Imagine investing in a property that you cannot enter, occupied by tenants whose names you will never know and whom you will probably never meet.
Strata levies won’t exist, emails from bickering residents will never arrive, the petty squabbles of strata committees will be silenced. Building defects and repairs will be someone else’s problem – if they exist at all. Work has also started on what has been described as an innovative BTR apartment development in Melbourne’s inner west. The $74 billion industry superannuation fund HESTA has investedThe BTR sector is still something of a novelty in Australia, partly because of previous tax and planning laws that actively discouraged it. But it’s a major success story in the US, where the asset class has grown to $US250 billion from $US5 billion over 30 years.
The apartment project in Macaulay Road, Kensington, is set to deliver 362 “mixed-tenure” apartments including affordable, social, market-rate, and specialist disability housing near critical public transport links and Melbourne’s major hospitals.