Tenants move into 434 newly built homes delivered by a partnership between Housing Australia, the Victorian Government and industry

Tenants have started moving into 434 recently completed homes in Prahran, Melbourne, including 228 social, 195 market rental and 11 specialist disability units. The delivery of the contemporary studio, two and three-bedroom homes was supported by Housing Australia funding for the Victorian Government’s Ground Lease Model 1 project (GLM1). 

Through GLM1, Homes Victoria leased Crown land to a private consortium, which included Community Housing (Vic) Limited (CHL), under an availability model to design, build, finance, manage and maintain the housing for 40 years. The GLM1 project includes redevelopments in Prahran, Brighton and Flemington delivering 1,084 new homes. 

Housing Australia provided $394.1 million in funding to support GLM1, comprising a loan facility of $344.4 million through the Affordable Housing Bond Aggregator (AHBA) and $49.8 million via the National Housing Infrastructure Facility (NHIF). The NHIF funding enabled critical infrastructure works including stormwater and sewer drainage, and water, gas and electrical power supply works. 

At the time of funding approval in 2021, this was the largest single funding deal by Housing Australia. Since then, Housing Australia has approved a further $517 million in funding to support the second Stage (GLM2). Together the programs will deliver 2,454 homes across metropolitan Melbourne, with at least 1,200 social housing homes. 

Housing Australia CEO Nathan Dal Bon said, “It is always an important milestone in project delivery when construction is completed and people are moving into their new homes. Every Australian deserves safe, secure and affordable housing and partnerships like this with the Victorian Government and industry, are enabling us to deliver social and affordable housing where it is needed the most.” 

CHL Managing Director Steve Bevington said, “At Community Housing Ltd, we take great pride in our longstanding partnership with Housing Australia, which has been instrumental in delivering social and affordable housing to communities across Australia. Together, we are committed to addressing the urgent need for safe and accessible housing, ensuring that every individual and family has a place to call home."