Rental prices have skyrocketed in Australia — even in tourist mecca Byron Bay | The Drum | ABC News

In the tourist haven of Byron Bay in northern NSW, the median price for a rental is a whopping $956 a week, according to Corelogic —and the rental vacancy rate is at just 1.5 per cent. So, the Byron Shire Council plans to target short-term holiday rentals with a cap on the rental period to address these issues, but will it work?

Subscribe: http://ab.co/1svxLVE Read more here:

ABC News provides around the clock coverage of news events as they break in Australia and abroad, including the latest coronavirus pandemic updates. It's news when you want it, from Australia's most trusted news organisation.

For more from ABC News, click here: https://ab.co/2kxYCZY
Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1

Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2
Like ABC News on Facebook: http://facebook.com/abcnews.au
Follow ABC News on Instagram: http://instagram.com/abcnews_au
Follow ABC News on Twitter: http://twitter.com/abcnews

Note: In most cases, our captions are auto-generated.