Industry Update on Short Term Letting in NSW

There has been a lot of talk in recent times about short term holiday letting, especially within apartment complexes. We are pleased to announce that in NSW there was a ruling last year that all By-laws restricting short term letting in apartment blocks are invalid (Section 139(2) of the Strata Schemes Managing Act 2015). Therefore strata committees and owners corporations cannot pass by-laws restricting holiday lets. The only way short letting can be restricted is by council planning regulations and our company is having no problems, questions or complaints from the councils.
 
I thought you may be interested to know the NSW State Government has spent the last 10 months collecting submissions for their STHL Options Paper, which explores different frameworks for managing short stays. They are currently in the process of reviewing these submissions, with no release date as yet for their findings or recommendations. 
 
I personally expect the findings and recommendations could take quite a while and we are prepared to work within whatever framework is set, though we are not advocating Strata or Planning regulation.  We therefore don’t foresee any major disruption to how we currently manage your properties in the future and we will continue to build good positive relationships with Body Corporate and building management and obtain the best return possible for your investment property.
 

 
References:

http://www.reinsw.com.au/REINSW_Docs/Submissions/REINSW%20Short%20term%20Holiday%20Letting%20Options%20Paper%20Submission.pdf

http://www.fairtrading.nsw.gov.au/ftw/Tenants_and_home_owners/Strata_schemes/Bylaws_in_your_strata_scheme.page

https://www.caselaw.nsw.gov.au/decision/59a74669e4b058596cba9c5b

https://www.domain.com.au/news/strata-building-bylaws-restricting-shortstay-letting-including-airbnb-declared-invalid-by-fair-trading-20170707-gx6ukl/