Defence’s real estate portfolio could be worth even more than the $30 billion current valuation if it were to be sold for housing.
The federal government could make almost $1.3 billion if the Defence Department sold its three Victorias: the military barracks in Sydney, Melbourne and Brisbane named after the former queen, which sit on some of the country’s prime real estate.whether Defence should sell part of its $30 billion property portfolio
“When you look at the use of the land, they count the number of assets on the land compared with land size and how they use it. A lot of the land is underutilised,” said Ms Lockhorst, who has been involved in previous Defence audits. The Albanese government has indicated it was open to acting quickly, but divestments can take longer than anticipated, Ms Lockhorst said.
Ms Lockhorst said the federal government’s goal of completing the real estate audit by the end of 2023 was ambitious, and questioned whether the audit’s terms of reference would appropriately consider how to best accelerate planning and delivery mechanisms.
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