The rental giant Airbnb defends itself against the accusation that it is contributing to the real estate crisis in Australia.
Credit indicator data released by the Australian Bureau of Statistics in February showed that the national average new mortgage size reached an all-time high of $624,383 in December 2023.
Average rental costs in the third quarter of this year were $600 per week nationwide, $640 per week in the capital cities and $540 per week in the regions. The vacancy rate in June was a measly 1.4 percent, according to PropTrack’s June rental report.
“Before the pandemic, the national rental vacancy rate was typically around 2.5 percent, which shows how much conditions have worsened,” the report said.
“Given the limited supply of new rental apartments and continued strong demand for rental apartments, the vacancy rate is expected to remain low.
“This underlines once again that a significant increase in rental housing stock or a reduction in rental demand is necessary to achieve more stable rental conditions as before the pandemic.”
Rental companies like Airbnb have faced heavy criticism for allegedly increasing rents and restricting the availability of long-term rentals.
However, Susan Wheeldon, Airbnb’s country manager for Australia and New Zealand, stresses that short-term rentals only make up a small proportion of available rental properties.
“All short-term rentals account for about 1 per cent of the total stock in Australia,” Ms Wheeldon told 7NEWS.
Byron Bay plans to introduce caps on short-term rental accommodation from September. In most parts of the county, it will no longer be possible to rent non-landlord-hosted accommodation for longer than 60 days per year.
Byron Shire Mayor Michael Lyon told 7NEWS that protecting residential areas for residential use was “absolutely necessary”.
“We know we are being attacked from the platforms,” he said.
However, Ms Wheeldon claimed the move could have a “really serious impact on employment”.
It was previously revealed that no one on an average full-time or part-time income in New South Wales can afford to buy a property in Greater Sydney without additional assistance, according to a new study led by property experts Mustapha Bangura (University of Technology Sydney) and Professor Chyi Lin Lee (UNSW).
“We expected the housing affordability problem to be severe for part-time workers, but found that full-time workers are also significantly affected,” Professor Lee said.
“This underscores the widespread housing affordability crisis and the need for comprehensive policy solutions.
“It is clear that it is becoming increasingly difficult for Australians to fulfil their dream of owning their own home.”
