According to a new report by AHURI, the Australian Housing and City Research Institute, global short-term rental platforms such as Airbnb are causing losses to the rental markets in Sydney and Melbourne. And aggravated the growing inequality between housing and no housing.
Since its inception 10 years ago, Airbnb change has been involved in the global travel and accommodation industry, and last year the company`s market capitalization exceeded 30 billion yuan. A recent report by AHUri (Australian Housing and City Research Institute) found that While short-term rental platforms are unlikely to significantly reduce the affordability of these major cities as a whole, they are affecting the housing market in high-demand areas where tourism is attractive.
In Sydney, Airbnb houses in suburbs such as Manly,Bondi and Darlinghurst account for 11.2 to 14.8 percent of rentals, while in central Melbourne, Docklands,Fitzroy and St Kilda,Airbnb account for about 8.6 percent to 15.3 percent of the total rents.
The AHURI (Australian Institute of Housing and Urban Research) reports that in these areas, declining rentals and rising real estate vacancy rates are common, possibly due to a decline in the supply of housing in the long-term rental market. Because of the growing popularity of short-term leasing, this has also increased the affordability of people.
However, the rest of the two cities do not appear to have been affected by the short-term housing boom, and in some of Melbourne`s Airbnb hotspots, rental numbers have remained stable or even rising slightly. The report also found that the phenomenon of short-term rental housing is change people`s attitudes towards residential property, and contributed to Australia`s housing market "deeply capitalized culture".
Laura Crommelin, one of the authors of the report, said: "[housing capitalization] has long been a feature of the Australian housing market, and there are many tax incentives that encourage this trend. But Airbnb adds another layer of ink to this trend, "Dr. Crommelin said." Airbnb offers flexibility that it didn`t have before. Those who may not want to rent out their house for a long time can now find more ways to benefit and make it available to them. "
The report found that short-term leases exacerbate unfair housing patterns in Sydney and Melbourne, as the landlords who use Airbnb are often Australians who already have their land and can make a profit in it, so, For those who do not have a house, the challenges they face are exacerbated.
Earlier this year, both New and Victoria took steps to regulate the use of home-sharing services. In June, the new state of government announced that it would limit the lease to 180 days a year.
In August, the state also passed a new law that allows the state`s civil and administrative court to ban rental party apartments and impose fines on guests who make unreasonable noise and damage property.
Dr Crommelin said the new state`s 180-day cap was "very generous", which would make parts of the Sydney rental market more unsafe.
