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Private Melbourne development offers affordable rentals without public subsidy

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Private Melbourne development offers affordable rentals without public subsidy
A new privately funded build-to-rent project in Melbourne's eastern suburbs, developed by Local, has introduced 33 affordable rental units at below-market rates without relying on public subsidies. The Box Hill development, featuring 425 units in total, achieves this through partnerships with community housing provider Storey Residential and cost-saving measures such as reduced taxes and lower bank interest rates. Developer Dan McLennan highlighted that these strategies enabled the project to offer apartments at a 25.1 per cent discount to market rates. This initiative represents a significant shift in affordable housing models, demonstrating how private sector innovation can address rental affordability challenges without government financial support. The development's success could inspire similar projects across Australia, offering a scalable solution for cities grappling with rising property prices and housing shortages. By prioritizing long-term sustainability over immediate profit margins, the project underscores the potential of market-driven approaches to create accessible living options for diverse income groups.
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July 12, 2026 at 6:02 PM