I't isn't surprising that Australians are interested in sharing their space with travellers. With rising living costs and growing mortgages, they need the extra cash.
But short-term renting has been facing headwinds, depending on the sort of property and its location. "It is tougher for my property now than pre-Covid," says Isabella, a 68-year-old retiree who has an investment property in the Sydney suburb of Randwick. The NSW government has cut the days she can rent out her Airbnb from 365 to 180.
Government-imposed caps on the number of days a property can be rented, steeper council rates and increased competition from hotels are some of the challenges for hosts. Some short-term rental markets are saturated as more properties are listed. Fees from portals such as Airbnb have increased for guests. Then there are unpopular cleaning fees that an increasing number of Airbnb hosts charge.
Short-term rentals are being blamed for lack of affordable housing in tourist hotspots and even big cities. "Short-term rental accommodation has significant impacts on permanent rental housing supply, amenity, local character and community," says the mayor of Byron Shire, Michael Lyon. Byron council moved to cut the number of allowable days for non-hosted accommodation from 180 to 90 days, but this was prevented by the NSW planning department.
For Airbnb hosts such as Geoffrey, who has two highly rated Airbnbs in Hepburn in regional Victoria, travel bookings aren't the same as in pre-pandemic times.
"What we are seeing now is something altogether different. Bookings are steady but not filling as quickly, potential guests are now choosing to spend their travel dollars in other ways - be it on cruise ships or in other countries - but we have just started to see the return of the international traveller to our short-stay properties here, so that looks very promising."
Denne historien er fra February 2023-utgaven av Money Magazine Australia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra February 2023-utgaven av Money Magazine Australia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.
