Housing affordability problem gets new solution

Housing affordability problem gets new solution

A not-for-profit community housing group has opened a property management agency to help lower-income renters.

Evolve Housing last night officially launched Echo Realty, which is based in the Sydney suburb of Parramatta, and which will focus on affordable housing.

“Unlike traditional real estate agents whose sole objective is to generate profits, Echo Realty is a profit-for-purpose provider of professional property management services,” according to the agency.

“The Echo Realty difference is that all profits will be reinvested to grow the supply of affordable housing stock in NSW and into social support programs delivered via Evolve Housing that empower very low- to moderate-income residents on a journey to independence.”

Echo Realty will focus on the management of affordable housing properties on behalf of local and state government, property developers and private property investors.

It currently has more than 600 properties under management, in Sydney and the Central Coast, according to its website.

Agency wants to change community perceptions

Echo Realty chief executive Andrea Galloway said affordable housing gives low- to moderate-income workers the opportunity to find accommodation close to where they work, without forfeiting their ability to possibly save for a property deposit.

“Through our services, we want to change the perceptions of those in the community who oppose affordable housing developments,” she said.

“After all, it could be their own children that may have to rely on it as house prices continue to soar. It’s my belief that Australians cannot afford to not support affordable housing.”

Local MP lends his support

State member for Parramatta Geoff Lee, who attended last night’s official opening, said housing affordability is a significant issue in NSW.

“Most people agree we need to increase supply of affordable housing. I commend CEO Andrea Galloway and Evolve Housing for leading in innovation in this area,” he said.

“This new initiative demonstrates their dedication and commitment to driving better outcomes and to helping people achieve independence.”

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