As one of Australia’s largest superannuation funds, First State Super has invested in an affordable housing initiative for key workers in Epping, Sydney.
The pilot program has 61 newly developed home units providing affordable rental housing for those working in health, education, policing and emergency services.
Limited affordable housing in metro areas
Many of our members are key workers who provide essential services to the community. They are finding it increasingly difficult to find somewhere affordable to live in metropolitan areas.
As it becomes harder for them to find affordable housing close to their workplaces, many face long commutes between home and work. These long journeys are both expensive and can also affect active participation in family, social, civic and recreational activities.
Therefore, First State Super is exploring ways to partner with governments, community housing providers and developers to help address the chronic shortage of affordable housing stock.
Returns to members
Returns will come from th rent received from tenants combined with the potential capital growth on the value of the apartments.
Rental application for key workers
The following unit configurations are available with rental rates for the units set at 80% of the market rate for equivalent housing in the area:
- 13 x 1-bedroom units
- 11 x 1-bedroom units with study
- 30 x 2-bedroom units
- 7 x 3-bedroom units
So if you’re a key worker interested in accessing one of these affordable housing units in Epping, you can submit an application through (a division of Evolve Housing) who are managing the application process.
First State Super supports initiatives such as this so we can deliver improved outcomes for our members and provide sustainable long-term returns to build our members’ retirement savings.
And while this pilot initiative is a start, it will take the combined effort of government, developers and investors to deliver affordable housing solutions at scale.