City of Sydney Pushes Short-Term Rental Caps and Levies as Green Square Build-to-Rent Plan Advances

The City of Sydney is ramping up pressure on short-term rental accommodation by pursuing nightly caps and voluntary levies, according to a report by SMH.com.au. The council push comes alongside broader debate over residential density across the city, with SMH.com.au also reporting that a Sydney council wants to add thousands of homes despite opposition from residents who have described the plans as a radical change.

Alongside council-led housing proposals, major developers are advancing large-scale residential and infrastructure plans in Sydney. Architecture & Design reported that Mirvac has put forward a $336m build-to-rent plan for Green Square in Sydney. In a separate project next to residential planning, Green Street News reported that Sydney developer Ghassy Bayni is eyeing a $1bn+ data centre located next to a housing masterplan.

These development and regulatory moves are unfolding during a widespread downturn in the residential property market. Both The Guardian and Secret Sydney reported that house prices are falling in Sydney and across every Australian capital city for the first time in 15 years. News.com.au reported that house prices are falling at a rate never seen before, while MacroBusiness reported that Australia's house price falls are gathering speed. According to the Sydney Times, the Sydney property market is facing a correction as capital gains tax changes bite.

Despite the broader correction across the city, major prestige listings and waterfront sales continue to take place. AFR reported that a software billionaire spent $36.5m on twin waterfront properties in Manly, while Domain reported that Sydney's biggest mansion has hit the market for an eye-watering price. WAtoday also highlighted five homes for sale in Sydney featuring water features. Looking ahead to future market conditions, Real Estate reported that John McGrath has revealed the top Sydney suburbs to buy into before a property market rebound.