Property investors nationwide are being warned to stay tuned to the outcome of the proposed amendments to the Noosa Plan 2020 in the coming weeks.
The amendments, if passed, will result in a major crackdown on short term holiday accommodation – a popular choice for some of the two million holiday makers who visit Noosa annually.
If passed, the changes will mean property owners not located in the designated Tourism Accommodation Zone will be prevented from leasing their property as short term accommodation.
In essence, properties outside of the zone will have the following limitations applied in regard to short term accommodation, “the use of dwellings for short term accommodation is limited to four times and 60 days per calendar year and is within the resident’s principal place of residence”.
Noosa property expert Kirstie Klein-Hunter of Klein Hunter Property Buyers says the changes will have a significant impact on the community she calls home.
She warns that any buyers looking to invest into the Noosa region should be fully aware of these proposed changes and the process to apply for a permit to rent their properties part of the year to holiday makers. Likewise, any current permit holders should educate themselves on the changes as it could impact the success of their investment properties.
“Many of my buyers prefer to buy in areas where they can maximise their investment through holiday lettings. The Tourist Accommodation Zone is a relatively small area and if these changes are adopted, owners outside of the zone may not be able to holiday let their properties,” Kirstie said.
“Most existing and potential Noosa property owners are unaware of these proposed changes and there needs to be more awareness around what this means for individuals.
“The impact will see a reduction in the availability of holiday lettings which in turn will increase demand and accommodation prices will follow suit.
“Many buyers are not aware of these proposed changes, but it is imperative they fully understand the impact they will have on the property they are purchasing if their intentions are to lease it on a short-term basis.”
Kirstie also commented on the flow on effect from these changes to other small business owners in the Noosa region.
“If there is less accommodation for holiday makers, nightly rates will rise and travellers may look to go elsewhere. The addition of holiday homes has made Noosa more accessible for travellers and reversing this style of accommodation will be bad news for small business owners who rely on the visitor economy including cafes and restaurants,” she said.
