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REIQ has urged property investors and managers to join a campaign to convince the Queensland government to reconsider its rental law reforms.
The Queensland government recently passed new legalisation that amended the Residential Tenancies and Rooming Accommodation Act 2008 through the Local Government Electoral and Other Legislation (Expenditure Caps) Amendment Bill 2022.
The amendments will limit the number of times a landlord can raise rent from every six months to once a year for residential tenancies and rooming accommodation agreements, with the annual limit applying to all new and existing tenancies as of 1 July 2023 and onwards.
The Real Estate Institute of Queensland’s (REIQ) CEO, Antonia Mercorella, said the peak body was preparing its submission to the state government’s Option Paper regarding the reforms to ensure the voices of property investors and property managers were heard.
“The REIQ is concerned with ongoing and consistent rental law reforms in Queensland, which are progressively eroding property investor rights along with their confidence and interfering with contractual relations.
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“If investors decide that enough is enough and either sell or withdraw their properties from our state’s rental pool, the critical rental crisis in Queensland will only get worse,” Ms Mercorella said.
The REIQ has encouraged property investors to get involved by using their template letter as a base to draft correspondence to send to local MPs, along with completing a survey to share their experiences with the REIQ.
“If you too are concerned by this, we’re asking property investors to add your voice to the REIQ campaign, which will advocate against the majority of the proposed Stage 2 rental law reforms.
“With as many voices as possible, we can be heard by the government and advocate for more fair and balanced law reforms that will benefit both tenants and property investors in Queensland,” Ms Mercorella concluded.
Secret bidding removed by NSW government
The NSW government introduced into the lower house on Wednesday (10 May), new legislation that will close loopholes in the existing ban on solicited rent bidding to include owners and third parties.
As a result, investors and their agents will be required to notify applicants of other offers from potential tenants that are higher than the advertised price.
In addition, the legislation will guarantee that the appropriate powers are in place to design and enact a portable bond scheme to reduce the strain on renters.
[RELATED: NSW government scraps secret rent bidding loophole]
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