The Urban Development Institute of Australia (UDIA WA) has welcomed today’s announcement by the State Government, that several new apartment projects have been allocated funding under the Infrastructure Development Fund (IDF).
“Financial feasibility has been one of the biggest barriers to getting many apartment projects ‘off the ground’ in recent years,” Ms Steinbeck said. “While there are a myriad of challenges still facing the apartment sector, the IDF can be a catalyst for getting eligible apartment projects across the line and on the ground faster.”
“The housing supply crisis remains a real and present issue for many West Australians,” Ms Steinbeck said. “Delivering more apartments, in Perth and the regions, is another step toward getting more homes available to those that need them.”
“The State Government has continued to listen to industry, and work collaboratively toward addressing the blockages in the housing supply pipeline through a range of measures, including the IDF,” Ms Steinbeck said.
Apartments form an important aspect of the housing market, providing compact living options for smaller households and those looking for low maintenance lifestyles.
Apartment development around transport and activity nodes also helps to increase vibrancy and provides the critical mass of residents needed around those nodes to make them viable.
“As our population ages and we see household sizes shrinking, more people are considering apartment living in key locations like transport hubs and around activity and employment centres,” Ms Steinbeck said.
“Higher density developments also provide more opportunities to deliver housing in inner and middle ring areas, so that there is a greater diversity of housing options available to a broader range of people,” Ms Steinbeck said.
While this latest funding announcement is welcome, Ms Steinbeck warns that all levels of government must keep their foot on the accelerator when it comes to addressing housing supply challenges.
“It is up to private industry to deliver 97% of our housing supply,” Ms Steinbeck said. “All levels of government need to continue to commit to streamlining approvals processes, thinking strategically about enabling infrastructure planning, funding and provision, and continuing to look at ways to support industry in its role to deliver the housing we need, faster.”
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