NSW government supports short-term rentals

By |

The New South Wales government recently handed down their response to the Inquiry into the Adequacy of Regulation for Short-Term Holiday Letting, largely supporting the recommendations.

However, the government will release an options paper in May to further consult with the public and industry on how services like Airbnb should be regulated. Currently, regulations vary from council to council, with bans existing in some.

Anthony Roberts, NSW Planning and Housing Minister, said the extra time would be worthwhile, as it would allow the public to provide their feedback. “This is an opportunity for people that live in strata, for people that rent out their rooms to actually participate in policy,” he said. “I make no apologies for listening to the people of New South Wales in the development of policy.”

The state government gave qualified support to short-term rental accommodations, as well as eight of the 12 other recommendations handed down by the inquiry, with the three other recommendations given full support.

Short-term property management specialist MadeComfy welcomed the government’s announcement, saying their support provided much-needed direction for homeowners and property investors who list their properties on Airbnb.

Of Sydney’s nearly two million properties, only 1.2% have been listed on Airbnb at some stage, suggesting there is still room for growth.

“This support by the NSW Government will hopefully result in short-term rentals being a viable option for every homeowner without fear of legal or financial penalties,” said Sabrina Bethunin, co-founder of MadeComfy. “In addition to that, with the median property price in Sydney having reached over 1 million dollars, households are dedicating an average of 44 per cent of their income to service their mortgages,” Bethunin said. “It means Sydneysiders are considered under ‘mortgage stress’ as they are devoting more than 30 per cent of their income to mortgage repayments."

By either renting out a spare room or the whole property when it’s not utilised, Airbnb and similar platforms provide owner-occupiers with the means to obtain an income to help cover their mortgage repayments or afford their holidays. 


Related stories:
Airbnb Hosts Can Earn More During Holidays And Major Events
Should You Turn Your Property Into An Airbnb Rental?

 

Do you have more than $200k in your super fund? You could use your super to buy property - Find out how

Top Suburbs : bendigo , east victoria park , tuart hill , coorparoo , thebarton

go back

Get help with your investment property



Do you need help finding the right loan for your investment?


When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here