Brisbane Budget Takes Aim at Short-Stay Accommodation

The short-stay accommodation industry has squarely been in the crosshairs of Brisbane’s Lord Mayor Adrian Schrinner in the face of housing supply shortages across south-east Queensland.

But now it’s on notice with the announcement of funding for a Short-Stay Accommodation Taskforce that will have 12 months to develop regulations for the fast-growing sector.

The council already charges a 50 per cent Transitory Accommodation Rating category surcharge—this will now be lifted to 65 per cent, which will impact 750 property owners across the city, according to Lord Mayor Adrian Schrinner.

“Our council introduced this ground-breaking policy which has generated interest from other jurisdictions right across Australia,” Schrinner said.

“Our approach is aimed at both discouraging owners from taking their properties off the long-term market while recognising the higher regulatory costs of managing the complaints these properties generate.”

[TAG0]

▲ Plans for the reinvention of Victoria Park as a public space will progress with money allocated to begin work.

Schrinner acknowledged that “Airbnb and Stayz have a role to play when our city is busy with big events” but said it should not be at the cost of the city’s residents.

The taskforce will review legislative options, benchmark other jurisdictions’ regulations, engage with stakeholders and investigate a way forward.

It was part of a broader Brisbane City Council Budget announcement which put forward a record $3.8 billion in key infrastructure projects over the next four years.

“Brisbane is the fastest growing capital city in Australia and we’re currently growing at a rate three times that of Sydney and twice that of Melbourne,” Schrinner said.

“While this Budget is focused on keeping costs down, it’s important we continue to invest in projects that will keep Brisbane moving and ensure our city remains clean and green.”

The council also unveiled its $15.3-million scaled-back plans for the former golf course at Victoria Park. Plans for a multi-level carpark, concrete stands and a visitor centre have been kiboshed.

Cr Schrinner said the Budget also included about $500,000 to plan the future use of the Mount Coot-tha and Pine Mountain quarries.

[TAG1]

▲ Work will begin to plan for the relifing of the Mt Coot tha and Pine Mountain quarries.

“While there’s still an important role for both quarries in the immediate future, we must now start planning for their rehabilitation and ultimate transformation,” he said.

“We will explore and plan exciting opportunities to create fantastic green and recreational spaces that have the potential to become much-loved destinations.

“Some have already suggested the Mt Coot-tha site could be transformed from a barren quarry into a world-class environmental precinct similar to the Eden Project in the United Kingdom.

“I’m genuinely excited by this truly unique opportunity to imagine and then create two wonderful legacy assets for our city.”

A further $2.3 billion was dedicated to the delivery of transport including Brisbane Metro, green bridges and road resurfacing.

Article source: Queensland Property Investor