This article is from the Australian Property Journal archive
PROPOSED changes to planning laws on the Gold Coast will have a serious impact on the property investment market, according to industry experts.
The Gold Coast Council is proposing a planning law change to ban short term and holiday rentals (defined as stays less than 30 days). The move towards banning rental accommodation comes in response to complaints made against anti-social behaviour attributed to visitors staying in a small number of rental properties.
Australian Property Monitors’ general manager Anthony Ishac said the proposed change to the planning laws will have a negative impact on holiday house prices and deter investors as positive rental returns and capital growth will be difficult to achieve.
Gold Coast Combined Chamber of Commerce President Bob Janssen added that holiday rentals are a vitally important part of the region’s tourism industry.
He admitted that there have been problems, however he added that the Gold Coast Council’s proposed prohibitions are a little like throwing the baby out with the bath water.
“The holiday rental market is a lucrative aspect to the Gold Coast community and we urge the Council to work with Stayz and the other holiday rentals providers to come up with a positive solution that will not damage the Gold Coast’s reputation as Australia’s premiere tourism destination for families. The last thing we need in this highly competitive marketplace is a knee jerk reaction,” he added.
A recent survey from holiday rental website Stayz of 3,738 people who had indicated that were looking for short term holiday rental accommodation on the Gold Coast showed that over 50% would spend more than $2,000 on their holiday.
The survey also indicated that 40% of respondents would choose another location if short-term holiday rentals were not available on the Gold Coast.
Australian Property Journal
