specialist disability accommodation: mobilising the market...sda – market development challenges...
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SPECIALIST DISABILITY ACCOMMODATION: MOBILISING THE MARKET
Luke BosherCEO, Summer Foundation
National Housing Conference DarwinAugust 2019
About Summer Foundation
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The problem of young people in aged care
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50 young people enter aged care every week across Australia
• 480 Queenslandersunder 65 enteredaged care in the2017-18 year
Specialist disability housing before and after NDIS
5
BEFORE AFTER
Highly rationed disability service system
Individual funding – choice about where and how to live
Government-directed supply and allocation
NDIS-funded supports enable independence, more housing options
Service delivery efficiencies meant congregate care models
Well-located housing enables independence and participation
Isolation of people with disability Open market
Poor accommodation settings Phasing our of larger accommodation
Specialist Disability Accommodation – the basics
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A support payment to an individual
For people with an extreme functional impairment and/or very high support needs
Enables access to specialist housing
Funded for 6% of NDIS participants= 28,000 people
About 17,000 entered the NDIS in existing supported housing
NDIS regulates SDA providers and properties
SDA – supply challenge
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TOTAL - represents notional distribution
of SDA funded places (by population)
NEW - represents potential demand for places, taking
into account existing supply
Actual demand will be determined by
funding decisions for individuals by the NDIA
SDA market analysis – undersupply in NSW
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3290SDA shortfall (new supply needed):
9020SDA needed (per capita share):
Statewide
Outer South West Sydney
314SDA needed:
163SDA supply shortfall:
An initiative to educate industry players and
connect suppliers and consumers
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http://getbuildingsda.org.au/home/knowledge-hub/
SDA – market development challenges
Funding tied to individual, not property
Understanding demand for SDA
Slow and uncertain funding processes
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Limited useful data published
High financial risks
Glitches in policy detail
SDA insight #1 – people with disability
• Need to empower people with
disability about their housing
options and possibilities for
greater independence
• Housing needs and preferences
are very diverse
• Difficult to navigate the market
of suitable housing options
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SDA insight #2 - providers
• Range of new players inSDA development
• More than 1500 new placesunder way in late 2018
• More diverse housing optionsand focus on greaterindependence
• New providers with focus onquality design and location
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New SDA examples
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Guardian Living, Ringwood, VIC Summer Housing, Fairfield, VIC
SDA Liveable Homes, Narangba Rapid Interim Housing Prototype
SDA insight #3 - investors
• SDA pricing based on all delivery costs including cost offinance (assumes 60% debt, 11.6% pre-tax equity return)
• Major private funders emerging
• Long-term investors attracted by longevity of subsidy(20 years+)
• Debt and equity funding in place/equity funderslooking for scale
• Emerging challenges – thin markets, existing assets,errant market behaviour
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SDA insight #4 - government
• Highly innovative policy: individualised,
client choice, responsive to variations,
quality and safeguards
• Enables people with a significant disability
to pursue a goal for better housing and
greater independence
• Administrative and approval processes
are improving
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SDA - What have we learnt so far?
• Housing needs and preferencesare very diverse
• SDA pricing is driving this new housingsector – but it’s complicated!
• Range of investment/developmentmotivations
• Relationship with other NDISsupports/services
• Emerging market behaviours
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