Despite the passing of the Housing Australia Future Fund (HAFF) the Australian government is flagging there may be even stricter rental tenancy reforms afoot to ease the housing crisis. Seaforth, Australia – Rents across Australian capital cities rose on average by 11.7% last quarter. Few think the HAFFs goal of 30,000 social and affordable rental […]
Despite the passing of the Housing Australia Future Fund (HAFF) the Australian government is flagging there may be even stricter rental tenancy reforms afoot to ease the housing crisis.
Rents across Australian capital cities rose on average by 11.7% last quarter. Few think the HAFFs goal of 30,000 social and affordable rental homes over the next 5 years will make much of an impact. Especially as Australia’s population surged in the 12 months to March this year due to 454,400 migrants arriving – a trend that’s expected to continue.
Don Binkley of Property Providers says Australia finds itself at a rental crossroads. “Our government can opt for rental reform in the shape of freezes and caps or seize an opportunity to change the game.”
Rent control is pointed to by many as the easy, politically popular solution, but we know from Sweden, New York, Paris and Berlin rental reforms stifle rental supply and investment as landlords choose to sell their properties rather than lease at significantly capped rates.
Rental control ignores the greater forces at play, rising inflation, changing investor demand and a lagging construction sector. Investors need ways to offset increased mortgages, land tax, utilities and insurance costs with a flexible market-led approach to retain and reinvest in their properties.
Mr. Binkley says rather than placing more restrictions on landlords, a better solution is to encourage use of their primary home for flexible letting opportunities.
“Our clients see their property as an asset, not just their home. Harnessing the idle capacity of their investment by renting it for stays of 1 – 6 months is a sensible solution to offsetting their rising costs.”
Property Providers has served the flexible residential rental market for over 12 years and sees demand for urban short stays strengthening post COVID from executives looking for an extended workcation in Australia to urban renters needing flexible short to mid-term rental solutions while their property is repaired or renovated, or during a divorce.
“Executives relocating to Sydney can stay in a fully furnished high end property while the owner gets to take an extended vacation, it’s a win, win” added Mr. Binkley.
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