Property owners will be forced to obtain a license to operate an Airbnb in Brisbane due to the impact of short-stay accommodation on housing supply.
Brisbane Mayor Adrian Schrinner will introduce a system to regulate the rise of Airbnb in the city as residents struggle to find long-term homes.
After a year of research into the sector, Mr Schrinner said less than one per cent of homes in Brisbane are used as short-stay accommodation.
“This did not cause the housing crisis, but it is clearly something that needs to be managed and continues to contribute to it,” he told ABC Radio on Wednesday.
Property owners will need a license to operate an Airbnb in Brisbane in a bid to regulate the short-term accommodation sector (pictured)
According to data analytics site AirDNA, there are more than 10,000 properties used for short-stay accommodation in Brisbane.
Currently, apartment building companies have little power to prevent a property from being used as Airbnb.
The council plans to introduce a licensing system whereby a property can only operate as an Airbnb if they have the correct building permits, support to the body and a property manager available 24 hours a day, 7 days a week.
Properties that do not meet licensing requirements would be forced to return to the long-term rental market to meet demand in Brisbane.
“We have identified more than 400 properties that need to come back into the long-term rental market,” Mr Scrinner said.
Properties in Brisbane (pictured) can only operate as Airbnb if they meet certain criteria, including having building permits and 24-7 management of the property.
He said he understands the demand for Airbnb-style accommodation, especially in the run-up to the 2032 Olympics. However, there also needs to be real estate to support the long-term rental market.
Brisbane is facing rising house prices as the latest CoreLogic data shows it is now the second most expensive city in Australia to buy a home.
Demand for rental properties has also skyrocketed, with Brisbane experiencing a 0.9 per cent vacancy rate and rental prices having risen 9.3 per cent in the past year.
Higher council rates are charged for short-term rentals to combat overpricing and encourage the properties to come back onto the market as a long-term solution.
More than 10,000 properties in Brisbane are used for short-stay accommodation, according to figures from data analysis site AirDNA.
“They’re not using the house for a standard residential purpose, they’re effectively using it for a business purpose,” Mr Schrinner said.
As the housing supply crisis wreaks havoc across Australia, other states such as NSW are considering introducing a short-term accommodation levy to encourage owners to put their properties back on the long-term market.
Victoria already levies a 7.5 percent tax on Airbnbs.