Investors who are considering purchasing apartments need to be aware of the planning approval for the building, particularly if it is in a resort complex.
Investors in popular tourist destinations should always
check if their unit is approved for either short-term or long-term stays before
purchasing.
A recent court ruling found permanent residents in a
Sunshine Coast complex were living in the property unlawfully, due to the fact
that the building was only approved for short-term stays.
Investors who are looking to purchase properties for
short-term stays can be impacted, if the accommodation has restrictions on
living.
In Queensland for instance, Airbnb is governed by more than
70 different sets of local government zoning laws, with some councils imposing
prohibitive planning approval requirements for short-term letting.
Need some expert advice from a property strategist?
Contact us @ propertysales@realrenta.com and we will put you in touch with Jamie, our property strategist partner.
Need a property loan?
Contact us @ propertyloans@realrenta.com
Jason Gwerder
Thursday, 13 February 2020
