The government’s recent changes to short-stay accommodation regulations have the potential to create disruption far and wide, from the short and long term rental property markets to the wider tourism industry, as well as Australian and international holiday-makers.
After reviewing the Short Stay Levy Bill introduced by the Victorian Government, and seeking feedback from their own members, the REIV have outlined their concerns.
According to the REIV, there is little evidence to suggest the 7.5% short stay accommodation levy will create a shift from short term to long term rental investment as the government expects. Real estate industry members are in agreement with the REIV, in fact they suggest the new levy could encourage even more investors to desert the property market altogether, thereby exacerbating the problem the government intends it to resolve.
If this levy doesn’t benefit long term tenants and has a negative impact on property investing as well as the wider tourism industry, and anyone who utilises Victoria’s short term rentals such as Airbnb accommodation for temporary work assignments or holidays, do we need it?
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By Wendy Chamberlain
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With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.