Housing affordability continues to be an issue in major cities and regional centres and there is a pressing need for affordable housing to be included in new housing development. The community housing sector has been charged as a primary growth provider and has demonstrated capacity in delivering affordable rental housing at a range of price points for very low, low, and moderate income households. However, providers are becoming aware that there are often no exit strategies for residents looking to transition to the open market – market-rate home ownership is frequently beyond the reach of households and consequently households may end up in insecure private rental housing, committing to an unmanageable mortgage, and/or back on the provider’s waitlist. Further, when exit strategies do not exist, pressure builds throughout the housing system, impacting service provision, housing prices, and waitlists. Therefore, there is a need within overheated markets to provide a diverse range of affordable housing options, including permanently affordable ownership options. The project looks at the social value and economic viability of cooperative housing; the operational costs of cooperatives when carrying out their obligations of regular repairs and maintenance and the possibilities of diversification.
Researchers: Associate Professor Louise Crabtree (ICS), Dr Emma Power (ICS), Dr Neil Perry (WSU), Dr Sidsel Grimstad (University of Newcastle)
Funding: Common Equity NSW