HS_Pres_MnthInvRprt_Preston_2018_Feb V2

February 2018

Monthly Investor Report

Understanding Victoria’s new tenancy laws

You may have heard the state Government recently announced a number of reforms to Victoria’s tenancy laws. If you’re a renter or budding investor, here’s the 411 on the new changes you need to be aware of before they come into effect in 2018: Rental pricing With the announcement of several rent-bidding apps set to launch in Australia next year, the Victorian government aims

to put a stop to the practice of ‘rental auctions’ once and for all. Under the new changes, landlords will be expected to put their best foot forward when advertising a property by setting a realistic price up front. Landlords and property managers together will be required to advertise their listing at a fixed price, without inviting prospective tenants to make an offer above the advertised price. Going

forward, landlords will only be able to increase the rent on their properties once every 12 months instead of every 6, and the changes must be reasonable when compared to the market. Tenant rights A Commissioner for Residential Tenancies will be appointed to offer tenants advice and to advocate on behalf of Victorian renters in the Private sector, and a public landlord

and agent ‘blacklist’ will be released to help identify those who have previously breached their obligations under the Residential Tenancies Act 1997 (RTA). The new landlord blacklist will work hand-in-hand with the existing tenant blacklist, helping people on both sides of rental agreements to feel secure in their arrangement.

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