The Victorian premier’s tax on Airbnb properties was a soft target. Governments need to get tough to make a difference to housing affordability.
, the Airbnb story is slightly different. In the five years to 2023, the number of Airbnb listings fell dramatically from 30,936 to 12,305., whether booked through Airbnb, Expedia, Booking.com or other platforms, to a maximum of 180 days annually in Sydney.
In the past five years, the average daily amount charged by a Sydney Airbnb host grew 31 per cent to $296.11, which includes those hefty cleaning fees that irk most guests. The groundswell of anger against companies such as Airbnb and Vrbo, from New York, London, Amsterdam, to Melbourne and Sydney, has only intensified as the housing shortage and affordability crisis worldwide has worsened. As a result, more and more cities around the world have regulated short-term holiday stays, with some of the harshest being changes made in New York this month.
Meanwhile, the federal government touted a $10 billion Housing Australia Future Fund, an investment fund from which the returns will be spent on the development of social and affordable housing.The sacred cows of negative gearing and capital gains tax discounts on investment properties remain untouched, as does the tightening on limits of foreign ownership of properties. If any of those were reformed they would make a difference to housing affordability.
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Time to slay the sacred cows pushing house prices through the roofThe Victorian premier’s tax on Airbnb properties was a soft target. Governments need to get tough to make a difference to housing affordability.
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