Last week the Queensland Government Minister for Housing and Public Works, Mick de Brenni announced Stage 1 of proposed rental reforms that would significantly change Queensland’s rental market, that could potentially impact on the existing rights of landlords.
There is a range of reforms proposed including:
The Real Estate Institute of Queensland (REIQ) is opposed to the reforms and highlights the proposed abolishment of a landlord’s right to not renew a tenancy agreement at the end of its agreed term, as the most controversial and potentially damaging.
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 REIQ states that “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.”
If you are an investor or tenant and have any concerns about these proposed reforms, please contact the REIQ for further information. You can also express your concerns to your local member, as well as the Department of Housing and Government Works. Many in the industry are very concerned about the impact such reforms will have on the rental market for both owners and tenants.
Click here to make your voice heard.