THE West Australian Government, in partnership with local industry, will invest $394 million in social and affordable housing projects to complement METRONET, creating 2,350 new jobs in the construction industry and associated sectors.
The State Budget includes $184 million over four years through the METRONET Social and Affordable Housing and Jobs Package - a major investment in housing, linked directly with METRONET, to help build liveable and connected communities.
The State Government will leverage the existing investment in METRONET by integrating quality affordable housing and community facilities with transport hubs.
In partnership with the private sector, the package will use four different work streams to develop eight high-density mixed-tenure projects; create unique compact urban communities on strategic sites close to METRONET stations; and develop and redevelop smaller scale sites within 800 metres of new METRONET or existing heritage line stations.
It is estimated that the building of 1,390 new homes will support 2,350 jobs and generate $765 million in economic activity. Construction and redevelopment will centre on transit-oriented locations, including new METRONET and existing heritage-line train precincts in established communities.
Over the Budget and forward estimates period, the package is forecast to be net debt neutral. State Government sales proceeds are forecast to fully offset the costs of the developments and the creation of an extra 320 social dwellings.
This integrated approach is set to stimulate economic activity and jobs, build up to 320 new social housing dwellings and an additional 400 affordable homes, and deliver a further 670 homes for full market price sale during the next five years.