REIWA welcomes McGowan Government investment in social housing and homelessness

REIWA CEO Cath Hart today welcomed the McGowan Government’s budget commitment to invest $511 million in new social housing and homelessness initiatives and also deliver an additional $450 million to the Social Investment Housing Fund.

“Investment property owners have been exiting the WA market in droves with nearly 20,000 fewer rentals available in WA now than January 2021 and we know that a shortage of private rentals always puts enormous pressure on social housing, so these budget initiatives are a welcome move,” Ms Hart said.

“About 85 per cent of WA’s rental stock is provided by mum-and-dad investors but their exodus from the market over the past two years has seen our rental vacancy rate fall to a 42-year low – this creates challenges across the entire housing continuum but has a disproportionately larger impact on the most vulnerable in our community.

“Given the state of the market, the only criteria for housing policy at the moment is quite simply, does it increase or decrease the number of houses to build, buy or rent.

“Today’s announcement ticks the box in terms of increasing housing supply and we hope will help put a roof over the heads of the most vulnerable Western Australians.”

Ms Hart, who is part of the State Government’s new Housing First Homelessness Advisory Group, noted today’s funding was in addition to $2.4 billion in previously announced social housing and homelessness initiatives. The total commitment should see the Government deliver around 4,000 new social dwellings and complete refurbishments and maintenance work to thousands of existing ones.

“WA is in a fortunate economic position to use these funds to support the community,” Ms Hart said.

“This follows yesterday’s announcement of initiatives to bring in international tradies and attract and retain a local construction workforce which would also help with the supply of social housing.”