Melbourne's housing challenge is attracting growing attention from international investors, with major Japanese corporations increasingly backing Australian developers, builders and large-scale housing projects.
A new joint venture between Australian developer YourLand and Osaka-based corporate giant Hankyu Hanshin is helping fund the Northborne estate in Wollert, a major residential development north of Melbourne. The investment is expected to help accelerate the delivery of important infrastructure, including streets, parks, and services needed to support new homes.
The development comes as Victoria faces the difficult task of increasing housing supply while its population continues to grow. The state has set a target of delivering 80,000 new homes each year, while Australia is working towards the National Housing Accord target of 1.2 million new homes over five years. However, Victoria has fallen behind its required pace, with 89,511 new homes completed in the first two years of the Accord's five-year timeline, compared with 122,400 needed to remain on track.
For Melbourne and the wider Australian housing market, the growing interest from Japanese investors highlights an important reality: solving the housing shortage may require significant investment from both local and international sources.