03/09/2024
As property investors ourselves, we too are feeling the uncertainty some of our clients may be feeling with the recent announcements to changes in the short-stay property sector in Victoria.
The Victorian Government has announced a new levy of 7.5% to be imposed from 1 January, 2005 on short stay accommodation across Victoria. The levy will apply to all bookings (unless your listing is your principal place of residence) and be paid for by the guest at the time of booking.
Also tabled are the following changes:
· Owners corporations will have the power to prohibit listings in a strata scheme on a three-quarter majority vote (as long as it is not your principal place of residence).
· Local governments have been given full authority to pose their own regulations on short-stay accommodation. With 79 councils around Victoria, we’re yet to know how each one will regulate the short-stay market in their local area.
We have already been approached by some members of Parliament to comment on these proposed changes and the impact to the industry.
We’ll do our best to keep across the updates and property owners to manage any pending restrictions as they arise.
https://www.abc.net.au/news/2024-08-27/housing-policy-airbnb-regulations-victoria/104273174
New reforms to Victoria's short stay levy bill will see local governments and owners corporations given new powers to limit short stay rentals in their area.
