Jindabyne, a postcard pretty town nestled in the heart of the NSW Snowy Mountains is centre of an escalating housing crisis. This predicament has caused life-long residents to consider moving away. This authentic New England town is home to about 4,000 year-round residents. In winter, the influx of tourist visitors skyrockets, further exacerbating the tight housing market.
The median house price in Jindabyne, for example, has skyrocketed by $300,000 since 2020 and is now over $1.1 million. This increase is indicative of a larger trend, as prices today have more than doubled since 15 years ago. The town’s charm and proximity to ski resorts like Perisher have made it one of the most expensive locations in the region.
As Jindabyne’s housing market tightens, local residents are expressing concern about their ability to remain in the community they love. Most residents have moved elsewhere or into informal housing just to avoid exploding expenses.
The Impact of Rising Prices
The sudden leap in housing expenditures has resulted in many trapped renters. The median price of a home in Jindabyne is now more than $1.1 million. Consequently, most residents cannot afford to buy a home. Over the last five years—2202-2022, per ACS data—median gross rents per unit have exploded by almost 85 percent. Unit prices are up almost three times since 2010!
Charlie Steinbacher, a local who moved to Berridale last year, shared his frustration:
“Everyone would love to own a home in Jindabyne where we all grew up, but it’s just not really viable.” – Charlie Steinbacher
Steinbacher noticed that a large number of these homes sit vacant for the majority of the year. Owners decide they’d rather monetize short-term rental boom during the height of tourist season.
Thousands of families have been forced to move as a result of this unavailability. This change adds to the sense of uncertainty for residents in the quickly shifting neighborhood.
“There’s not a lot of places available for rent.” – Dale Whitfield
About a quarter of Jindabyne’s 2,900 dwellings have been removed from the local rental market by conversion to short-term rental accommodation. Only Tasmania has a short term rental rate higher than that in New South Wales. This increase further complicates residents’ ability to find stable, permanent housing.
Short-Term Rentals and Their Effects
Joan Bird, a local real estate agent, discussed the motivations behind this trend:
It can be a major economic driver for short-term rental owners. They drastically decrease the amount of long-term housing available to local residents.
“They want to be able to use those properties themselves, be it summer or winter, and the way to help up-front those costs is on short-term rentals.” – Joan Bird
Nancy Gant-Thompson has been calling Jindabyne home since the 1980s. Each winter, she takes in a boarder to defray the costs of heating her home. She remarked on the painful choices many residents face:
Gant-Thompson made it clear that without the extra income many residents wouldn’t be able to make it through the bitter cold winter months.
“It’s either a choice of downsizing … or sharing your accommodation and your home with people.” – Nancy Gant-Thompson
Hopefully local authorities would know better than to create conflict between tourism goals and the needs of residents. The Snowy Monaro Regional Council has expressed the necessity for continued tourist accommodations to support the town’s growth:
Potential Solutions and Community Outlook
Many locals are doubtful about their future in Jindabyne. Steinbacher expressed hope for change:
“It is essential for the continued growth and vitality of the town that Jindabyne continues to provide tourist accommodation.” – Snowy Monaro Regional Council
So Jindy continues to draw in tourists and speculators alike with its overwhelming allure. This new demand could be squeezing out the long-time residents who have lived there for decades.
“I have made a pretty big investment in the area, and I just hope that things change and that maybe one day I can afford to buy a home here.” – Charlie Steinbacher
As Jindabyne continues to attract visitors and investors alike, its charm as a destination may come at a cost to those who call it home.
