On the most recent advice I have on by-laws, a by-law banning short-term lets has no standing if short-term lets would be permissible under council zoning.

Your council’s R4 zoning is for high-density residential development but allows for applications for other uses, ranging from multi-occupancy houses, through fast food outlets to places of worship.

So would a by-law stand on its own?  Possibly not.  However, a clear indication from the Owners Corporation that you are opposed to short-term letting in your building would be taken into consideration if someone applied for a B&B or backpacker accommodation.

Check with council.  If they say a by-law would be seen as trying to supersede  planning regulations, simply pass a special resolution that makes it clear the overwhelming majority o owners don’t want them in your building.

It could be something that says the owners corporation is opposed to short-term lets of less than 90 days (as defined by the Land & Environment Court) and instructs the strata committee to object to any applications for non-permanent residential use and to pursue any breaches that occur.

That way both the council and future investor owners will be in no doubt about your position on this.

Also, generally speaking, councils pay considerable heed to owners corps when it comes to DAs with a strata scheme.  Just make sure your position is loud and clear.