An estimated 100,000 large houses are being occupied by 65 years and older senior residents in Sydney and Melbourne, reveals a new report by a Fairfax Media analyst. While governments continue to search for answers to the current housing affordability crisis, properties as large as six-bedroom homes are being occupied by one resident year-round, Australian Bureau of Statistics figures reveal.
State government stamp duties raise billions of dollars for the New South Wales and Victorian budgets and cost homebuyers’ tens of thousands of dollars, which is preventing many older Australians from making the move to downsizing. There are currently no incentives in New South Wales for pensioners to downsize and in Victoria pensioners are exempt from stamp duty for homes valued less than $330,000.
Airbnb Continues To Disrupt The Rental Market With An Estimated 6000 Sydney Homes Available For Short-Term Rentals.
Sydney’s inner-city, coastal suburbs and the New South Wales North Coast are proving popular listings on the home sharing website, Airbnb with an estimated 6000 entire homes available for short-term rent.
Some analysts are suggesting that these types of home sharing websites are adding to the current housing affordability crisis across New South Wales, however an Airbnb spokesman says the majority of Australians use their service to list their primary property, as a second income stream, while they’re away on holidays, for an average of 30 nights per year.
Government Establishes A Working Group To Assess The Viability Of Creating A New Build-To-Rent Asset Class In New South Wales.
The New South Wales Treasurer, Dominic Perrottet announced the move during a Property Council event while acknowledging a range of issues would need to be addressed at the state and federal level to make it a reality.
“The ‘build-to-rent’ industry known overseas as the ‘multi-family’ or ‘private rental’ sector involves institutional groups building masses of apartments to lease on a long-term basis, sometimes indefinitely. A single corporate landlord manages all leases and amenities,” the Australian Financial Review said.
In the US, the build-to-rent sector generates more than $215 billion in revenue each year and is the largest US real estate asset class.