Aware Super invests in Canberra units to provide affordable rent for healthcare workers, teachers

Newcomers to the capital might be shocked when they realise the median rent in Canberra is $633 per week, compared to the national median of $485, according to property data firm CoreLogic.

Tasneem Khan relocated from Sydney in early November to take up a job as a medical centre receptionist while completing a master's degree in social work.

"When I was looking for an apartment in Canberra, it was very expensive," she said.

"I was thinking, 'It's not going to be affordable for me to live alone here with such high prices'."

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After sifting through rental properties that were either too expensive or too far away from her work, Ms Khan found an affordable apartment through a new program run by super fund Aware Super.

The fund recently purchased 40 apartments in the new residential development Metropol, located in Reid on the edge of Canberra's CBD.

The apartments will be made available to essential workers, such as teachers, healthcare workers and emergency services workers, for 80 per cent of the market rate.

Apartments start at $368 per week for a studio, $400 for one-bedroom apartments, $504 for two bedrooms and $592 for three bedrooms.

Research released in August by housing advocacy group Everybody's Home found essential workers would need to spend more than two-thirds of their weekly income to rent an apartment in the inner north or inner south of Canberra.

Aware Super's apartment purchases are part of its strategy to invest in affordable housing in high-employment areas for essential workers, who make up a large portion of their membership.

Aware Super chief executive Deanne Stewart said there was a "real, desperate need" for more affordable housing in Canberra.

"I think we've all either experienced ourselves or have a loved one that has been desperate to rent somewhere, lined up [for an inspection] only to find hundreds of other people ahead of you trying to get that place," she said.

"Supply is a really core element to solving the housing affordability crisis, and so I think by us being able to contribute to that supply, that's going to be really critical."

Rental affordability is an area of concern for many Canberrans, and one the ACT government is looking to address through initiatives like build-to-rent developments.

The government is seeking community and industry feedback for build-to-rent projects, with two sites in Turner and Lawson earmarked for the rental developments.

Kate Colvin, national spokesperson for Everybody's Home, said while private-sector investments were welcome, affordable housing needs federal government attention.

"More than 400,000 households are currently in need of affordable housing across Australia," she said.

"The problem is that we face overwhelming need, which can only be met by the federal government providing a subsidy that drives significant growth in affordable rentals."

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Aware Super has committed $900 million to funding affordable housing in Sydney, Melbourne and Perth.

"There's one thing in common with all of those cities: they all have affordable housing crises," Ms Stewart said.

For their members, returns on these investments come from the rent received from tenants as well as the potential capital growth on the value of apartments.

Ms Stewart said more affordable housing investments may be on the cards for Canberra.

"I certainly think if there are opportunities in the Canberra market that make good investment sense, yes, we would like to invest more."

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