Real Estate THURSDAY, JULY 1, 2020 FROM COAST TO
COUNTRY
WWW.TWEEDVALLEYWEEKLY.NET.AU
New policy announced for Loan approvals dip for short-term holiday letting first time in eight months By Jonathon Howard A NEW policy for short-term holiday rentals has been finalised this week with a code of conduct now in place for hosts, guests, online booking platforms and agents. The framework includes limits on the number of days properties can be rented out in certain circumstances, new fire safety standards, a government-run register, mandatory Code of Conduct and an exclusion register to ensure properties are up to scratch. Short-term holiday home operators now have four months to implement the new changes. The Department of Planning, Industry and Environment’s Deputy Secretary of Planning and Assessment, Marcus Ray, said the final Short-Term Rental Accommodation (STRA) policy will benefit homeowners looking to rent out their homes for extra money while providing more certainty and safety for locals and visitors. “This new framework follows extensive consultation with the community and the holiday-letting industry and we’re proud to finally have a clear set of rules that support the $30 billion a year industry while protecting the rights of hosts, guests and neighbours,” Mr Ray said.
“The sector has suffered significantly during the pandemic but our wholeof-government approach will help get businesses and homeowners back on their feet.” The final STRA policy includes: a cap of 180 days for homes across Greater Sydney and parts of coastal and regional NSW, where the owner lives elsewhere; hosted STRA homeowners being able to rent their homes out 365 days of the year; minimum fire safety standards; and a Code of Conduct for hosts, guests, online booking platforms and agents. The Department received more than 2,000 submissions in response to the initial framework and since has been working with councils, the industry and working across government to resolve the complex issues that were raised. The policy comes into effect on July 30, to give businesses and homeowners time to understand their requirements. For more information visit www. planning.nsw.gov.au/STRA
Open homes Friday, April 16 Raine & Horne Ocean Shores/Brunswick Heads/Murwillumbah: Panorama Estate, 2981 Kyogle Road, Kunghur, 2pm-
THE HOUSING market is starting to show signs of easing, according to lending figures released by the Australian Bureau of Statistics (ABS) earlier this month. The February 2021 Lending to Households and Business figures show that the value of new loan commitments for housing dropped for the first time in eight consecutive months of growth. The seasonally adjusted value of new loan commitments for owner-occupier housing fell by 0.4 per cent in February. However, new loan commitments increased by a whopping 48.8 per cent over the past twelve months. Adrian Kelly, President of the Real Estate Institute of Australia (REIA) said rises in new loan commitments for owner-occupier housing were seen in all states and territories, except NSW, Queensland and the Australian Capital Territory. “New South Wales had the largest fall of 4.9 per cent and Victoria the largest increase of 4.2 per cent,” he said. First-home buyers have been scrambling to get their foot onto the property ladder, with the number of owner-occupier firsthome buyer loan commitments increasing by a massive 65.8 per cent in 12 months. “Following last month’s highest level since May 2009, the number of owner-occupier first-home buyer loan commitments fell by 3.3 per cent in February,” Mr Kelly said.
143 Shara Boulevard, Ocean Shores, 9am-10am 100 Hills Estate, Murwillumbah, 9am-11am 8 Mimosa Ave, Cabarita Beach, 10am-11am 38 River Street, New Brighton, 11am-12pm Panorama Estate, 2981 Kyogle Road, Kunghur, 12pm2pm 32 Willows Road, Billinudgel, 12pm-1pm
“Owner-occupier first-home buyer loan commitments accounted for 35.1 per cent of all owner-occupier commitments, excluding refinancing, down from January’s 36.5 per cent.” After a 20-year low, investors are reentering the market, with the value of loan commitments for investor housing increasing by 4.5 per cent for the month and 31.6 per cent for the year, on the back of improving rental market conditions. “Increases were seen in all states and territories with the exception of Tasmania and the two territories,” Mr Kelly said. “For the second consecutive month, the largest increase in the value of new loan commitments to investors was in Victoria with an increase of 13.1 per cent in February.” Mr Kelly believes the slowdown should lead to an easing of pressure on house prices, which have soared in the past 12 months. “With lending approvals being a leading indicator of demand and anecdotal information from agents suggesting that increased listing enquiries will improve supply, we should see an easing of pressure on prices and thus not requiring any macro prudential measures to curb lending,” he said.
Services 401/3 McLean Street, Coolangatta, 10am-10.30am 1/35 Coolangatta Road, Kirra, 10am-11am 11 Terranora Pde, Bilambil Heights, 11am-12pm
First National Murwillumbah
3 O’Connor Drive, Bray Park, 9am-9.30am 41 Mount Burrell Road, Mount Burrell, 10.30am-11am
Northern Rivers Property Group
4pm
Raine & Horne Banora Point
100 Hills Estate, Murwillumbah, 4.30pm-5.00pm
66 McLeod Street, Condong, 9.30am-10am 46 Elsie Street, Banora Point, 9.30am-10am 213 Midginbil Road, Midginbil, 11am-11.30am 21/17 Darlington Drive, Banora Point, 10.30am-11am 13/6-8 Endeavour Parade, Tweed Heads, 12.30pm-1pm Schmith Estate Agents 100/1-33 Harrier Street, Tweed Head, 11am-11:30am 248 Old Bogangar Road, Kings Forest, 2pm-2.30pm 17/19 Sellin Place, Currumbin Waters, 2pm-2:30pm DJ Stringer Property Property
Saturday, April 17 Raine & Horne Ocean Shores/Brunswick Heads/Murwillumbah:
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02 6672 4477 rh.com.au/murwillumbah
Raine&Hornee
Ocean Shores 02 6680 5000
C Castlefield Drive,Murwillumbah Murwillumbah Castlefield Drive, www.100hillsestate.com.au www.hundredhills.net.au/ 85376
Murwillumbah’s Premier Land Release
Northern Rlvera/T-d Group
Murwillumbah 02 6672 4477
02 6672 4477
02 6672 4477 rh.com.au/murwillumbah
rh.com.au/murwillumbah