Rules that cover property ownership and tenanting are largely set by each State, but Federal and Local Government also have their say in how a property can be used, leased and managed.
Many property investors would probably be shocked to hear that until recently State governments mandated the rents a landlord could charge, meaning some rents remained at pre 1950 levels. It was only after years of lobbying and submissions by owners associations that these regulations were repealed.
The tenancy groups in Victoria have had major wins, with Victoria recently overhauling their residential tenancy laws resulting in the roll out of 130 reforms over the coming year. Changes include minimum standards of habitability, limits on the frequency of rent rises, rules about photography and advertising, and allowing minor alterations like picture hooks.
Other reforms cover default permission for pets in rented properties, creating a blacklist of non-complying landlords and rental agents (to mirror the blacklist of 'problem' tenants) and banning rental 'auctions' where prospective tenants are encouraged to offer more than the advertised rent.
However the change generating the most concern is the introduction of the 'no cause' clause – where landlords will no longer be able to ask their tenants to leave at the end of a lease.
NSW is currently debating similar changes including the following.
Debra Beck-Mewing is the Founder and CEO of The Property Frontline. She has more than 20 years' experience in buying property Australia-wide, and is skilled in helping buyers use a range of strategies including renovating, granny flats, sub-division and development. Debra is experienced in identifying tailored opportunities, homes and sourcing properties that have multiple uses. She is a Qualified Property Investment Advisor, licensed real estate agent and also holds a Bachelor of Commerce and Master of Business. As a passionate advocate for increasing transparency in the property and wealth industries, Debra is a popular speaker on these topics. She is also an author, podcast host, Editor in Chief of Property Portfolio Magazine and participates on numerous committees including the Property Owners' Association.
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Disclaimer – This information is of a general nature only and does not constitute professional advice. We strongly recommend you seek your own professional advice in relation to your particular circumstances.