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Vic rental reforms ‘unfair, unworkable and impractical’: REIV
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Vic rental reforms ‘unfair, unworkable and impractical’: REIV

By Sasha Karen
for rent, Victoria rental, REIV, property, rental market
0

The Residential Tenancies Amendment Bill is expected to be debated by the Victorian Parliament this week. The Real Estate Institute of Victoria claims this Bill needs need to be amended, otherwise the rental market would see heavily reduced rental properties and tenancies.

Richard Simpson, president of the REIV, said the institute had worked closely with all political parties in order to come to a mutually beneficial decision, but there were still concerns to be had.

“The Residential Tenancies Act was enacted in 1997: no one is questioning the need for an update to rental laws,” Mr Simpson said.

“When the premier announced the [bill], he said it’s purpose was to ‘fix the system and make renting fair for all Victorians’ but the legislation, in its current form, is certainly not fair for investors, property owners and landlords.

“The [bill] will deliver an unfair, unworkable and impractical system which would rob landlords of their right to consent to what goes on in their properties, burden them with unrealistic expenses to upgrade appliances and could mean they are not paid their rental on time for four out of every 12 months without any recourse.”

The REIV has put forward these amendments to the bill:

  • Keep the current system around rental arears that allows VCAT to make decisions as they do now;
  • Landlords must give their consent to pets and provisions for pet bonds need to be available;
  • Property owners must give their consent to modifications and urgent repairs;
  • The 120 day ‘No Reason’ notice to vacate must remain; and
  • Being able to stagger appliance upgrades over five years as well as implementing an incentive scheme.

Mr Simpson said the REIV has asked its members to contact members of Parliament to express how the bill is ‘simply unworkable’.

“It is in everyone’s interests – renters, investors, agents and government – that we have a system that is fair, balanced and practical,” Mr Simpson said.

“These proposed changes could have a significant impact on an already constricted rental market: vacancy rates are at record lows, there is declining levels of rental stock coming on to the market and interest rates are rising for the first time in two years.

“If the government makes it too hard then landlords will consider removing properties from the rental market, rents are likely to rise and property owners will be forced to minimse their risk by offering shorter tenancies.”

The REIV president has previously claimed the Victorian rental reforms are ‘draconian’ while the previous CEO of the REIV and current CEO of view.com.au Enzo Raimondo said the reforms strike a good balance.

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Sasha Karen

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

"
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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.


Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.




If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: Facebook, Twitter and LinkedIn.


If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!


RELATED AREAS OF INTEREST:


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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.


In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.


They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.




If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: Facebook, Twitter and LinkedIn.


If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!


RELATED AREAS OF INTEREST:


How technology is changing the lending environment
Lessons from a falling market
APRA investor measures have ‘run beyond their usefulness’: industry body


 


AREAS MENTIONED:


Hobart
Bondi
Deception Bay


 
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