The Victorian government has committed a massive $5.3 billion to build 12,200 new homes across the state, which is a huge turnaround from back in July when the government abruptly locked down nine public housing towers in Melbourne.

Of the homes to be built, 8,200 will be brand new social housing homes that will create more capacity in the system, while 1,100 will be replacing existing units. While it’s a big step in the right direction, it’s nowhere near enough to give everyone on the waiting list a home, either.

“This will change lives – giving thousands of Victorians the security and stability of a home,” Premier Daniel Andrews said on Sunday.

“It’s a profound investment in a stronger, fairer Victoria – a Victoria that recognises everyone deserves a place to call home.”

The plan is set to boost the state’s social housing supply by 10% after four years.

Victorian Greens acting housing spokesperson Sam Hibbins said that the plan was a “massive” step that would go “some way” to putting the 100,000-odd people on the waiting list under a roof.

“Homelessness is the number one social justice issue facing this state and the best way to fix it is by building homes for people in need,” he said in a statement.

“We’ll keep pushing for more public housing until every Victorians has a safe and secure place to call home.”

The massive statewide project is expected to generate $6.7 billion in economic activity and support up to 18,000 jobs, by the government’s own calculations.

“This unprecedented housing blitz will deliver new homes and jobs across Melbourne and regional Victoria,” Housing Minister Richard Wynne said.

“We’re delivering the biggest investment in social housing Victoria has ever seen – we’re not just investing in bricks and mortar, but the lives of Victorians for decades to come.”

Building thousands of new homes is a nice turnaround from earlier this year when the government locked down nine public housing towers before the rest of Melbourne went into lockdown.

While it is technically possible to build new homes and unfairly place the residents under lockdown, this plan appears to be a step in the right direction for a more equitable housing situation.

“This colossal investment will mean fewer people cold, hungry and homeless, and more people in work,” Victorian Council of Social Service chief Emma King said.

“A single investment of this scale has not been seen in many decades, if ever. It’s a game-changer.”

Image: Getty Images / Scott Barbour