All the latest news from Women's Property Initiatives
Update December 2024
Welcome to the Summer edition of the WPI Update. It has been great to meet so many supporters of WPI across the last 6 months and more recently at our AGM. WPI has been busy since our last update, and I am delighted to share some highlights and most importantly, the impact of our work on vulnerable women and children.
In this update, you can read more about the results of our recently completed Social Return on Investment evaluation. Partnering with Think Impact, the evaluation looks at the change that has occurred for the women who live in our homes and the value of that change. This is then compared to the investment required to provide the 122 homes owned by WPI in the 2022/23 financial year.
We were thrilled with the results and it is rewarding to see the tangible difference our homes make for women, their children and government. It is also vitally important to be able to demonstrate this value to our supporters, funders and other stakeholders. I encourage you to read more below, and to follow the links to the summary report for further information. Thank you to all of the women who engaged with Think Impact to talk about the changes that have occurred in their lives since they accessed an affordable home with WPI.
Since the last update we gathered with supporters for our 2024 AGM, which was very generously hosted by JLL in their beautiful new office space. It was a great opportunity to share our achievements for the year and to thank all of the wonderful individuals and organisations who have helped us grow. We released our 2024 Annual Report at this event, and the link to the report is included in this update.
In August and September we opened the doors to new homes for 28 women in Kensington in partnership with Local Residential, a leading Build to Rent Developer. WPI is delighted to work with Local to offer modern one and two-bedroom homes to women over 55, and key workers who are women and earning a moderate income. With several exciting affordable housing projects and partnerships in various stages of delivery, we are looking forward to opening more homes to vulnerable women and their families throughout 2025.
Please reach out to me, or the team, if you have any questions on how to get involved in our work. Thank you for your support of WPI and the women that we serve.
I wish you all health and prosperity for 2025.
Warm Regards
Roberta Buchanan
CEO, Women's Property Initiatives
Social Return on Investment Evaluation
WPI recently partnered with social impact specialists, Think Impact to evaluate the Social Return on Investment (SROI) for the 122 homes owned by WPI in the 2022/23 financial year. The evaluation measures value by comparing the investment required to provide our homes to the value of the outcomes experienced by a range of stakeholders.
This evaluation found that every dollar invested in WPI created more than $11 in social and economic value.
This represents more than $32 million of social and economic value impacting multiple stakeholder groups. Unsurprising our renters experienced 61% of this value and their children a further 28%.
Our renters reported significant improvements in physical and mental health, personal safety, independence and engagement. Their children experience better emotional well being, educational outcomes and personal relationships.
We look forward to increasing our impact by providing more homes for women and their families, enabling them to live happier, healthier lives. Read more about the results in our Visible Changes report.
2024 AGM and Annual Report
Our AGM was held on 19 November, hosted by JLL, with sparkling views overlooking Melbourne. Suzi Young, from Think Impact, helped us launch our Social Return on Investment Evaluation at this event and our guest speaker, Kevin Bell AO KC, spoke about the results in the context of human rights.
This was the last AGM for Carmel McCormack who stepped down as Director. Carmel has been with WPI since its very early years and her dedication and passion has been instrumental in our continued growth and success. Thank you Carmel.
WPI's 2024 Annual Report was presented at the AGM. Please read this report for a wrap up of the year, our partners, projects and initiatives.
Eleni's Story
Eleni left a toxic relationship when she no longer trusted her partner or felt safe. She struggled to find an affordable rental property in the private market and stayed with friends for a period of time.
Even though she was working two jobs, she almost gave up on finding a property that she could afford on her own, until she was offered one through WPI. It didn’t matter that she had barely any furniture – just that she had her own secure space.
Eleni loves her new home – it is modern, spacious and has fantastic amenity including shared working and entertaining spaces. Eleni has two younger brothers with special needs and having a secure and affordable home has allowed her to help with their care. She feels empowered and is moving forward with her career without the stress of housing insecurity. She recently hosted a special family celebration for her brother’s 21st in the shared entertainment space and thanks to one of WPI’s generous donors, she was given some great furniture that has turned her apartment into a homely and welcoming space.
"I'm proud to be able to live independently, without relying on a partner. It feels fantastic to stand on my own two feet."
Projects
Nightingale Coburg
The third floor slab has now been poured at the Nightingale Umarkoo Wayi development in Coburg, as it rapidly approaches topping out. We will acquire three 1 bedroom apartments in this development. Works are ahead of schedule and will be completed in mid 2025.
The Nest
It was spectacular to see the modules arrive on site at The Nest, in northern Victoria. Final fit off is underway and landscaping is about to commence for these homes. We have partnered with the Property Industry Foundation and The Bridge Youth Service to deliver these modular homes for young mums where they will receive wraparound support. Thanks to our major funder, The Felton Bequest, Modular Spaces, Schored Projects and Gallagher Jeffs for bringing these homes to life.
Revitalisation in Melbourne’s West
Demolition has been completed on one of WPI's oldest homes in Melbourne’s west with the site being revitalized and redeveloped for the construction of two new homes to accommodate up to 8 people. All of the preparations are now complete and construction is commencing as we issue this newsletter.
Daylesford
Civil works have been completed at the Eco Village in Daylesford. WPI will acquire four one-bedroom homes in this unique eco-townhouse project designed by sustainable architect Breathe. Our town homes in The Village project are partially funded by Homes Victoria as part of the $5.3 billion Big Housing Build and some extremely generous WPI donors. They are being delivered in partnership with Hygge Property and will be completed in 2025.
Mornington Peninsula
In very exciting news, concept design is complete and a planning permit has been issued for 7 1 & 2-bedroom homes on the Mornington Peninsula Shire. These homes will be built on council owned land on which WPI will be granted a long term lease. Detailed design is underway with support from generous partners and we are working hard to secure funding for the homes.
