Housing Australia Future Fund: 814 homes to be built from $10 billion fund, Melbourne secures lion’s share

More than 800 homes across five states are set to be unveiled as part of a multibillion-dollar social and affordable housing fund.

But fresh polling reveals Australia’s dissatisfaction with housing availability among the highest of advanced economies.

The first group of developments in the federal government’s $10 billion Housing Australia Future Fund includes 814 houses built across 12 projects.

Nearly 700 of them will be built in Melbourne while 53 will be constructed in NSW, 37 in WA, 18 in SA and 10 in Tasmania.

The housing fund aims to deliver 40,000 social and affordable homes over five years, with the first round to deliver 13,700 properties.

Housing Minister Clare O’Neil said the measure would help provide stability for many.

“Every single one of these dwellings represents more than just a roof over someone’s head - it’s the foundation for building a better and more prosperous life,” she said.

“Labor’s building Australia’s future with the largest investment in social and affordable in over a decade.”

Despite the advances on the fund, polling from Gallup showed dissatisfaction increasing with Australians on affordable housing.

Just 22 per cent of Australians surveyed were satisfied with the availability of affordable housing, the lowest level since Gallup starting conducting the polls in 2006.

It found 76 per cent were dissatisfied with affordable housing levels, the second-highest in the OECD behind Turkey.

“Between 2002 and 2024, the house price-to-income ratio almost doubled, with the average house in Australia now costing nearly nine times the average household income,” the survey said.

“The result is a limited and expensive choice of housing options, which affects younger people and low-income households the most, as they have fewer economic resources to combat the hike in prices.”

Australians aged between 18 and 34 had the lowest levels of satisfaction at just 16 per cent, compared to 20 per cent of those between 35 and 64-years-old and 35 per cent of people aged over 65.

While the survey report said government measures could help to boost supply and affordability, the sentiment among the community was not positive.

“For many decades, the ‘Australian Dream’ has been built upon the ideal of home ownership as a marker of progress, success and stability. It could be turning into something closer to a nightmare,” it said.