The New South Wales Government announced changes to the state’s short-term letting laws on Tuesday, which would lead to some apartment owners being banned from listing their apartment on Airbnb.
Under the new rules, strata owner corporations will have the power to introduce by-laws that prohibit short-term letting for houses in their block that are not the principal place of residence of hosts.
The changes also limit hosts based in the greater Sydney area to rent out their homes for up to 180 nights a year, ABC News reported. Regional areas will have no caps, but councils can choose to impose limits.
In a speech before the New South Wales Legislative Assembly on Tuesday, Minister for Innovation and Better Regulation Matt Kean said sort-term holiday letting is estimated to be worth more than $31 billion to the Australian economy, and New South Wales is responsible for approximately half that amount.
The bill will introduce Australia’s “toughest mandatory code of conduct” on short-term letting, including a two-strike policy. Hosts or guests who commit two serious breaches of the code within two years will be banned from short-term holiday letting for five years. The code also provides a complaints system for neighbours of short-term rental accommodation, strata committees, and owners' corporations.
“These provisions strike the appropriate balance between permitting individuals to use their homes within reasonable limits with the need to protect the interests of neighbours,” said Kean.
3 tips to surviving the low Airbnb season with your short-term rental investment property
Short term rentals move mainstream
Top Suburbs :
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 an appointment is free.
We value your privacy and treat all your information seriously - you can check out