Vic govt to fund below market rental homes

Staff WritersAAP
Victoria has announced 2400 below-market-value properties will be made available to renters.
Camera IconVictoria has announced 2400 below-market-value properties will be made available to renters. Credit: AAP

Rental properties will be offered at prices below market value to help low and moderate income earners in Victoria into secure housing.

The state government has announced 2400 properties will be made available, including 500 in regional areas, for at least three years.

Rents on government-owned homes will be set at least 10 per cent below the median market rent for properties in the area, and will be based on location and size, Housing Minister Richard Wynne announced on Friday.

They will also be capped at 30 per cent of the median income for Melbourne or regional Victoria.

Low and moderate income essential workers including carers and healthcare workers will be eligible for properties, which are expected to first become available in Ballarat, Geelong and Bendigo as well as the Melbourne suburbs of Ascot Vale, Ashburton and Heidelberg.

Mr Wynne said the program, part of the government's big build, would help to sustain and grow affordable housing and provide more options for Victorians looking for homes to rent.

Properties will be available for at least three years and the first are expected to be ready to be moved into by the end of this year.

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