Last Monday (21MAY18), Airbnb ‘letting manager’ MadeComfy raised $6m from South African wealth group Investec. Investec’s ‘head of emerging companies’ said it was the second time his company had invested in what he called a “derivative” of one of the big players in the gig economy. This funding ‘would allow MadeComfy to expand across cities, regional areas and eventually overseas’. Balmain-based MadeComfy reportedly has on its books 500 Airbnb properties in Sydney and close to 100 in Melbourne. Now it has ‘its eyes on Brisbane’ too. Note: “The $6 million capital injection will make (South African) Investec the biggest majority shareholder in MadeComfy.”
So far to date, MadeComfy has also partnered with the Dee Why branch of Raine & Horne, and Belle Property in Mosman and Neutral Bay; the objective is to propel short-term rentals of homes in and around those suburbs.
Consider too, MadeComfy has also partnered with CoVESTA. “With CoVESTA, all you need is 1% of the property purchase price and you can invest in any available (residential) property anywhere in Australia…The property is held for five years, at which point you can vote to sell it or hold it for another five years….” MadeComfy (aka Airbnb rentals) “is excited to be the exclusive short-term rental partner of CoVESTA!” MadeComfy will be managing the properties for CoVESTA’s investors “when they choose to rent their properties short-term to earn higher returns”. And on it goes. The commercialisation of our residential housing apparently knows no limit.
Back on 01 May 2018, another Sydney upstart and Airbnb property manager, Hometime, locked in a partnership with Airbnb. The partnership will see Airbnb promote Hometime through its website and forums, and provide the startup with “deeper access toAirbnb support teams...”
All goes well for those taking our homes and converting them into unlicensed, unregulated hotels.
While NSW Premier Gladys Berejiklian ignores the fact that the wife of her Deputy Premier earns $1,849/night thanks to Airbnb, three LNP MPs have their properties listed on NSW Land and Environment Court (LEC) Orders together with Penal Notice, Independent Commission Against Corruption (ICAC) legislation appears to be routinely ignored along with LEC case law dealing with Agents who collude with short-term letting giants, when the Minister for Innovation and Better Regulation recommends that Airbnb & Co be referred to the ACCC but won’t do so himself, and when the Minister for Tourism and Minister for Ageing are in cahoots with Airbnb, one asks who is ultimately responsible for legislation in NSW and, please, why aren’t they doing their jobs?