A lack of regulation and clear definition around affordable housing options and quotas is causing a backlog in applications for residential developments in Victoria.
The Australian state currently has no guidance for developers around how much affordable housing their proposed schemes should contain. While policy is expected imminently, local planning departments are treading cautiously, resulting in mounting delays.
Meanwhile, the demand for public housing is snowballing as the population in the capital, Melbourne, is set to grow by an additional 1.2 million people over the next decade.
The challenge comes to light as new national data shows a 30.6 percent decline in new apartment approvals in March 2019.
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Source: The Investor