- June 12, 2018
- Posted by: Rogers Property Group
- Categories: Australian Property Market, International Property Market, Latest News, Melbourne Property Market, Property Investment, Queensland Property News, Sydney Property Market
The original idea of the AIRBNB is a great one. Rent out a spare room in your home to get some extra money and help relieve the supply restrictions in some places.
Investors have taken this to the next level and have used the AIRBNB platform to increase yields on their investment properties dramatically. But government is now clamping down…
In the past AIRBNB accommodation has been virtually unregulated. Where certain fire and safety requirements were over looked. A little bit like the original UBER model. However, a bit like UBER the model was abused and the government is now clamping down.
It has introduced a variety of different regulations that must be met and this has meant that thousands of AIRBNB residences have now been removed from the on line platform.
Greater Sydney now has limited that a property can only be let out for 180 days on the platform. Strata managers also have the ability to ban AIRBNBs within the complex if 75% of the body corporate agree. It looks like this may be rolled out across other areas as well.