Joss Engebretsen, Portfolio Manager – Barwon Disability Accommodation Fund
Specialist disability accommodation (SDA) is changing the standard of living for people with disability; and the investment market is helping to fund it. It’s a great example of a win-win collaboration.
Public debate around the National Disability Insurance Scheme (NDIS) often emphasises financial sustainability and limited instances of misuse. While these concerns warrant attention, they risk diverting focus from the broader, transformative impact that the NDIS has delivered as a whole.
Before the commencement of the NDIS on 1 July 2013, many Australians with a disability were living in insecure or unsuitable housing, and below the poverty line. There were gaps in care provision, and people had limited access to employment or education. Families and carers were relied upon to provide huge amounts of informal support at significant personal cost.
Prior to the NDIS being established, more than 50 per cent of primary carers reported negative physical or emotional impacts from their role. Many couldn’t fully return to the workforce whilst being a sole caregiver for their loved one.
For over a decade, the NDIS has provided life-changing impacts and vastly improved support to the 690,000 Australians with disability now supported by the NDIS, delivering improved independence, community engagement and access to appropriate care.
Between 2018 and 2024, the NDIS has made measurable progress across these dimensions (Team, 2025), including:
Employment: Workforce participation among participants aged 15–25 more than doubled from 10 per cent to 23 per cent.
Carer support: 50 per cent of parents and carers of NDIS participants are now in paid work, up from 40 per cent.
Community engagement: 43 per cent of participants who’ve been in the scheme for over two years report an increase in participation in the community. This includes social and recreational activities, educational pursuits, work experience and community interaction. These activities help participants feel a sense of belonging.
The importance of Specialist Disability Accommodation (SDA)
One of the most important factors in making progress is having access to suitable housing that accommodates the limitations caused by a person’s disability and the need to deliver daily care within their home, while also offering long-term stability, independence, and the freedom to choose how and where they live. For people with very high support needs, secure, purpose-built accommodation is not a luxury, it’s essential to their health, safety and ability to live with dignity.
Recognising this, the NDIS includes funding for Specialist Disability Accommodation (SDA), housing that meets the specific physical and support needs of eligible participants. The NDIS budgets $700 million a year for SDA; over the last 12 months, $411 million of the $700 million budgeted was used for SDA housing. SDA provides more than shelter; it provides a foundation for access to care, community and opportunity.
The NDIS has made measurable progress across these dimensions, for example, in the employment sphere participants in the age range of 15-25 have increased their participation in the workforce by more than double, the percentage going from 10 per cent to 23 per cent.
Despite progress, unmet demand remains high. Over 25,000 Australians are eligible for SDA, yet only around 13,000 places have been delivered, many of which are in less-desirable locations or lack integration with appropriate care providers. Barwon estimates the sector will need to deliver an additional 10,000–15,000 SDA places over the next 10 years to meet demand.
Supporting change through investment
The Barwon Disability Accommodation Fund (BDAF) invests in a growing portfolio of SDA properties across Australia, seeking to deliver appropriate housing for NDIS participants while generating long-term, risk-adjusted returns for investors. One recent example is Barwon’s project in Macquarie Park, Sydney, developed in partnership with Frasers Property, Vera Living and CareOne.
The project consists of 20 SDA apartments, specifically designed to support a variety of disabilities and care needs. Since these properties were enrolled in the NDIS, they have provided homes for 14 NDIS participants who were previously living in unsuitable conditions. Many of these individuals had been stuck in the local public hospital system, unable to be discharged due to a lack of appropriate housing. Now, as residents, they have the opportunity to rebuild their lives in a more supportive, independent and appropriate environment.
Real stories from Macquarie Park
Anna*, a resident at Macquarie Park, moved into her new home after spending eight months in hospital. She lives with a complex condition that leaves her paralysed from the chest down and requires 24/7 care. Anna’s new home provides the dignity of independence alongside round-the-clock support, something that was previously out of reach. The stability of this environment has positively impacted both her wellbeing and her family’s.
James*, in his early 40s, was diagnosed with a rare neurological condition that left him ventilator-dependent. Previously working full-time and living with his wife and children, James spent three years in hospital before relocating to an SDA apartment at Macquarie Park. His new home is equipped to meet his medical and care needs while allowing him to live in a more familiar, family-oriented environment. His wife Jo remains his primary carer, and their children visit regularly, restoring a sense of normalcy and connection to family life.
These stories highlight the human impact of SDA: enabling people with significant disability to live in environments that are not only safe and supportive but also allow them to remain part of their communities.
Looking ahead
The outlook for SDA remains one of sustained demand and opportunity. With ongoing population growth and continued focus on inclusion, the sector plays an essential role in delivering long-term benefits for individuals, families, and the wider community.
Barwon is committed to being a long-term contributor to this solution by being a trusted capital partner and custodian to the SDA sector, providing investors access to a portfolio that delivers both social impact and stable, inflation-linked income.
References:
Team, V. (2025, June 30). Your Guide to NDIS Community Participation. Vana Care. https://vanacare.com.au/blogs/vana-care-blog-ndis-news-disability-support-insights-for-south-australia/ndis-community-participation
To read this article on The Inside Adviser, click here.
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