Almost 800 new build-to-rent homes approved across inner Melbourne

Melbourne continues to cement its position as Australia's leading build-to-rent market, with approval granted for almost 800 new rental homes across two inner-city developments.

Minister for Planning Sonya Kilkenny has signed off on the projects in Melbourne, delivering a combined 797 apartments in Docklands and Fitzroy. Both sites are positioned close to public transport, employment hubs, and local services.

The approved developments include:

• 554 apartments at La Trobe Street, Docklands
• 243 apartments at 159-167 Johnston Street, Fitzroy

The Docklands project will feature studio, one-, two- and three-bedroom apartments near Marvel Stadium, within walking distance of the CBD and major transport links.

The Fitzroy development will also offer a mix of apartment types, located close to the Johnston Street retail and hospitality strip, with easy access to trams, buses, and essential services.

The Victorian Government says its planning and tax incentives continue to drive strong investment in the sector. Eligible build-to-rent projects completed between January 2022 and December 2031 can access a 50 per cent land tax concession for up to 30 years, along with an exemption from the Absentee Owner Surcharge. Projects may also be fast-tracked through the Development Facilitation Program to accelerate delivery.

As a result, Victoria accounts for more than 70 per cent of Australia's completed build-to-rent homes in the past year and around two-thirds of all operational projects nationwide.

The government says its approach is expanding housing supply and rental choice, while criticising opposition proposals it claims would reduce new housing delivery near public transport.

Quotes

Minister for Planning Sonya Kilkenny said:
"Victoria is proudly the build-to-rent capital because we've backed this model from the start."
"We've approved hundreds more homes in the inner-city to give renters more choice to live close to the things that matter to them."

Minister for Renters Paul Edbrooke said:
"More rental homes mean more choice for renters - that's exactly what we're delivering."