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Deputy Premier, Steven Miles, has announced a government investigation into how the short-term rental market is affecting Queensland’s housing supply.
The so-called Airbnb effect describes the tightening in residential rental markets across Australia attributed to the growing popularity of short-stay platforms.
The withdrawal of homes, units, and rooms from the long-term rental market in favour of Airbnb and Stayz drives up rents and amplifies a shortage of housing stock.
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Dr Miles said the current rental market is very tight in many areas across Queensland.
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“We don’t have a clear picture of the impact short-term rental properties are having on the rental market.
“That’s why we’re announcing we will commission a body of research to understand the impact properties placed on short-term rental sites such as AirBnB and Stayz has on the market.
“This work will provide some detailed analysis into the positive and negative impacts of short-term rental accommodation on housing affordability and availability, the tourism industry, property owners, and Queensland’s cities and regional communities.
“It will also identify if the impact is the same across Queensland or if the experience varies across different regions,” the Deputy Premier said.
In Cairns, there were just over 2,000 short-term listings in the most recent data.
The vacancy rate for long-term rental was at a record low in September of 0.5 per cent.
The average weekly rent has increased by almost 10 per cent in the past 12 months, with three-bedroom houses going up 13.5 per cent.
An average Cairns three-bedroom home rents for almost $500 a week, and a two-bedroom unit goes for about $400.
The average price of short-term accommodation in Cairns is $260 a night, more than $1500 a week, according to data analysis company AirDNA.
Generally, local governments don’t register or charge fees for short-term rentals, but Brisbane City Council is considering rates increases to shift owners back to the long-term rental market.
Dr Miles said the Government would look at all avenues that might increase the number of properties available for longer term rental.
“We are listening to the community, industry, councils and other stakeholders, who have raised these concerns on both sides.
“The research will consider a range of regulatory and non-regulatory options, including those being used in other jurisdictions and provide a solid base of information to underpin any framework changes in Queensland.
“There are many factors here, including Queensland being the nation’s tourism capital and having suitable accommodation for international, interstate and intrastate visitors is vital for businesses and communities.”
It’s hoped the research into the short-term rental accommodation market will be delivered to Government by the end of the year.
The short-stay issues will also be on the agenda at the Queensland Government Housing Summit, due to begin later this week.
Find out more about the Airbnb effect.
Main points
- Government to investigate so-called Airbnb effect
- Short-term stays put pressure on already struggling residential rental market
- Queensland Government Housing Summit begins this week
