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A short-term rental juggernaut has hit back at claims it’s fuelling Australia ’s property crisis. The average Australia n owner-occupier’s mortgage has soared to a record high of more than $636,000 off the back of climbing property prices, and there is little respite for renters, even if there has been a slowdown in rental price growth. The median rental price for a house across Australia ’s capital cities is $650, up 11.1 per cent year-on-year. Units are only $20 cheaper.
“All of short-term rentals sit at around 1 per cent of overall stock in Australia,” Wheeldon said. Byron Bay, a coastal playground to the stars, is one council making moves after placing a cap on properties being used as short-term rentals. The town currently has 101 rentals listed, but 354 places are available on Airbnb. From September, houses or units will be restricted to a maximum of 60 days use as short-term accommodation each year.
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