The weakness of Australia’s cyclical, small investor-reliant model of development is likely to encourage more institutional capital into housing.
AustralianSuper has extended its reach into housing by funding a $920 million development of 1092 build-to-rent-to-own units in Melbourne, through the Assemble Futures platform in which it holds a 25 per cent stake.
Make Ventures, the investment company headed by Assemble managing director Kris Daff, will invest the remaining 10 per cent and an undisclosed commercial bank debt will fund the rest of the budget. “We are delighted to have committed to a strong pipeline of future developments which will not only benefit residents but help us to deliver on our purpose for members.”
The current downturn has exposed the weakness of Australia’s highly cyclical, small investor-dependent model of housing development. when it invested in Assemble’s 199-unit at 15 Thompson Street in inner-north-western Melbourne’s Kensington. Institutional funding has still not reached a tipping point at which it was playing a major role in housing development, but that would happen over the next decade, Mr Daff said.
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