AirBnB Blamed for Rent Hikes
Airbnb has disputed claims that it is contributing to Australia’s property crisis. The Australian Bureau of Statistics reported that the national average new mortgage size hit a record high of $624,383 in December 2023. Meanwhile, national rent averages reached $600 per week in the June quarter, with capital cities at $640 and regional areas at $540. The rental vacancy rate remains critically low at 1.4%, down from the pre-pandemic norm of 2.5%.
Critics argue that companies like Airbnb are driving up rent prices and reducing the availability of long-term rentals. However, Airbnb's Australia and New Zealand manager, Susan Wheeldon, asserts that short-term rentals account for only 1% of total rental stock in Australia.
In Byron Bay, new regulations will limit non-hosted short-term rentals to 60 days per year. Mayor Michael Lyon emphasised the importance of preserving residential areas. Wheeldon warned that these caps could have serious employment impacts. Experts warn that housing affordability is worsening, even for full-time workers, making homeownership increasingly elusive in Australia.
