Gold Coast's First NRAS Building Launched

Gold Coast's First Affordable Rental Building Launched

12 August 2009

The Gold Coast’s first housing development under the National Rental Affordability Scheme (NRAS) is fast nearing completion, with not-for-profit Gold Coast Housing Company (GCHC) commencing tenancy allocation this week.

The 88 unit building in High Street, Southport is being developed by Rapid Form Systems and will be head leased by GCHC for ten years.

Under the NRAS, the units will be made available for 25 per cent below market rent, offering eligible low and middle income earners an average saving of more than $4,000 per year.

GCHC currently has plans to build 215 NRAS properties throughout Queensland, stretching from the Gold Coast to Townsville, and hopes to expand this portfolio through additional government funding.

GCHC CEO Jason Cubit says the High Street development will be of great benefit to the Gold Coast, which is one of Australia’s least affordable housing markets.

“We applied to place 88 of our 215 NRAS funded properties in Southport, because the Gold Coast needs relief from the housing affordability crisis,” Mr Cubit said.

“Statistics show more than 22,000 Gold Coast residents are currently experiencing housing stress, meaning they are low income workers paying more than one third of their wage towards accommodation.

“The NRAS program is not just about reducing rental costs - it’s also about protecting the Gold Coast economy by creating new construction jobs and retaining key workers.

“To this end, we will be looking to rent our new units to local low and middle income earners who need assistance with accommodation costs so they can continue to live and work on the Gold Coast.”

Tenancies will be allocated based on income and further information is available at www.gchousingco.com.au

Selected tenants will be able to move in as soon as the development is complete in October this year, and GCHC is currently applying for additional funds to expand its NRAS program further over the coming months.

“We have made a bid for further funding from the Federal and State Governments for hundreds more NRAS properties throughout Queensland, stretching from the Gold Coast to Townsville,” Mr Cubit said.

“Receiving this funding would be a huge step in the right direction towards tackling the issue of housing affordability on the Gold Coast and throughout Queensland.”

Announcements about the second round of NRAS funding will be made later this month.