Gold Coast Housing Company (GCHC) and developer Hansford No.1 are joining forces to propose a subsidised rental development in Coombabah, which will deliver a much-needed boost for the local economy and low-income residents facing housing stress.

A development application for the planned 135 unit precinct has been lodged by GCHC and Hansford No 1 for approval under the Federal Government’s National Rental Affordability Scheme (NRAS).

Under the NRAS, the units would be available for 20 per cent below market rent, offering tenants an average saving of more than $4,000 per year.

Gold Coast Housing Company CEO Jason Cubit said if the project was approved it would be a lifeline for many residents under financial pressure and would buoy the local economy by supporting key workers and creating new construction jobs.

“There are currently more than 22,000 Gold Coast residents experiencing housing stress.  These people are low income earners spending more than a third of their wages on accommodation alone,” Mr Cubit said.

“The cycle of housing stress on the Gold Coast is particularly difficult to overcome, because key industries such as tourism and hospitality generally offer wages that place workers in the bottom 40 per cent of income earners.

“The stability of the Gold Coast economy hinges on these workers being able to live in our community and the current economic climate is making this increasingly difficult.

“The Coombabah development would provide a solution for many workers in this situation, as well as people looking to rent for the first time, low income families, those living at home with parents or undertaking study or training.

“The people we provide housing for will be selected based on their need for assistance and ability to fit in and contribute to their new community where possible.”

Mr Cubit said GCHC’s decade of experience in tenancy management and community housing would ensure high standards across the board.

“Our reputation as an industry leader in affordable housing has helped us secure more than $20 million in funding from local, state and federal government, along with several partnerships with respected developers,” Mr Cubit said.

 “We currently have 215 NRAS properties approved throughout Queensland, stretching from the Gold Coast to Townsville, and hope to expand this portfolio through additional government funding.

 “We take care to ensure all our projects are built to a high standard - subsidised housing does not equate to poor design. We want our tenants and the rest of the community to see the finished product as something they can be proud of.”

The recently released Demographia International Housing Affordability survey lists the Gold Coast as the third least affordable housing market internationally – ranked against major cities throughout the USA, Canada, New Zealand, United Kingdom and Ireland.

The list was compiled by comparing median household incomes in a region to the median property price – the cost of a Gold Coast home was recorded as 8.7 times the median household income.

In addition, recent research by Informed Decisions shows that almost three quarters of people experiencing housing stress on the Gold Coast were renting their property. The highest proportion of rental stress was found in Coombabah, with nearly 37 per cent of dwellings under stress.

“It’s important that we pinpoint the locations where assistance with affordable housing is needed most,” Mr Cubit said.
“Areas that are close to employment districts with a high percentage of young families, low income workers and pensioners are high on our priority list.

“Coombabah fits this profile and we believe a project offering high quality, low cost housing would be a huge benefit to the community.”

Gold Coast Housing Company is a not-for-profit housing provider formed in 2007 following the merger of Gold Coast Community Housing Association and Gold Coast Vision Housing, both established since 1997.

In addition to the management of more than 240 rental properties, GCHC is a developer of affordable housing, with four major projects underway in Ashmore, Palm Beach, Southport and Waterford.