The build-to-rent (BTR) housing sector, a key component of addressing Australia’s rental housing crisis, is at the centre of two pivotal developments this week. While the Property Council of Australia criticises the Greens’ Senate stance on BTR legislation, Aqualand has unveiled plans for North Sydney’s first BTR project, which promises to set a benchmark for resident-focused, high-quality rental living.
Legislation stalemate
The Property Council of Australia has urged the Greens to reconsider their conditions for passing the BTR housing bill, warning that their current stance could derail the supply of new homes.
Chief Executive Mike Zorbas argued the party’s proposal would undermine the emerging BTR sector, which constitutes only 0.2% of the Australian housing market.
“If we get this legislation right, it will have more than twice the positive impact of the welcome Housing Australia Future Fund, which will provide 40,000 new homes,” Mr Zorbas said.
He added that the Greens’ position “will torpedo many tens of thousands of new rental homes that the right legislative settings can unlock, including ten per cent affordable rental homes.”
Mr Zorbas highlighted the growing support for BTR housing, citing a YouGov survey showing that 61% of Australians, and 71% of renters, back the Property Council’s proposed amendments to the bill.
“There’s only one week left to get this done – the Greens need to get on board or become deliberate blockers of new housing, including affordable housing, in the middle of a national supply crisis,” he said.
Currently, BTR represents 12% of the US market and 5% of the UK market. Advocates argue that a thriving BTR sector could alleviate rental shortages, reduce costs, and provide stable, long-term options for tenants.
“The Greens’ position blocking tens of thousands of new homes must come as a shock to people imagining this is a pro-rental supply, pro-housing affordability party,” said Mr Zorbas.
Aqualand’s vision for North Sydney
Amid the legislative uncertainty, Aqualand has lodged a State Significant Development Application (SSDA) for North Sydney’s first BTR project at 146 Arthur Street. The 46-storey mixed-use development, designed by Woods Bagot, will feature 390 rental apartments above a vibrant retail and commercial precinct.
Strategically located near North Sydney Station and the Victoria Cross Metro, the project aims to blend connectivity with luxury living.
Jin Lin, Aqualand’s Group Managing Director, expressed enthusiasm for the proposal, describing it as “a highly attractive and connected opportunity to strengthen the North Sydney CBD as a major commercial centre in Sydney.”
He highlighted the project’s comprehensive amenities, including co-working spaces, a cinema, a gym, rooftop lounges, and landscaped terraces.
“We look forward to providing our future tenants with this high-quality rental product, complete with its substantial range of hotel-style amenities and services designed to elevate their lifestyles,” he said.
The tower’s design emphasises sustainability and community, featuring natural and recycled materials and innovative ventilation systems. Residents will also enjoy equal access to harbour views through “Sky Gardens” on every seventh floor.
