The head of one of Australia’s largest property groups says developers must be ready to build apartments to be rented rather than sold, to provide affordable housing for the nation’s rapidly expanding cities.
Mirvac chief executive Susan Lloyd-Hurwitz told The Australian’s Better Cities forum in Melbourne that developers should lead the way in providing affordable housing options, including building units intended to be rented out, rather than sold immediately for a high profit.
She described renting in Australia as “a very patchy experience” where people were often forced into relatively short-term leases, and indicated long-term rental was an attractive option for some in the market. “An institutionally managed community with better amenities, security of tenure, corporate capital ….. from a customer point of view, it’s a no-brainer. The demand is absolutely there,” she said.
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