We are pleased to present Common Equity Housing Limited’s (CEHL) Annual Report for the year ended 30 June 2025. This report provides an overview of CEHL’s performance and operations over the past financial year. Co-operatives
Fiona Herman Chair
Elizabeth Thomas Managing Director
In 2024–25, Common Equity Housing Limited (CEHL) strengthened its position as Australia’s leading provider of co-operative housing –delivering tangible outcomes for our members, renters, and co-op communities, laying the groundwork for future growth and sustainability.
The year in review was defined by collaboration, capability building, and clear progress across our three strategic priorities: Meeting the Needs of the CEHL Community, Leading by Example, and Operational and Financial Sustainability Together, these priorities are creating a stronger, more connected, and more resilient co-operative housing network.
CEHL’s core purpose continues to be to deliver affordable housing, primarily through a co - operative housing model. That core purpose remains at the heart of everything we do.
This year, CEHL launched a Regional Service Delivery model, a key milestone that brings our operational teams closer to the member co - operatives they serve. By grouping co-ops into regional clusters, we have built closer relationships, improved responsiveness, and made it easier for co-ops to access the resources and support they need to manage a successful housing co-op.
We also strengthened co-op capability through targeted training and governance tools, delivering more than 80 tailored training sessions for co - op directors and members. The new Director Assistance Program offers confidential mentoring and guidance for co-op directors, helping co-op Board members navigate the challenges of their important roles.
The review of the CEHL/Co-op Agreement – the foundation of the CEHL co-op housing program – is now well underway. Through open consultation with 150+ co-op directors, we are
creating a renewed agreement that reflects our current operating environment, ensures mutual accountability, and honours co-operative values.
As a national leader in co-operative housing, CEHL continues to advocate that the co-operative model is impactful and innovative.
In 2024–25, CEHL advanced its commitment to Environmental, Social and Governance (ESG) principles to embed sustainability, transparency, and accountability into our strategy and operations. Our new ESG outcomes framework – developed in partnership with the Australian Co - operative Housing Alliance (ACHA) – will position CEHL to measure and report our impact in a clear, consistent way.
Advocacy also remained a major focus. CEHL’s contribution to the International Year of Co - operatives helped amplify the voice of co-op housing and position co-operative housing as a key solution to the national housing crisis. We also led national engagement with the Federal Government, bringing the co-op voice to the national policy conversation.
This year, we achieved full compliance with the Victorian Housing Registrar’s performance standards — including improved maintenance response times and occupancy rates for our properties.
We continued to invest in modern systems and infrastructure to support growth — implementing a new Human Resources Information System, improving cybersecurity and procurement processes, and commencing development of a Member Information Portal that will streamline access to information for co-op members and our direct renters.
The year in review also marked significant progress in expanding our housing portfolio. $16 million was invested in property development projects,
an increase from the $9m spent in 2023/2024. 23 new dwellings across Victoria were completed, including a flagship 16-dwelling sustainable apartment development in Melbourne’s inner north. A further 52 homes are in the development pipeline and will be available over the next 12-24 months.
CEHL’s financial position remains strong. Revenue remained stable over the year, reflecting consistent performance across our housing portfolio. Operating costs increased because we invested in strengthening our property maintenance program to ensure safety, quality, and long-term asset sustainability. CEHL’s net assets increased by $10m due to the growth in the property portfolio and the surplus from operations.
The organisation maintains a strong financial position with debt representing approximately 9% of equity, providing significant capacity for future growth and reinvestment.
As we move into FY26, CEHL will continue to deliver on its Strategic Plan by deepening partnerships with our co-ops, supporting their members, and strengthening the systems that underpin our long -term sustainability.
Our focus remains on what makes CEHL unique — a co-operative housing model that empowers renters, amplifies the voices of our co-ops, and is built on a strong business-to-business partnership between CEHL and the co-ops.
Together with our member co-ops, Board, staff, and sector partners, we are shaping a future where co-operative housing is recognised as a vital and enduring part of Australia’s housing landscape.
To the CEHL teams and the Executives that lead them, thank you for your professionalism, care, and dedication to delivering impact across Victoria.
We also acknowledge the CEHL Board of Directors for their stewardship and strategic leadership throughout the year. It is through this collective effort — of members, staff, and directors — that CEHL continues to deliver strong outcomes and advance the co-operative housing system.
In cooperation,
Fiona Herman Chair, Common Equity Housing Limited
Elizabeth Thomas Managing Director, Common Equity Housing Limited
We extend our sincere thanks to our member co - ops for their continued partnership, leadership, and commitment to the co - operative housing model.
In 2024–25, CEHL delivered substantial progress across its three strategic priorities – Meeting the Needs of the CEHL Community, Leading by Example, and Operational and Financial Sustainability – laying a solid foundation for growth and resilience.
CEHL strengthened engagement and accountability through a regional service delivery model, completion of the Director Assistance Program (DAP) for co-op directors and launched a National Co-op Capability Framework to build co-op director skills through tailored training and accessible communication.
A major milestone was the commencement of the Co-op/CEHL Agreement review, aimed at keeping the CEHL partnership with member co-ops relevant and grounded in co-operative values. CEHL also developed governance tools and training for member co-ops and advanced plans to amplify member voices across local and national platforms.
CEHL continued its leadership in sustainability and advocacy:
• Developed and began implementing an ESG outcomes measurement framework, endorsed by the Australian Co-operative Housing Alliance (ACHA).
• Strengthened national advocacy by engaging with federal and state ministers, media, and sector leaders to position co-op housing as a key part of Australia’s affordable housing strategy.
• Took an active leadership role in CHIA Vic, ACHA, and BCCM, and progressed the investigation of shared and limited equity options for co-op members.
CEHL focused on building organisational capability and systems for growth:
• Implemented a new Human Resources Information System, improved procurement and cybersecurity, and began work on a member information portal.
• Delivered the most successful Annual Rent Review cycle to date, demonstrating improved communication and coordination.
• Commenced the long-term Portfolio Growth and Funding and Finance strategies to sustain and expand co-operative housing across Victoria.
Looking ahead, in delivering the strategic priorities for FY26, CEHL will continue to embed ESG principles, modernise its systems, and strengthen co-operative partnerships — ensuring its housing model remains sustainable, inclusive, and resilient over time.
Co-operatives
CEHL’s strategic objective is to sustainably maintain and grow our housing portfolio and our organisational impact. The strategy will be implemented through 12 strategic actions under 3 pillars:
1
Meeting the needs of the CEHL community
We listen and respond to the voices of our member co‑ops, co op members, and direct renters
1.1 Strengthen ways of working with member co - ops
1.2 Implement improved service delivery model for member co - ops
1.3 Co-design and implement good governance guidelines to create and sustain thriving co - ops
1.4 Refresh and modernise CEHL’s Co-op Agreements (CCAs) and constitution to balance compliance, co-op autonomy and best- practice governance.
2
Driving the impact & growth of co op housing
Being thought leaders and advocates for the growth of co‑op housing and other innovative affordable housing models
2.1 Develop and implement an ESG impact framework
2.2 Proactively increase visibility and grow advocacy for co-operative housing as an affordable housing strategy
2.3 Nurture a distinctive CEHL brand that reflects international co-operative principles, to highlight our distinctiveness, showcase our success and promote interest in co-operative housing
2.4 Explore and implement affordable ownership options for our members (including shared equity and limited equity housing schemes).
3
Operational and financial sustainability
Developing our people and our organisation to support impactful delivery over the longer term
3.1 Implement the right systems, tools, and ways of working to support our people and organisation to develop and grow
3.2 Develop a long term portfolio growth strategy that meets the diverse housing current and future needs of the CEHL community
3.3 Develop a long term funding and finance strategy to support growth and sustainability of the CEHL portfolio
3.4 Establish partnerships to diversify funding sources and accelerate portfolio growth.
Common Equity Housing Limited (CEHL) is a Registered Housing Association and Australia’s largest provider of co‑operative housing.
For nearly 40 years, we have partnered with government, housing co-operatives, and communities to deliver affordable and secure homes across metropolitan, regional, and rural Victoria.
As a property developer and property manager, CEHL builds new homes and, in partnership with 85 housing co-operatives, manages a diverse portfolio of over 2,100 properties — including standalone houses, townhouses, and apartments.
Our purpose is clear: to strengthen a community- driven, renter-empowered housing model that reduces housing stress and creates lasting social and economic benefits for individuals and communities across Victoria.
The Relationship Between CEHL and Housing Co‑operatives: A Business ‑to ‑ Business Partnership
CEHL partners with independent housing co-operatives in a business-to-business (B2B) relationship built on shared purpose, complementary roles and mutual accountability.
Together, CEHL and co-ops are building secure, sustainable, and empowered communities — led by the people who live in them.
Each housing co-operative is an independent, incorporated organisation responsible for managing its community, supporting members, and upholding the values of co-operative living. Governed by their member renters, co-ops make decisions about membership, community management, and day-to-day operations — including responsive property maintenance.
As a Registered Housing Association and asset owner, CEHL:
• Leases properties to co-operatives
• Provides long-term asset, tenancy, and financial management
• Oversees planned maintenance, ensures regulatory compliance, and provides governance and operational support
This structure creates a genuine partnership, not a traditional landlord–tenant relationship.
CEHL brings professional governance, expertise and resources; co-ops contribute lived experience, on-the-ground management and community leadership. Together, this B2B partnership delivers sustainable, community-led housing that balances financial accountability with social impact through renter-led governance.
These measures offer a comprehensive organisation‑wide perspective about the CEHL housing portfolio, our co ‑ op members and renters, the homes we manage, the financial arrangements that ensure the program’s sustainability, and the capacity of our workforce to deliver it.
2,100+ properties
85 housing co ‑ operatives
$28.8m Total revenue $1.2bn Total assets $4.5m
23
In 2022, CEHL undertook the Member Value Project, engaging extensively with housing co‑operatives to define the respective responsibilities of CEHL and co ‑ ops.
The outcome was the Member Value Statement (MVS). This guiding framework continues to shape how CEHL delivers value to its member co-operatives and, through them, to renters and communities across Victoria.
The MVS sets out the shared commitments that underpin the Co-op Housing Program and provides a foundation for collaboration, accountability, and continuous improvement.
Why it matters
The Member Value Statement:
• Clarifies roles and responsibilities between CEHL and housing co-operatives.
• Aligns both partners around agreed commitments, promoting transparency and accountability.
• Establishes a basis for measuring performance and impact, ensuring member value remains central to CEHL’s work.
• Strengthens the community-led co - operative model by embedding participation, accountability, and connection in program delivery.
In 2024–25, CEHL strengthened its focus on measuring member value — linking the commitments of both CEHL and co - ops to tangible outcomes in affordability, maintenance, governance, communication, and community connection.
This section of the Annual Report highlights how CEHL’s work delivers real world results for co-ops and members – from maintaining quality homes and strengthening governance, to expanding the housing portfolio and advocating for the growth of co-operative housing across Victoria.
“In 2024–25, CEHL strengthened its focus on measuring member value.”
How do co ops provide value to their members?
Affordable and secure housing
Having housing that is affordable with an ongoing lease.
Maintenance
Co-op housing is well maintained.
Influence
Members have a say in how the co-op is governed, and how resources are used.
Accountability
Co-op leadership is accountable and transparent.
Connection
Feeling connected to members of your co-op and being part of a supportive community.
How does CEHL provide value to our member co ops?
Accountability
CEHL leadership is accountable and transparent.
Communication
CEHL shares important and relevant information with member co-ops, in ways that are easy to access and understand.
Co-op resources and support
Member co-ops are provided with resources, policies and support, along with accurate and consistent advice.
Training for members
CEHL supports learning and growth for members to be able to manage their co-ops.
Maintenance
Co-op housing is well maintained.
Houses for members
CEHL manages a property portfolio, that allows co-ops to access new properties, or hand-back properties that are too expensive to maintain or no longer needed. CEHL secures funding and develops new housing that enables co - ops to grow.
Advocacy
CEHL represents co-ops to the wider community and advocates for co-op housing.
Through Board-to-Board Regional Meetings, CEHL delivers on its MVS accountability outcome — strengthening transparency, trust, and member voice in governance.
In 2024–25, CEHL launched Board-to-Board Regional Meetings to deepen accountability and engagement. Reflecting CEHL’s unique co-op shareholder model, these sessions create direct, two-way communication between CEHL’s Board, Executive, and member co-op directors.
Held across Bendigo, Bairnsdale, Colac, Metro North, and Metro West, the meetings have brought together 22 member co-ops and 52 directors to share updates, strengthen relationships, and discuss local priorities.
These meetings foster open dialogue, transparency, and shared understanding. Co - op directors engaged CEHL on governance, advocacy, and housing needs, while CEHL gained deeper insight into regional challenges and opportunities.
Co-operatives Build a Better World
“A great way to get to know each other and hear where the program is heading.”
Co-op Directors offered positive comments on the initiative.
“A great way to get to know each other and hear where the program is heading”
“A positive space for working together towards shared outcomes.”
“ Made us feel supported in our roles as board members ‑ encouraging collaboration to sustain this program.”
Together, CEHL and member directors are reinforcing their shared commitment to strong governance, co-operative values, and mutual accountability.
Board-to-Board Regional Meetings are now a regular part of CEHL’s engagement approach, ensuring that accountability and the co-op voice are central to CEHL governance and decision - making.
Through a statewide review of the Co-op/CEHL Agreement (CCA), CEHL puts the MVS value of accountability into action — strengthening transparency, trust, and shared responsibility across the co-op network.
In 2024–25, CEHL began the first phase of a comprehensive review of the CCA. Developed many years ago, the current agreement no longer reflects today’s environment, regulatory changes, or emerging opportunities. By creating a renewed agreement, CEHL is ensuring the model remains relevant, future-focused, and true to co - operative values.
The review is more than a technical update — it’s a chance to redefine how CEHL and co-ops partner for the future. Through open and transparent dialogue, we are clarifying mutual expectations, identifying shared priorities, and co-creating practical solutions that reflect lived experience. The process also strengthens relationships and reinforces accountability — ensuring the new agreement supports long-term sustainability and clear, effective collaboration.
Over two months, 14 review sessions were held across Victoria, bringing together 150+ co-op directors and representing 67% of member co - ops. These sessions captured a broad range of perspectives, built trust, and laid the groundwork for a renewed, more effective agreement.
The next phase will bring together a regional working group to refine the draft agreement, representing local and statewide perspectives. Together, we are creating a new CCA that is clear, practical, and sustainable — one that reflects accountability in action and keeps co-operative values at the heart of how CEHL and co-ops work together.
The review is more than a technical update — it’s a chance to redefine how CEHL and co ops partner for the future.
Through clear, timely, and accessible communication, CEHL delivers on the MVS outcome of communication — empowering boards to lead and members to engage.
Effective communication keeps our co-op network informed, connected, and confident in decision - making. CEHL provides plain-language updates across multiple channels, ensuring information is easy to find, understand, and act upon.
Communications are tailored for two audiences:
• Co-op Directors receive targeted, governance -focused updates through a business-to-business (B2B) format, giving boards the clarity and tools to lead effectively.
• Members access engaging stories and practical updates that strengthen their connection to the CEHL co-op community.
Through B2B communication, we continue to strengthen links between CEHL and co-op boards. Secretaries remain the key point of contact, ensuring updates on governance, rent reviews, AGMs, and compliance matters reach members quickly and accurately. When information affects all households, we also communicate directly with members — ensuring no one is left out of the conversation.
The CEHL member newsletter, Co-operatively Speaking , is a key channel for implementing the communication outcome. Each edition shares updates, advocacy highlights, training opportunities, and member stories that show what’s working across regions and co-ops.
In 2024–25, six editions were produced, incorporating 130 pages of online content.
Members value the clarity and variety of Co - operatively Speaking:
“One of the most informative editions I have read. Excellent variation of content and inclusion of CERC members.” — Kevin Thomas, Larrakeyah Co op
In 2025–26, CEHL will build on this foundation by expanding two-way communication and creating more opportunities for feedback, collaboration, and shared learning. New digital tools and streamlined communication channels will make it easier for directors and members to access information, share insights, and participate in sector-wide conversations.
Through our Regional Service Delivery model, CEHL is delivering on its MVS outcome of Co op Resources and Support — ensuring every co op has access to the advice, resources, and relationships needed to thrive.
Regional Approach: Strengthening Co‑ops Through Connection and Support
Introduced in 2024 in response to co-op feedback, the Regional Service Delivery (RSD) model groups co-ops into nine geographic areas, each supported by dedicated CEHL teams across tenancy, maintenance, property, finance, and development. This structure strengthens communication, streamlines access to support, and builds closer, more responsive relationships between CEHL and member co-ops.
Each region has a Co-op Development Coordinator (CDC) as a consistent first point of contact, providing practical advice, connecting directors with resources, and helping them lead confidently and effectively.
In Bendigo, CDC Kim Rattray-Wood supports nine local co-ops through regular visits, training, and peer-to-peer learning.
“People love learning peer to peer,” Kim says. “Treasurers and maintenance directors swap notes, contacts, and ideas — they really connect.”
This collaboration has delivered tangible results — from co-ops securing discounted safety checks through shared contractors to hosting community information sessions that raise awareness of co - op housing.
These achievements were recognised nationally when Bendigo Community Connections won the Australasian Housing Institute (AHI) VIC/TAS Tenant-Led Initiative Award, celebrating tenant- led initiatives that strengthen communities and promote leadership.
“ This award reflects the power of collaboration — when co ‑ ops support one another, everyone benefits.” — Kim Rattray Wood
The Bendigo experience shows how CEHL’s regional approach turns resources into results — building stronger co-op communities, deepening local connections, and enhancing the long-term sustainability of the co-operative housing network.
Every co ‑ op has access to the advice, resources, and relationships needed to thrive.
Through tailored, practical training, CEHL is delivering on its MVS outcome of Training for Members — building the skills, confidence, and leadership co ops need to thrive.
In 2024–25, CEHL continued to invest in developing the knowledge and capability of co-op directors and members, helping them acquire the skills needed to manage their co-op communities and assets confidently. The focus is practical: enable leadership, strengthen governance, and support informed decisions that benefit their co-ops and the broader program.
This year, CEHL delivered 80 training sessions to more than 41 co-ops, reaching over 275 participants across Victoria. The program offered a diverse mix of governance, operational, and community-focused learning, including:
• Governance and leadership: General Director Training, New Director Induction, and the introduction of the Director Assistance Program, a program that offers confidential, independent advice, mentoring, and coaching for co - op directors
• Fair and consistent processes: Member Selection and New Member Induction training
• Community safety: Workshops delivered in partnership with Victoria Police and Neighbourhood Watch
• Operational support: Guidance on rent reviews, property maintenance, and regulatory compliance requirements
Training was also customised to Co-op needs, with Co-op Development Coordinators working alongside members to design sessions tailored to local priorities. Support included coaching and mentoring, facilitated workshops and director induction.
CEHL will continue to evolve its training program to meet member needs — building capability, confidence, and stronger connections across the co-op housing network.
This year, CEHL delivered 80 training sessions to more than 41 co - ops, reaching over 275 participants across Victoria.
Over the course of the financial year, CEHL invested $16 million in expanding our housing portfolio, completing 23 new dwellings — an increase from 16 dwellings delivered in 2023–24 and 4 dwellings in 2022–23.
This growth reflects CEHL’s ongoing commitment to increasing the supply of quality, affordable housing for members and communities across Victoria.
In July, CEHL completed two three - bedroom homes in the Geelong bayside suburb of Rippleside, with both properties currently tenanted by families from the local Geelong community.
In March, CEHL delivered a 16-dwelling apartment complex, a seven-storey development built to the Victorian Government’s Better Apartment Design Standards. Located in a vibrant, multicultural inner-city suburb 5km from Melbourne’s CBD, the building features a communal rooftop garden, shared laundry facilities, and energy-efficient systems designed to minimise environmental impact and reduce ongoing costs for tenants. Recognised by the Merri-bek Council as a benchmark in sustainable urban design, the project achieved high scores under the Design Excellence framework. With a walkability score of 98/100 that reflects excellent access to public transport and local amenities, the development demonstrates CEHL’s ability to deliver homes that are affordable and well-located.
In March, CEHL completed five two-bedroom townhouses in Bundoora, contributing to our growing social housing portfolio. A further five heritage-listed dwellings within the same development are currently under construction and expected to be completed in two stages across October and November 2025.
CEHL has a pipeline of 52 additional dwellings under planning or construction across Victoria. These projects represent a diverse mix of new builds and redevelopments with a mix of use as social housing and properties for housing co - operatives, all aimed at delivering long-term affordability, sustainability, and security of tenure for co-op members and renters.
Co-operatives Build a Better World
CEHL has a pipeline of 52 additional dwellings under planning or construction across Victoria.
Through regular inspections, shared responsibility, and data driven planning, CEHL delivers on its MVS outcome of Maintenance — keeping homes safe, functional, and sustainable for members now and into the future.
Looking after our homes starts with understanding their condition. Through CEHL’s three-year rolling inspection program, we assess every property — from kitchens and bathrooms to windows and outdoor spaces. In 2024–25, 526 inspections were completed, covering 25% of all homes and guiding more than $5 million in planned works. These inspections and asset planning ensure every home meets required standards and maintains the longterm value of CEHL’s housing portfolio.
Inspection data helps CEHL, and co-ops make informed, transparent decisions about maintenance priorities. Each issue is assessed and scored by urgency, so resources go where they’re needed most. Co-ops receive detailed inspection reports, empowering them to plan and take an active role in caring for their homes — reflecting the shared responsibility at the heart of the co - operative model. For members, these improvements make a tangible difference.
“A big thank you to everyone. I love my new kitchen — it looks so glam! The contractors were polite, lovely, and efficient,”
— Barbara, founding member Eyrie Co‑op, Greater Bendigo
“ It’s the first time I’ve used CEHL’s maintenance since becoming a direct renter, and it was fabulous — my request was followed up instantly and completed efficiently.”
“A big thank you to everyone. I love my new kitchen — it looks so glam!”
in maintaining our portfolio
CEHL continued to invest in maintenance to ensure homes for our residents are safe, secure and sustainable. In 2024-2025, CEHL completed:
478 major works
including 79 bathrooms, 39 kitchens, and 16 roof replacements
6,633 responsive works covering urgent repairs, cyclical maintenance, and garden care
“ Thank you to the Maintenance Team for organising good trades and resolving the garage door maintenance. Very thankful!”
By combining inspections, data, and collaboration, CEHL is building a transparent and accountable approach to maintenance — protecting homes, supporting members, and sustaining co-op housing for the long term.
CEHL’s commitment to Environmental, Social and Governance (ESG) principles, reflects our co‑operative values and purpose and guides us in delivering affordable, sustainable housing with integrity and accountability.
Our ESG Statement acknowledges that environmental stewardship, social impact, and strong governance are not just interconnected but also instrumental in creating a better future for our renters and our co-op communities.
In 2024–25, CEHL continued embedding ESG priorities across our operations and strategy and deepened our understanding of impact measurement. We are focused on reducing environmental impact through sustainable asset management, strengthening social outcomes by supporting inclusive and connected co-op communities, and maintaining transparent, accountable governance.
• It strengthens our reputation, supports risk management (including regulatory, social license and operational risks), and underpins long-term sustainability of the co-operative housing model.
• It supports CEHL’s value proposition to member co-ops: that we are delivering housing with integrity, accountability, and future-focused governance.
• A clear ESG Statement and framework signals to stakeholders (government, investors, co - ops, residents) that we take our social and environmental footprint seriously – which in turn can unlock partnerships, investment, and trust.
CEHL’s FY26 Strategic Plan includes a dedicated initiative to develop and implement an ESG Impact Framework. This framework will be a clear commitment to managing our housing portfolio sustainably and guide how CEHL measures, reports, and continuously improves its environmental, social, and governance performance, supporting a housing model that is resilient, responsible, and future-focused.
This framework will be a clear commitment to managing our housing portfolio sustainably.
Through strategic advocacy, CEHL delivers on its MVS outcome of Advocacy — ensuring the voice of co‑op housing is heard by government, the media, and the wider community.
The 2025 International Year of Co-operatives (IYC2025) theme ‘Co-ops build a better world’ provided CEHL with a strong platform to promote co-operative housing. Through ministerial site visits and briefings, media features, and joint campaigns with the Australian Co-operative Housing Alliance (ACHA) and Business Council of Co-operatives and Mutuals (BCCM), CEHL advanced clear policy asks for co-op housing.
CEHL Managing Director, Liz Thomas, is the Chair of ACHA. Together with her national colleagues, she elevated co-ops in national discussions on affordability, security, and housing choice. She presented the ACHA blueprint to Federal Ministers and secured national and regional media coverage that brought co-op housing into policy and public debate.
Advocacy sits at the core of our commitment to member co-ops. By engaging decision-makers and media, CEHL promotes a model that delivers stability, affordability and community.
With housing affordability a national priority, CEHL achieved record visibility for co-ops. Federal Housing Minister Clare O’Neil visited Entity Co-op, located in her Victorian electorate, in January. The Minister then returned to Lakewood Co-op with Federal Treasurer Jim Chalmers, for on-the-ground conversations with co-op members.
Co-op housing stories reached national and regional audiences via ABC Life Matters, ABC Breakfast and outlets including the Geelong Advertiser, showcasing co-ops as a practical response to the housing crisis.
“Getting to meet members and see the difference co-op housing makes brings the model to life for policymakers.”
— Liz Thomas, CEHL Managing Director
As part of IYC2025, CEHL partnered with BCCM and the sector on shared campaigns, events and media—using the national platform to spotlight member stories and strengthen recognition of co-op housing as part of the solution to Australia’s affordable housing crisis.
In the housing sector, CEHL championed the co - op model through partnerships with BCCM, CHIA National, CHIA Vic and ACHA, and contributed to major forums including the CHIA Vic Conference and the Co-op Assembly.
“Our goal is to make co op housing part of the mainstream housing conversation— recognised, funded and growing.”
— Liz Thomas, CEHL Managing Director
CEHL will continue to amplify co-op voices and advocate for policy and investment that expand the supply of co-op housing.
Common Equity Housing Limited (CEHL) is a not‑for‑profit company limited by and governed by the Corporations Act 2001.
As a registered charity, CEHL’s Board is accountable to the Australian Securities and Investments Commission (ASIC) — which oversees compliance with the Act — and the Australian Charities and Not-for-profits Commission (ACNC).
CEHL’s shareholders are its housing co-operatives. Each co-operative holds one share and votes to elect five eligible co-op members to the CEHL Board.
In addition to the five co-op-elected Directors, the Board includes five independent Technical Directors and the CEHL Managing Director, all appointed by the Board. The independent Directors and the Managing Director each hold one share.
Elected Directors bring lived experience and insight from the co-operative housing sector, ensuring that member perspectives shape CEHL’s strategic direction. Independent Directors contribute specialised expertise in fields such as law, accounting, finance, and property development, strengthening the Board’s capability.
The Board has established three standing committees — Finance, Audit and Risk; People and Culture; and Property — to support effective governance. Each Director serves on at least one committee, supported by Independent Committee Members who bring external expertise and objective insight. These committees enable deeper consideration of complex or specialised matters, informing recommendations to the Board and enhancing the quality of governance and decision - making.
As a Registered Housing Association (RHA), CEHL’s performance is assessed against performance standards set by the Victorian Housing Registrar.
For the year in review, CEHL achieved compliance with all performance measures:
In line with Victorian Housing Registrar requirements, CEHL conducts a two-yearly renter satisfaction survey. The next survey will be conducted in 2026.
Fiona Herman BN MHHSM GAICD
Fiona has been a member of the CEHL Co - operative Housing Program since 1999. She was first elected to the CEHL Board in 2013 and elected as Chair of the CEHL Board in December 2022. Fiona has completed the AICD Directors Course.
Fiona Bennett
BA (Hons) FCA FAICD
Fiona has extensive experience as an executive, non-executive director, and board chair in private, government and for- purpose organisations. Fiona joined the CEHL Board in 2024 and is Chair of the Finance, Audit and Risk Committee.
Tony De Domenico OAM
Tony is a former Director of the National Housing Finance and Investment Corporation (NHFIC) and has previously served as the Chair of AHURI, Deputy Chair of Development Victoria and CEO of the Urban Development Institute of Australia (Vic). In 2018, Tony received an Order of Australia Medal for his contribution to urban planning, research, and development in Victoria. He was first appointed to the CEHL Board in 2012 and is Chair of the People and Culture Committee.
Damian Dickson (Retired November 2024)
Damian’s background as a Welfare and Community Development worker has framed his involvement in the social housing sector. Damian was a member of the planning committee for the Murundaka housing development in Heidelberg Heights and has served as a member of the CEHL Training Advisory Committee. Damian was first elected to the CEHL Board in November 2022 and was a member of the Finance, Audit and Risk Committee.
Keith Bayliss
AssocDip (Valuations) GAICD
AAPI MRICS CSCM
Keith has over 30 years’ experience as a senior executive and director in the property industry. He was appointed to the CEHL Board in December 2019 and Chairs the Property Committee.
Sylwia Greda Bogusz
OAM BEd (Management), MEdST (Behaviour Psychology), EdD (Sociology) ICDA
Sylwia has been a member of the CEHL Co-op Housing Program since 2013. She has previously served as a member of the Australian Multicultural Advisory Council and the Victorian Department of Human Services Multicultural Advisory Committee and as a member and Deputy Chair of the Australian Multicultural Centre for Women’s Health. She is also Chair of PolCare, an aged care service provider. Sylwia received an Order of Australia Medal in 2019 for her contributions to the Polish community of Victoria. Sylwia has served on the CEHL Board twice, most recently elected in 2023. Sylwia is a member of the People and Culture Committee.
Joseph Montero
BEc GradDip HR Cert IV
TAE DipEd
Joe’s membership of the CEHL Co-op Housing program spans 30 years, across two co-operatives in which he has actively served in a range of roles and director positions. Joe also served on the former Policy Advisory Committee and on the Co-operative Board Advisory Committee. Joe was elected to the Board in 2023 and is a member of the Finance, Audit and Risk Committee.
Jean Nankin
(Resigned February 2025)
BEc, GradDip (Urban & Regional Planning), GradDip (Property)
Jean has more than 25 years’ experience in acquiring and developing properties across retail, social housing, and State government property portfolios. Jean was appointed to the CEHL Board in February 2021 and is a member of the Property Committee. Jean resigned as an Independent Technical Director on 24 February 2025. Jean joined the Property Committee as an Independent Committee Member in March 2025.
Michael Pearce
SC LLB (Hons) and LLM (International Law) BA
Bachelor of Arts, Bachelor of Law (Hons) and Masters in International Law. Michael is a Barrister and Senior Counsel and a non-executive director of other companies, including a solar energy start- up. Michael was appointed to the CEHL Board in March 2023 and is a member of the Property Committee and a member of the Finance, Audit and Risk Committee.
Elizabeth (Beth) Rundle GAICD
Beth has been a member of the CEHL Co-op Housing Program since 2008 and holds various roles on her co-op board. Beth was a member of the CEHL Policy Advisory Committee and a founding member of the Co-operative Board Advisory Committee. Beth was elected to the CEHL Board in 2023 and serves on the CEHL Property Committee. Beth is currently completing her Bachelor of Journalism.
Co-operatives
Elizabeth (Liz) Thomas BA, GAICD
Liz was appointed as the Managing Director of CEHL in November 2021. She has more than 25 years’ experience as a CEO and Non-Executive Director, across a broad range of sectors. Liz chairs the Australian Co-operative Housing Alliance (ACHA) is Deputy Chair of the Community Housing Industry Association (CHIA) Victoria and a Director of BCCM.
Melanie Abrams
Melanie was appointed to the Board in June 2025 to fill a casual vacancy arising from the retirement of a co-op elected Director. This appointment ceases on the date of the next Annual General Meeting, unless Melanie is elected as a Co-op Director at the AGM. Melanie has been a member of the CEHL Co - op Housing Program since 2022 and is a Director with Earth CERC and a member of the Murundaka Association. Melanie is a member of the Finance, Audit and Risk Committee.
The financial statements for the year ended 30 June 2025 were audited by Grant Thornton, who issued an unqualified opinion. The full audited financial statements are available on the ACNC website: www.acnc.gov.au or upon request.
30 June 2025
ABN 97 006 546 658
Email info@cehl.com.au
Phone 1800 353 669
www.cehl.com.au
Meetings of directors – During the financial year 9 meetings of directors were held. Attendances by each director during the year were as follows:
* Independent Committee Member but not a Director.
# Jean Nankin resigned as a Director in February 2025 and was subsequently appointed as an Independent Committee Member on the Property Committee. The Chair is eligible but not required to attend any meeting of the Committees of the Board.
As at 30 June 2025