The funding represents a significant step toward addressing Australia’s housing crisis, particularly for vulnerable populations who have been impacted by decades of underinvestment in social housing.
Property Council Chief Executive Mike Zorbas described the funding as a “potent boost” to housing supply where it’s most needed, while acknowledging that more work remains to be done.
“Round 3 is a significant step toward boosting housing supply for those who need it the most,” Mr Zorbas said.
He pointed to a long-term decline in social housing investment that has exacerbated the current crisis, noting that Australia has been “stuck in reverse on social housing for a quarter of a century.”
“Governments around the country have been selling off and underfunding social housing under the radar,” Mr Zorbas said.
While the HAFF program is gaining momentum, the Property Council emphasised that state and territory governments must now focus on delivering these homes and working toward meeting national housing targets.
The organisation highlighted ongoing challenges in the housing delivery pipeline, particularly delays that occur even after projects receive approval. These bottlenecks increase costs and slow down the delivery of much-needed housing.
“Even when new homes and essential new property projects of every type are approved, there are far too many delays that delay delivery and make them more expensive,” Mr Zorbas said.
The Property Council identified specific entities responsible for these delays, including water and power utilities and certain local councils, which have caused multi-year delays for approved projects across industrial, commercial, and residential sectors.
Beyond state and local government action, the Property Council called for immediate reforms at the federal level to address regulatory barriers that are hampering housing supply.
“At the national level, we need to immediately reform ASIC guidelines to remove the distortion that blocks up to 7,000 new homes a year from being built,” Mr Zorbas said.
The HAFF program represents a crucial component of Australia’s strategy to address housing affordability and availability, particularly for those most in need of stable housing.
“The HAFF has yet to hit top gear, but this positive program needs everyone’s buy-in,” Mr Zorbas said.
