Prime Minister Unveils New ‘Social Housing’ for Seniors in Sydney

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A $6.2 million redevelopment in NSW will provide 11 homes for seniors.

Prime Minister Anthony Albanese has unveiled details of new social housing for seniors in the Sydney suburb of Riverwood.

The project is part of the $2 billion federal Social Housing Accelerator to build thousands of homes for social purposes all over Australia.

In the current project, 11 homes for seniors will be built, including five one-bedroom units and six two-bedroom properties.

In Sydney, along with New South Wales (NSW) Premier Chris Minns, the prime minister provided details of the $6.2 million redevelopment.

Mr. Albanese said the government had an ambitious housing agenda to deliver 30,000 social and affordable homes via the Housing Australia Future Fund.

“This is the second Social Housing Accelerator project we’ve seen kickstarted into action in just weeks across the nation, and we will continue working with the Minns government to get on with the job of delivering more social housing,” Mr. Albanese said.

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“Everyone deserves the security of a roof over their head—the social housing accelerator is real dollars, driving real change, and building more homes for Australians.”

“This is the second social housing accelerator project we’ve seen kickstarted into action in just weeks across the nation, and we will continue working with the Minns government to get on with the job of delivering more social housing.”

NSW Premier Chris Minns said everyone in the state deserved access to a safe and secure place to call home.

Mr. Minns noted the significant expense of mortgage payments or rent for NSW residents, describing housing affordability as the biggest single pressure in the community.

“This is just the beginning. Through dedicated funding from the federal government, the new Housing Australia Future Fund, and funding allocated through the NSW state budget, this state is ready to make meaningful change to the social housing sector while getting roofs over the heads of those who desperately need it,” Mr. Minns said.

Construction on the project is expected to start in a month and be finished by the end of September 2024.

The government said this is the “first of many” projects to boost social housing supply in Australia.

The government is also planning to add 1,500 social homes to the social housing portfolio in NSW via the accelerator.

In September, Albanese announced two new housing towers in Carlton, in Melbourne’s inner north. Construction will start early next year and will be finished in 2028.

The $2 billion social housing accelerator is part of the government’s $10 billion Housing Australia Future Fund. The fund passed Parliament in September, following months of negotiations and a Senate gridlock in July.

However, not everyone was happy with today’s announcement. One social media commented on the government’s focus on the city rather than the regions.

Sydney, Sydney, Sydney! What about the regions who are desperate for social housing? The same place that generates Australia‘s export and agricultural prosperity?”

Interest Rate Pause Eases Housing Pressure

Meanwhile, the Reserve Bank of Australia opted to keep interest rates on hold at a meeting on Oct. 2.

The official cash rate will remain at 4.1 percent for now, potentially saving homeowners from more pressure.

However, the RBA warned inflation in Australia is “still too high” and warned of future interest rate rises.

“Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will continue to depend upon the data and the evolving assessment of risks,” RBA Governor Michele Bullock said.

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