourne’s
Royal Children’s Hospital and has moved
into the new affordable accommodation.
Her new commute will take just 15 minutes.
“When I first saw the apartment
advertised online, I couldn’t believe it,”
Bourke says. “They were specially available
for key service workers. I’ll save around
$100 a month, and it feels like a bit of a
perk to be able to live in such beautiful
but affordable accommodation. The area
feels so safe, and I am really enjoying living
here so far.”
Victoria’s Housing Minister Richard
Wynne said: “No one likes a long commute
to and from work, and I can only imagine
that it’s even harder for our hospital staff
and other care workers who work odd
hours and long shifts.
“Projects like this which help workers in
these key industries access safe, affordable
housing closer to where they work go
a long way towards easing that burden,
and I hope these tenants enjoy their new
homes and shorter commute.”
The addition of these affordable homes
can also make relocating easier for health
professionals. Zarah Pollock recently
moved to Melbourne from Cairns and is
thankful for the proximity to her new job at
the Peter MacCallum Cancer Centre.
“I recently relocated to Melbourne, and
wanted to live somewhere convenient for
work, but wasn’t sure what I’d be able to
afford in a close commuting distance to my
new job as a nurse. It’s really good to have
affordable housing so close to work, and
it’s made my move to Melbourne that little
bit less stressful.”
First State Super chief executive
Deanne Stewart said housing affordability
posed unique challenges to the fund’s
members, many of whom were subject to
inconsistent shiftwork hours.
“This is our first investment in key worker
affordable housing in Victoria. We chose
this development for its prime location
– just 6km from the CBD and 4km from
Parkville health precinct – and exceptional
facilities. Through initiatives like this we
hope to try to address some of the barriers
our members and other key workers are
facing to renting affordable housing near
their work and families,” she said.
The new apartments in Moonee
Ponds are close to major health facilities,
including the Royal Melbourne Hospital,
Royal Children’s Hospital, Peter MacCallum
Cancer Centre and Royal Women’s
Hospital, as well as 15 primary and
secondary schools.
In addition to the new Moonee Ponds
investment, First State Super has purchased
35 residential units in Sydney’s Hurstville
(15km from the CBD), 17 residential units
in Waterloo (4km from the CBD), 61
residential units in Epping (22km from
the CBD), and 35 residential units in
Northmead (27km from CBD). ■
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