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Queensland landlords, property managers go above and beyond

management
1 minute read

Queensland landlords, property managers go above and beyond

by Cameron Micallef 20 July 2020 1 minute read

The team Australia mantra has not been lost on Queensland landlords and property managers, with new research showing they have performed more than double the heavy lifting expected of them.

property managers
July 20, 2020

With over 1,200 REIQ property management member agencies surveyed throughout Queensland, the results show that only 6.05 per cent of residential rental tenants qualified as “COVID-19 impacted” under the state government’s COVID-19 Emergency Response Regulation

This represents approximately 3,950 renters from a state total in excess of 577,000 residential tenancies. 

Despite 3,950 tenants qualifying, over 10,800 tenants in Queensland have received rental assistance during the COVID-19 pandemic.

REIQ CEO Antonia Mercorella said industry data like this is vital to help understand the essential nature of the real estate sector during unique circumstances such as the COVID-19 pandemic and its role in supporting the broader Queensland economy. 

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“The role our industry’s property managers have played throughout this pandemic is truly exemplary,” Ms Mercorella said. 

A tenancy is generally deemed to be “COVID-19 impacted” if a tenant is impacted by COVID-19 in certain ways and, in addition, the tenant has suffered a loss of income of 25 per cent or more, or the rent payable is 30 per cent or more of a person’s income. 

A majority of negotiations achieved a satisfactory outcome regarding temporary rent reductions, with fewer than 800 referred to the Residential Tenancies Authority for further conciliation.

The bulk of these temporary rent reduction reviews took place across Brisbane (37.2 per cent), Gold Coast (14.88 per cent), SunshineSunshine, NSW Sunshine, VIC Coast (12.09 per cent) and Cairns (6.51 per cent), with the majority of tenants requiring a rent reduction of up to $100 per week (69.3 per cent). 

A further 23.72 per cent of rental tenants have required a temporary rent reduction of up to $200, 5.12 per cent a reduction of up to $300, and 1.86 per cent a reduction of over $300 which represents just over 200 tenants.

Queensland landlords, property managers go above and beyond
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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your... Read more

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