THE Cook government has made its single biggest-ever investment in affordable housing, snapping up an East Perth serviced apartment complex for $105 million to convert into long-term rentals for those in need.
The 12-year-old Adelaide Terrace building — better known to most as Fraser Suites — will be transformed into up to 236 homes, managed by a community housing provider and earmarked for low- to moderate-income earners.
The complex, part of the Queens Riverside precinct, also includes 11 commercial suites and is just a stone’s throw from public transport, health services and shops — a key selling point in a city where housing stress is rising fastest in areas with poor access to amenities.
Amenities
Acting premier Rita Saffioti said the deal “represents the biggest one-off purchase of new housing for people on middle and lower incomes we’ve ever seen. It also represents significant value for money for WA taxpayers.”
“We’re leaving no stone unturned when it comes to boosting the supply of affordable housing,” Ms Saffioti said.
She pointed to the government’s broader strategy, which includes incentives for landlords to shift short-stay listings back into the long-term market.
“We’ve seen significant success with measures like our incentive scheme to convert short-stay accommodation into long-term rentals, with nearly 700 homes either returned to the long-term rental market or in the process of doing so,” she said.
Housing minister John Carey said the government was thinking “outside the box” by converting serviced apartments into permanent homes.
“This is the single-biggest purchase of affordable and social housing in the State’s history, and the cost per unit is well below the cost to construct an apartment,” he said.
“It builds on our previous decision to convert the former Murray Street Lodge in West Perth to supported accommodation.”
Anglicare WA’s acting CEO Philippa Boldy welcomed the move: “Converting Fraser Suites from short-stay accommodation into safe and affordable housing is a welcome move from the WA government and a much-needed boost to accessible housing stock.
“Accessible housing should be a feature of every Western Australian community, and we welcome the government’s leadership in investing in a property of this scale in Perth’s CBD.”
Since July 2021, the government says it has invested $5.8 billion in housing and homelessness measures and added more than 3,100 social homes statewide.