Tough new rules preventing days in a calendar year have formally come into effect today in — one of the country's In response to a dwindling number of vacant rentals, and — located in the NSW Northern Rivers — the new changes aim to crack down on investors purchasing homes with the intention of converting them into holiday rentals, including . They also aim to limit the amount of time existing owners can lease their properties to travellers. Studies showed up to 35 per cent of homeowners said they'd "change their behaviour" with the cap in place — some said they'd sell, while some would long-term let, Byron Shire Mayor Michael Lyon told Yahoo News Australia on Tuesday.
"That was under a 90-day cap proposal, so with 60 days we expect this to be a higher percentage. Also, many of these were in the budget accommodation category, meaning we will likely see some affordable places come on to the market," Lyon told Yahoo. He said it's also worth noting, according to additional research, there is higher economic benefit to the community having housing used as residential, rather than as commercial.
"This includes many social benefits too," Lyon said. "The economic benefit is spread more broadly across the economy and is all-year round, hence it’s higher." From Tuesday, September 24, owners of short-term rental accommodation, known as STRA, will be banned from leasing their homes for more than 60 days, and if they're caught in breach of these new laws, Lyon said they can exp.