Posted Date: 5/17/2011
The Federal Budget was supposed to be the most important economic report released this week however, from a property market perspective it delivered very little. The only points of note affecting the housing market were: the skilled migration target has been revised upwards to 185,000 (from 168,700 the year before) and mostly focused on regional areas where workers are desperately required, $6 billion allocated to a regional infrastructure fund - most of this will be directed towards projects in Queensland and Western Australia to support the resources sector, and the 'Housing and Community Amenities' provision in the budget has been cut by $1.1b reflecting the conclusion of the housing initiatives introduced as part of the Government's response to the global financial crisis. Perhaps most notable is that there was no mention of changes to tax implications for property investors, specifically negative gearing and there was no plan to address housing affordability.
- Real estate news
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Posted Date: 1/25/2011
The Residential Tenancies Act 2010 was passed by Parliament in 2010 and the new laws will commence on 31 January 2011 which is just around the corner. Until then, the existing laws will continue to apply.
The new Act follows a comprehensive review of the existing tenancy laws and includes more than 100 reforms. Some of the changes include:
A Landlord has new disclosure requirement if the property is for sale, including 14 days notice to the tenant before the first inspection. Two inspections each week are allowed and the tenant can ask for a reduction in the rent for compensation for the inconvenience.
A one week holding fee may be payable by the tenant, and once this is accepted the Landlord is committed to proceed.
Lease preparation fees are no longer payable by the tenant.
Rental bond is capped at 4 weeks rent including furnished premises.
There is now protection for domestic violence victims including the right to change locks
Premises must be made water efficient if the tenant is to pay for water usage.
There are new grounds for immediate termination by the Landlord for serious criminal activities such as the manufacture and cultivation of illegal substances on the premises.
Alterations by tenants still require Landlords approval which cannot be unreasonably withheld for minor changes
Landlords can now ask information about co-lessee’s or sub lessee’s for part of the premises, but cannot unreasonably withhold consent.
A clause to require professional carpet cleaning at the end of the lease is prohibited unless pets are allowed.
30 days termination notice is now required instead of 14 at the end of a fixed term lease.
90 days termination notice is now required after a fixed term lease has expired.
After a tenant has moved out, rubbish and perishables left behind can be disposed of immediately, furniture and clothing must be kept for 14 days, personal effects such as bank statements and photos must be kept for 90 days.
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