As your Geelong real estate agents we like to keep across real estate news, and this week you may have seen that the Andrews Government announced they are proposing 130 amendments to the Residential Tenancies Act. The proposals will be put through the Victorian government this week and may affect owners of Geelong rentals.
The proposed changes are of concern to Geelong real estate agents, the property management industry and governing bodies such as the Real Estate Institute of Victoria as they have the ability to negatively impact on your Geelong rental property and you as landlords of Geelong rentals.
In October 2017, the Government announced significant changes to the Residential Tenancies Act with 14 reforms outlined – all of which are tenant focused. Changes include:
- Removal of the 120-day Notice to Vacate for ‘No Specified Reason’;
- Limiting the use of ‘end of fixed-term’ notices to vacate;
- Bond capped at one months’ rent for all tenancies less than $760 per week;
- Landlords unable to unreasonably refuse consent for pets;
- Allowing tenants to make minor property modifications;
- Landlord and estate agent blacklist;
- Requiring pre-contractual disclosure by landlords regarding asbestos and intention to sell;
- A new Commissioner for Residential Tenancies;
- Early release of bonds by agreement before the end of a tenancy;
- Faster tenant reimbursement for urgent repairs;
- Automatic bond repayment within 14 days when a claim hasn’t been lodged;
- Ban on rental bidding and rent bidding apps;
- Rent increases restricted to once per year; and
- Prohibiting false, misleading or deceptive representations by landlords or agents prior to a tenancy.
The Real Estate Institute of Victoria (REIV), the peak body representing landlords and property managers in Geelong and Victoria, strongly opposed most of the reforms. The REIV recently launched a call to the government to review the changes and have more than 12,000 signatures.
As your Geelong Property Manager and real estate agent we will continue to keep our valued clients updated on the proposed changes and how they may affect your rentals in Geelong. If you have any questions please do not hesitate to contact us here at Fresh Property Management.
