Approximately 277 previously derelict homes have been renovated to provide social housing for over 700 people.
The homes include 165 cottages, 30 townhouses, seven villas and 75 units.
A further 13 homes will be ready by the end of June.
From a new public home in Sydney's Inner West at Russell Lea, Albanese said the renovation scheme is a way to get families into homes quickly.
"Places like this were derelict, at a time where Australians don't have enough homes they were left to waste," he said.
"We know that those public housing waiting lists have grown...what we need is more public housing.
"We need more supply, that is the key to addressing housing issues."
The homes were built using the $2 billion Social Housing Accelerator, which is part of Labor's $32 billion Homes for Australia plan.
The renovation of one home costs $80,000, which is significantly cheaper than building a new home from scratch, the prime minister said.
"This is quality housing for $80k making a difference, we saw that this was the low-hanging fruit that we could do," Albanese said.
"Social housing helped transform my life, and it is the case for so many other Australians, it provided that security that was so important for my mum to be able to raise me.
"We need to make sure that families can have that security, a roof over their head."
NSW Housing Minister Rose Jackson said families will start moving into the homes in Russell Lea within the next few weeks.
"This is practical, this is real, there is a woman and children who fled a violent relationship who are ready to move into this house in the coming weeks," Jackson said.
"The social housing waitlist is growing, not shrinking.
"The only way to get people of the social housing waitlist is by getting them into safe and secure homes."
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2024-05-31 05:58:49Z
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