by Alice Piper published in realestate.com.au
Australian rental market listings declined 18.9% in April, according to recent PropTrack data – the largest decline since December 2017. Now, there are calls for limits to be put on short stay accommodation as a potential solution to the problem.
Melbourne, Perth and Sydney are facing the toughest rental market conditions in the entire country, with total rental listings over the year falling 31.3%, 19.2% and 15.7%, respectively.
While some markets saw an increase in rental supply (mainly regional), total stock for rent remains significantly lower than at the start of the pandemic in both capital cities (-40.2%) and regional areas (-36.1%).
And with rental prices at the end of March 2023 sitting at a median of $500 per week in capital cities, an increase of 11.1% over the past 12 months, it’s like renters are being dealt a double blow.
The question of how to sustainably fix the rental supply issue and provide secure housing to the millions of Aussies who rent is now more pertinent than ever.
Is ending short-stay accommodation the answer?
“If the short stays industry is allowed to go unregulated, we just can’t have a healthy long-term rental market,” Gabrielle de Vietri Greens MP and State Member for Richmond said.
This has led the Greens to introduce a bill to parliament which would place strict regulations on the short stays industry in Victoria, with the aim to bring more properties back to the regular rental market.
“Some of the things we’re proposing is a 90-day cap on how many days someone can rent out a property on the short stays market,” de Vietri said.
Similar restrictions have already been placed on short-term stays in the cities of London and Amsterdam.
If this bill was passed, it could mean thousands of short stay accommodation listings on sites like Airbnb would potentially return to the long-term rental market, helping to ease the current rental crunch.
Read the full article at https://www.realestate.com.au/news/will-regulating-short-term-accommodation-help-to-ease-the-rental-crisis/
Editor's Note:
Do you have a view on the short term accommodation issue in Noosa? We would love to hear from you and are happy to post your contribution here anonymously. The more local stories we have the better. Please always cite sources whenever statistics are quoted. Email in confidence to: nnsnoosa1@gmail.com
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