There is an acute shortage of social housing in Australia; hence, the supply of social housing needs to be increased. The government, however, lacks the necessary resources to adequately respond to this need. Additionally, the level of private institutional investment in social housing is currently low as social housing investments are perceived to be illiquid, high risk, and with low returns. Through a case study on a social housing renewal project in Garbutt, Townsville, Australia, this paper demonstrates that with the application of the Real Option approach, the profitability of the social housing project is actually significantly higher, compared to what they have been shown to be when traditional methods, such as the net present value, are used. This study offers new insight into the profitability of social housing, which has important implications for policymakers and private sector investors and is the first of its kind in the Australian social housing literature.

澳大利亚的社会住房严重短缺；因此，需要增加社会住房的供应。但是，政府缺乏必要的资源来充分满足这一需求。此外，由于人们认为社会住房投资流动性差，风险高，回报低，因此私人机构对社会住房的投资水平目前较低。通过在澳大利亚汤斯维尔的Garbutt进行的社会住房更新项目的案例研究，本文表明，与实证研究相比，采用实物期权方法，社会住房项目的获利能力实际上要高得多。当使用传统方法（例如净现值）时。这项研究为社会住房的盈利能力提供了新的见解，