In an unexpected move, the NSW Government has released its updated policy on short-term letting.
On Tuesday, Better Regulations Minister Matt Keen announced the revamped policy, which now permits Owners Corporations to pass by-laws which ban short term letting in non-owner-occupied apartments.
The Policy is lacking in detail as to actual practical operation, but in short:
While Air BnB have praised the reforms, which appear to be an attempt to compromise with all stake holders, HomeAway (formally Stayz) have publicly denounced the policy, suggesting it infringes on the property rights of individuals.
The policy is expected to be introduced as new planning laws in the coming months, and the Government has committed to a further review in 12 months.
Based on this new policy, we recommend that Owners Corporations review their current by-laws and look to amend any by-law currently in place to manage short-term letting to reflect the new planning laws.
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