Specialist housing for disabled people, which has grown from nothing into a $2.5 billion asset class in just five years, is poised to expand a further fivefold in response to demand for housing that meets the needs of an estimated 28,000 young people, a new industry report shows.

But without reforms to end “opaque” decision-making by the National Disability Insurance Agency and the provision of more up-to-date information for the growing pool of investors wanting to expand the specialist disability accommodation sector, that growth is at risk, the SDA Investor Think Tank report says.

Fund managers such as Australian Unity, Macquarie and Lighthouse Infrastructure – all part of the think tank – will on Friday tell Government Services Minister Linda Reynolds that big changes are needed to realise the potential of SDA housing and make it into a $12 billion social impact asset class, dwarfing other sectors such as social impact bonds ($66 million) and impact private equity ($97 million).

The managers, who collectively have put $650 million into financing nearly 1000 places for NDIS participants, warn that without reforms such as a senior person in the NDIA responsible for engaging with the sector and regular quarterly statements analysing and anticipating the market, investors will limit their exposure.