Victoria Labor pledges 25,000 homes for first-home buyers

The Victorian Labor government has announced a $1 billion election pledge to build approximately 25,000 new homes and apartments exclusively for first-time buyers. If re-elected in the upcoming November state election, the government plans to develop these residences on government-owned sites across Melbourne and regional Victoria between 2027 and 2034.

The funding for the initiative is split between the state and federal governments, with the Victorian government providing $500 million in land and the Commonwealth contributing $499 million in grants to cover development and construction costs. The homes will be sold at market rates, but eligibility to register to bid will be restricted to first-home buyers.

Key development locations include the Arden precinct, the former Footscray hospital site, and the disused Highett gasworks. Approximately 15,000 of the properties will be built on land already held by Development Victoria, with the remaining units constructed on land owned by other government agencies. The program spans several regions, including Bayside, Brimbank, Darebin, Hume, Maribyrnong, Melton, Merri-bek, Port Phillip, and Stonnington.