The government is attempting to find a way forward on legislation before the Senate, with the help of independents including Senator David Pocock, before the end of the parliamentary year.
The right amendments could unlock more than 100,000 homes over a decade, including up to 10,000 affordable homes, a historic contribution to hitting the National Cabinets' welcome 2029 target of 1.2 million new homes.
"The housing crisis is too serious for the Green's flippant ideas," Property Council Chief Executive Mike Zorbas said.
"Their build-to-rent counter proposal ignores commercial reality and will not build one new home.
"The nation's leading builders, the community housing sector and the independents have repeatedly told them this, but this proposal ignores the experts.
"Now is the time for the Greens to stop blocking and get on board with an historic injection of new homes into the Australian market.
"Backing the compromise will increase rental housing supply, boost low-income housing, increase security and put downward pressure on rents across the country," he said.
A joint call for amendments to the build-to-rent bill from the Property Council of Australia, National Shelter and the Community Housing Industry Association could create a level playing field for build-to-rent and better target affordable housing.
EY research shows if the legislation passes with the proposed changes, 105,000 new homes could be delivered over the next decade, including 10,500 affordable rentals.
The organisations are calling for amendments to the bill that would:
- Adjust tax settings to encourage build-to-rent housing growth
- Refine the 10 per cent affordable housing requirement within build-to-rent projects
- Introduce measures to enhance security of tenure for renters.
Build-to-rent housing offers resident-centred, professionally managed communities, growing the availability of affordable and market-rate rental housing. It provides the flexibility of renting with long-term lease stability, allowing people to save toward future goals like home ownership.
A recent YouGov survey of over 1,500 Australians for the Property Council found that 61 per cent of Australians support the build-to-rent legislation with the industry bodies' proposed amendments, rising to 71 per cent among renters. Only 13 per cent of respondents opposed the proposal.
