As the housing pressure rises, innovative approaches to solving the shortage of homes for essential workers are taking hold.
Large superannuation funds, businesses and established developers are tipping billions of dollars into accommodation for essential staff.
They’re being lured in by councils offering cheap land, subsidies from governments and companies offering cash upfront to buy future beds.
The Grollo Group, which is best-known for skyscrapers, has stepped heavily into the worker accommodation market.
First, it created 400 beds at the Mount Buller ski resort the company owns, and now it’s renovating the derelict Bogong Village, near Falls Creek. It makes money from renting the beds to businesses, who will commit funding sometimes years in advance.
In late July, two of Australia’s biggest super funds AustralianSuper and HESTA, poured $250 million into affordable housing developer and manager Assemble. The funds hold a majority ownership stake in the venture, which aims to scale up the housing Assemble had already been building.
That largely includes apartment blocks near Melbourne train stations, which are a mix of affordable, build-to-rent, build-to-rent-to-own and private housing.
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