Partner, Project & Infrastructure Advisory
Australia’s institutional Build to Rent (BtR) sector enters 2026 in a position of underlying strength. Demand remains robust, but the next phase of growth will be defined by whether the sector is recognised by State and Federal Governments as a true institutional asset class, similar to that of core commercial, retail and industrial assets. This means equal tax treatments for GST at a Federal level and removal of the stamp duty surcharges at a state level.
BDO’s 2026 Build to Rent report examines the structural, geographic and policy forces influencing Australia’s living sector. It explores where capital is being deployed, how operating platforms are scaling, and which markets are emerging as leaders in the next phase of BtR maturity.
BDO’s 2026 analysis highlights a clear rebalancing across the national BtR landscape:
This divergence marks a clear inflection point. While Victoria was the first market to institutionalise BtR at scale, Sydney is now closing the gap and reshaping national delivery patterns in the process.
“For the first time since the emergence of BtR in Australia, New South Wales has overtaken Victoria as the dominant growth market for pipeline delivery.”
Luke Mackintosh
Partner, Project & Infrastructure Advisory - Real Estate
~9,000 in 2024 → 46,000 plus by 2029
5,000 plus in 2024 → ~9,800 projected by 2028
80% of BtR platforms surveyed expect their next project to be in NSW, not Victoria
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The report includes:
Download BDO’s 2026 Build to Rent report to understand how Australia’s living sector is evolving and what the next phase of institutional BtR growth will look like.
Reflecting on our 2025 Build to Rent report, we identified a sector transitioning from concept to core strategy for institutional investors. The rise of scaled operating platforms such as Local, HOME and Greystar indicated growing confidence in BtR as a long-term asset class capable of delivering stable returns and genuine community impact. 12 months on, the story has evolved again.
BDO’s real estate advisory team brings together specialists across valuation, feasibility, tax, policy and capital advisory. We work with institutional investors, developers and operators across Australia’s living sector.
Our team supports BtR projects across the full lifecycle, from site acquisition and structuring through to delivery, stabilisation and portfolio optimisation.
Contact our BtR specialists to discuss the report’s findings.
Siobhan Fuller