New rental laws which set minimum standards for rental properties in Victoria are coming into effect next month, after being delayed due to the pandemic. The new reforms are certain to shake up Victoria’s rental market, creating so-called challenges for landlords and tenants alike. What are Victoria’s new rental laws and when do they start?…
Nationally, vacancy rates slipped in January to 1.9 per cent, the lowest vacancy rate since March 2020, prior to the pandemic according to Domain. Dr Nicola Powell, Senior Research Analyst for Domain, commented: It is typical for the rental market to tighten in January following a seasonal boost of supply over December. …Every capital city…
Around 5.7 million of Australia’s 9.2 million households have a pet. And recently the highest court in New South Wales has delivered a landmark decision that has struck down an attempt from one of Sydney’s most famous apartment buildings to ban animals. A blanket ban on pets in a lavish inner-Sydney apartment block has been overturned…
The COVID-19 pandemic is an unprecedented shock to the rental housing market, reducing demand for rental properties at the same time as supply has increased. Households most affected by the economic impact are more likely to be renters, and border closures have reduced international arrivals. The number of vacant rental properties has increased as new…
Property management can have its ups and downs because fundamentally it’s about managing humans, who we all know can be unpredictable! Professional property managers, though, have best practice policies and procedures to ensure the process runs as smoothly as possible. Private landlords, and bad property managers, on the other hand often make mistakes that can…
The Real Estate Institute of Victoria (REIV) has criticised the state government’s decision to keep restrictions in place for longer than originally anticipated. On Sunday, 6 September, Premier Daniel Andrews confirmed the current restrictions would be extended across metropolitan Melbourne. This will effectively keep the property market shut down for an uncertain period and most…
While the vast majority of tenants do the right thing the Real Estate Institute of Victoria is seeing increasing evidence that some tenants are rorting the system put in place to protect them. The first six months of the moratorium against evictions and rent increases has seen the vast majority of reduced rent agreements reached…
The Real Estate Institute of Victoria has slammed the Andrews’ Government’s decision to effectively keep the property market shut down for an uncertain period. The continuation of the ban on inspections means that people who desperately need to buy or lease a property will have to make that decision ‘sight unseen’. Before the introduction of…
The process for dealing with residential tenancy disputes in Melbourne is cracking under the weight of Covid-19. With less than one month to go in the original 6-month moratorium announced by the Andrews’ government there is a backlog of 4,000 rental cases at the Victorian Civil and Administrative Tribunal (VCAT) and nearly a thousand…
Melbourne’s empty rentals soar by 20 percent in one month! Residential rents could fall 30%! The number of vacant rentals in Melbourne has skyrocketed. These are all headlines I read in the last couple of days and I can understand why they would scare the pants off many property investors. But before you get too…
