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Speaker 1: Well, we've got some calls for changes to our short

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Speaker 1: term accommodation rules and a bid to free uphousing stock.

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Speaker 1: So over the ditch. In Sydney, they're reviewing restrictions on Airbnb,

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Speaker 1: including its one hundred and eighty day cap. With around

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Speaker 1: five thousand homes currently tied up, Queen Sound's feeling the pinch.

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Speaker 1: Around a third of the homes are empty on any

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Speaker 1: given night due to short term rentals like Airbnb. And

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Speaker 1: Ed Nickknight is resident economist at op Open's partner and

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Speaker 1: it's with us now, Ed, good morning to you. Great

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Speaker 1: to be here, Andrew, is this any of our business.

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Speaker 1: Surely people can do what they want with their house.

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Speaker 2: Well, there's currently the approach with the government, so I

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Speaker 2: wouldn't expect to see too much change at the moment.

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Speaker 2: But I can understand why Sidney's bringing this up. At

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Speaker 2: the moment. They're at a very different part of their

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Speaker 2: property cycle since the bottom of the market. Said, the

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Speaker 2: house prices are up ten percent up here in Auckland,

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Speaker 2: they're basically flat. Haven't started increasing. In Wellington, the property

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Speaker 2: market hasn't bottomed out. House price is still going down.

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Speaker 2: So because you see those those pressures of higher high

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Speaker 2: house prices over at Australia. You can see exactly why

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Speaker 2: they're talking about that at the moment. The one thing

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Speaker 2: I'd just say to the mayor of Queenstown, who's quite

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Speaker 2: interested in bringing in some more restrictions, is you've just

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Speaker 2: got to remember if you take away Airbnb in Queenstown,

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Speaker 2: it doesn't necessarily mean many many more houses available for

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Speaker 2: sale or available for renters, because there are a bunch

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Speaker 2: of rich Australians and atch Auckland does their own holiday

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Speaker 2: homes in Queenstown. You know, I was just down there

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Speaker 2: a couple of weeks ago stated a very very lovely

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Speaker 2: short term accommodation. Didn't get it off. The Airbnb got

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Speaker 2: it off at different website. But if that website didn't

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Speaker 2: exist anymore, and this couple who owned the property couldn't

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Speaker 2: rent it out. It's their holiday home, so it's not

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Speaker 2: like they're going to be renting it out for some

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Speaker 2: Queenstown local.

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Speaker 1: So as New Zealand on the same sort of scale,

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Speaker 1: as say, I don't know bars and Lona and are

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Speaker 1: we heading that way, I.

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Speaker 2: Wouldn't say whether it's Barcelona, but it's very actually similar

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Speaker 2: to Sydney about ten thousand airbed Bear's at Auckland's about

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Speaker 2: three types that in Sydney, and they've got roughly three

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Speaker 2: types of the population. But I see it as quite

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Speaker 2: a small problem here, at least in Auckland, because Auckland's

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Speaker 2: a bit of a gateway city to the rest of

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Speaker 2: the country as opposed to a destination itself like Barcelona.

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Speaker 2: About less than two percent of dwellings or properties in

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Speaker 2: Auckland are on Airbnb at the moment, would make up

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Speaker 2: less than five percent of rental properties.

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Speaker 1: All right, ed mcnighta thank you for your time at

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Speaker 1: McKnight a resident economist at Over's partner.

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