First State Super addresses housing stress in Victoria's workers

First State Super addresses housing stress in Victoria's workers
Staff reporterDecember 7, 2020

As part of a $200 million investment from First State Super to address the issue of key worker affordable housing in Australia, the Fund has announced the acquisition of 55 new units, 6km from the CBD.

This brings the Fund’s total commitment to affordable housing to nearly $200 million in NSW and Victoria; believed to be the largest investment in key worker affordable housing by any institutional investor in Australia.

Victorian Minister for Housing, the Honourable Richard Wynne MP, joined First State Super CEO Deanne Stewart and several healthcare industry representatives for the first official tour of the Moonee Ponds development on 30 January. Mr Wynne congratulated First State Super for its efforts to address the affordable housing pressure facing many key workers.

The rental properties will be available for key workers (healthcare, aged care, disability services, teachers, law enforcement, emergency services, childcare and associated industries) to rent at 80 per cent of the market rate for the area and boast short commutes to several leading Melbourne hospitals and schools.

Nine out of every 10 hospital workers in Melbourne live more than 4 kilometres 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.

First State Super has for some time been investigating how we can be part of the solution to the housing affordability issues many members and other key workers who care for and protect our community, face in cities such as Sydney and Melbourne.

We now have four other similar investments in NSW and will shortly commence construction on our next project in Miranda NSW.

Located in the leafy suburb of Moonee Ponds, the new apartments are in close proximity of major health facilities including 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 located in Hurstville (15km from CBD), 17 residential units located in Waterloo (4km from CBD), 61 residential units in Epping (22km from CBD), and 35 residential units in Northmead (27km from CBD) across NSW.

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