Recent Buying Selling Lifestyle Investment
Recent Buying Selling Lifestyle Investment
Investment

There Will Be No Winners

26-Nov-2019

If you own investment property in Queensland, it is important you have your say with regard to mooted changes to rental legislation. 

The REIQ, of which Noosa4Sale is a member, strongly opposes the Queensland government’s proposed rental reforms which are a slap in the face to every day ‘mum and dad’ property owners who provide the majority of housing to Queensland’s renters.

If enacted, the law change would erode fundamental landlord rights, create the most onerous rental laws in the country and deter property investment across the state.

By the Minister for Housing and Public Works own admission the reform would likely increase weekly rent by 5 per cent.

The most controversial and damaging reform is the proposed abolishment of a landlord’s right to NOT renew a tenancy agreement at the end of its agreed term.

In practice, this will allow a tenant to remain in a tenancy indefinitely and for as long as they want unless the landlord can establish a reason to leave prescribed by law.

This reform has been cleverly disguised by the Palaszczuk Government as the abolishment of ‘without grounds terminations or evictions’ - but that description is inaccurate and misleading.

Under current rental laws, landlords cannot end a fixed term tenancy agreement before it ends unless a breach has occurred.

Other proposed reforms include:

• the loss of a landlord’s right to refuse pets;

• the introduction of a tenant right to make modifications to a rental property without the landlord’s consent; and

• the introduction of minimum housing standards requiring the rental property and its inclusions to meet prescribed standards and to be in a certain state of repair.

The REIQ is disappointed that landlords have been totally overlooked in this rental law review.

Queensland has one of the highest proportions of renters in Australia with more than 34 per cent of Queensland households in the rental market.

The vast majority of rental housing is provided by everyday Queenslanders, and many of those are already making a loss on their investments.

Given the significance of these reforms, we are disappointed that the Minister is offering a mere six week consultation process after waiting a year to announce these reforms.

On its face, the Government may think it is protecting tenants but in reality, we are likely to see housing supply reduce.

There will be no winners.

 

 

 

 

 

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