Assemble and UKAA webinar - Building Resilient Communities
We recently hosted a webinar with our key partner UKAA and our community member Assemble.
Assemble is a valued, innovative StarRez customer based in Australia and have a combined experience spanning across property, construction, finance, investment, architecture, urban design, asset operations, community engagement, marketing communications and advocacy. Presenting from Assemble were Emma Telfer, Director, Culture & Strategy and Dan Moore, Director, Operations.
They outlined the scale of the problem in Victoria, Australia.
- University of Melbourne research estimated a 164,000 shortfall in social and affordable housing in Victoria in 2018
- The Australian Housing and Urban Research Institute estimated an extra 166,000 social units would be needed by 2036
- The Big Housing Build in Victoria aims to increase social housing dwellings in Victoria from 80,500 to about 89,000 – about 3.5% of all housing. That’s still less than the Australian average of 4.2% and the OECD average of 6%
- UNSW City Futures Research Centre estimates Australia will need 1 million more social and affordable homes by 2036
Introducing their Build to rent to own model
Whilst based in Australia, the model Assemble are working to could look to resolve the challenges faced by this sector globally. They are running a pilot scheme for a build to rent to own model and hope to use the learnings to further expand beyond the 6 current locations and 900 dwellings. Through research, they found that there is a range of residents that would suit this model from first time buyers to older generations (55+) looking to secure their financial future through to retirement.
Residents would sign up prior to construction (off plan purchase) and pay a small deposit e.g. 1 months bond. The term they are agreeing to is 7 years which includes 2 years build, move in and pre agreed rental for 5 years. The purchase price at the end of this term would also be agreed so the resident knows what they need to save for at the end of the term.
During this time, Assemble help by running events designed to help residents prepare for their mortgage, learning about credit history and managing their finances ready for when they come to the end of the 7 year term. Understandably, circumstances will change so at the end residents can take the option to purchase at the agreed price and stay, sell on the market or hold as an asset and rent out.
Assemble’s approach to community engagement and building is critical in building resilient and stable communities. From research conducted, they discovered that communities will stay in place 2.5 times longer if they hold genuine connections with their neighbours.
If you wish to know more about what Assemble are doing to rebuild resilient communities, make sure you watch the webinar.