Under the voluntary scheme, participating Australians would give away 0.1 per cent of their home's sale price to help build houses for the homeless.

For a $1 million property sale, the donation would be $1000. And the caveat would remain on the property for future resales, although a new owner would have the option of removing it.

The Big Issue's Homes for Homes program will be launched nationally next year. On Wednesday it received a boast in Victoria, with Labor promising $500,000 in seed funding if it wins   Saturday's state election.

It is estimated that if 5 per cent of Victorian property owners signed up to the scheme it would raise more than $4 million a year.

The money would be funnelled to social housing providers, such as the Salvation Army, through a grant process.

Labor housing spokesman Richard Wynne said the program would offer a "completely new stream of money" for social housing, in addition to government funds.

"It's a completely voluntary, opt-in process," he said. "I think this is a project that will capture people's minds."

So far in this state election, funding promises to tackle homelessness have come in the form of moderate pledges for individual programs rather than any grand plan to stem growing housing affordability pressures.

Council to Homeless Persons chief executive Jenny Smith said that while the innovative Homes for Homes project was welcome, Victoria needed a strategy that would deliver affordable homes for tens of thousands of people, not hundreds.

"The Making Social Housing Work alliance is calling for $200 million per year for 20 years to build 800 new social housing dwellings each year," she said.

Visit  homesforhomes.com for more information about the Homes for Homes project.