Cash incentives continue for WA Airbnb landlords
Landlords in Western Australia will have more time to cash out incentives to convert their vacant properties into long-term rentals as the WA government extended its property schemes to ease the market pressure.
Introduced in November 2023, the Short-Term Rental Accommodation (STRA) Incentive Scheme and the Vacant Property Rental (VPR) Incentive Scheme have successfully converted 429 short-term rental properties into full-time homes in Western Australia.
Both schemes aimed to convert properties that had been vacant for six months and advertised on short-term booking platforms, such as Stayz and Airbnb, within the last six weeks of the application.
Treasurer Rita Saffioti said the response to the policy “has been incredible and has delivered new long-term rental stock quickly and efficiently”.
“Boosting housing supply remains a key priority for our government, and we’ll keep doing everything we can to ease pressure on the market – thinking outside the box with innovative schemes like these.”
In order to continue to free up the rental market and unlock a further 400 long-term rental properties, the state government has extended its two incentive schemes until 30 June 2025.
Similar to its first roll out, the STRA Incentive Scheme will provide home owners up to a $10,000 payment from the government in two parts: $4,000 payment once eligible applications are approved, and a further $6,000 after the tenancy rental agreement reaches 12 months.
Approved property owners under the VPR Incentive Scheme will receive a $5,000 one-off payment.
While applications under Phase 1 of both the STRA and VPR Incentive Scheme may still be made, the Phase 2 application has broadened its eligibility requirements to include home owners who have purchased a property for short-stay use after the schemes launched.
Other eligibility criteria include the amount of rent that can be charged weekly, depending on the area where the property is located, and a minimum 12-month lease contract.
Commerce Minister Sue Ellery said that the government is confident in continuing to deliver results through these two schemes and to provide even more housing opportunities for Western Australians.
The extension of the two housing schemes is in line with the record investment of $3.2 billion in housing and homelessness as Western Australia is facing a 25,000-home shortage by the end of 2027.
Housing Minister John Carey said that through a range of innovative reforms, the government is doing “everything it can to bolster housing supply across the continuum in Western Australia”.