Brisbane homeowners will need to fork out an extra $85 a year on rates, and owners of short-term accommodation will be slugged an additional $600.

It’s the steepest increase in more than a decade at 4.93 per cent for residential properties and 50 per cent for transitory accommodation.

Adrian Schrinner says Brisbane City Council has the cheapest residential rates in south-east Queensland even with the change.

“In Brisbane you pay less than you do in other councils, and you get more, you getter transport, you better get roads, better parks, you get better services, better investment in the basics like road maintenance and also footpaths,” he told Scott Emerson.

The record $4 billion budget, handed down this morning, also includes $500 million for flood recovery works.

The council has also signalled a rise for those who rent out their property on short-term stay sites, in a bid to ease the pressure on the tight rental market.

“Basically what we are seeing now, we have had some of the lowest vacancy rates on record,” he said.

“Just last month the vacancy rate was less than one per cent for rental properties … which shows there’s a chronic shortage of rental accommodation in Brisbane,” he said.

He says there are huge waiting lists for rentals in Brisbane and there’s “nothing available”.

It’s hoped by making the owners of these properties pay a commercial rate, some of those properties will be returned to the long term rental market.

“We need more rental accommodation and we also are conscious that there are impacts of neighbourhoods that are generated by this short term rental boom that is going on at the moment.”

Press PLAY below to hear more about the change for property owners

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