Australia’s rental market has been influenced by similar trends to the sales market

The new law, which took effect on 25 August, provides specific grounds where an owners corporation can prohibit an apartment resident from keeping an animal in a strata scheme. The new policy also enables owners corporations to set reasonable conditions through their own by-laws on how pets are kept in their scheme. Under the new law, owners corporations can only refuse to allow an animal into the strata scheme if the animal "unreasonably interferes" with another resident's use of their lot or common areas. The owners corporation will be allowed to require residents to apply for approval first before having their pets enter the scheme. Continue reading at: x NSW scraps no-pet law in strata schemes Here’s what owners corporations and residents should know about the amendments in the strata law www.yourinvestmentpropertymag.com.au

For the first time in over 12 months, Canberra is in lockdown due to COVID, joining Sydney and Melbourne in heavy restrictions. According to Chief Minister Andrew Barr, this current lockdown may present challenges for some people in the community, particularly tenants who have been financially impacted by the COVID-19 restrictions. “I encourage tenants to communicate with their landlord if they are experiencing financial difficulty and if they can’t make full rent payment. Tenants can negotiate a rent repayment plan with the landlord if in arrears or negotiate a temporary rent reduction.” Along with landlords supporting tenants financially, the Attorney-General has also urged tenants to provide assistance to their landlords in the form of facilitating virtual inspections where necessary and practising patience in cases of delayed repairs. Source: x Tenants and landlords asked to work together in lo... With the Australian Capital Territory extending its lockdown, the government has urged landlords, tenants and rental providers to work together closely over the coming weeks. www.smartpropertyinvestment.com.au

The latest report from SQM Research found national combined rents for houses and units rose by 13.7% in July on an annual basis. This growth was likely driven by the rents in regional markets, as the capital city average was only 6.9%. On a national level, vacancy rates remained tight at 1.7%, similar to the previous month. However, there were less vacancies this month than a year ago, when the national vacancy rate was 2.1%. “Given the ongoing international border closures and still relatively high completions, the national rental market should be at least more balanced. "That may well still happen if lockdowns persist through to summer as it is likely many people living in Sydney and Melbourne may attempt to move elsewhere." Continue to get details: x Rents continue to surge in smaller cities, regiona... Recent lockdowns in major cities are likely to renew the trend of ditching major cities for regional areas www.yourinvestmentpropertymag.com.au

Melbourne continues to top auction expectations, with 1,179 scheduled auctions for the week – up from last week’s 884. Should all of these auctions go ahead, the Victorian capital is set to see its busiest auction week since late June. But with the Greater Melbourne area still stuck in lockdown, some of the auctions are expected to be rescheduled to a later date, Ms Fono said. Meanwhile, Sydney has 535 homes set for auction this week, up slightly on last week’s 551. Across the smaller auction markets, Brisbane is expected to be the busiest with 137 homes poised to go under the hammer, followed by Adelaide with 135, Canberra with 107 and Perth with 13. Despite its own extended lockdown, Sydney took the third spot, recording a success rate of 81.3 per cent clearance rate across 551 auctions – down 7.6 per cent from the originally scheduled number and the lowest weekly number of auctions over the current lockdown period to date. Get details at: x Auction activity still dampened by lockdowns With less than two weeks before the spring selling season of 2021, auction markets aren’t picking up as much as one would usually expect. www.smartpropertyinvestment.com.au

While regions like Shellharbour and Central Coast are otherwise subject to the Greater Sydney lockdown rules, they’re being treated as regional areas when it comes to the new travel permit requirements. “For the purposes of this public health order and permit, Greater Sydney will no longer include Shellharbour and the Central Coast,” NSW Health said in a statement. As per a previous statement issued by the government, “any person” inspecting real estate in the regions must now genuinely need a home to live in – “no investment properties”. “The increased fines and heightened police presence are about ensuring people who are doing the wrong thing are caught and punished appropriately,” NSW Premier Gladys Berejiklian said earlier this week. Under the rules of the new permit system, even those looking to set up a permanent home in the regions will need to apply for a permit before venturing out to view a property. Get details at: x NSW’s new permit system locks investors out of C... Even though it remains subject to the same restrictions as the rest of Greater Sydney, those looking to visit the Central Coast will now need a travel permit. www.smartpropertyinvestment.com.au

New data shared by one of Australia’s biggest banks has revealed which suburbs in each state are cheaper to afford on a mortgage than rent. Speaking on the release of the data, NAB executive for home ownership Andy Kerr pointed out that first home buyers have been the biggest beneficiaries of new incentives of the last 12 months, driving demand upwards. Highlighting the more tepid price growth seen in outer-metro suburbs, he said that first home buyers have always been “very good” at picking up on where property prices have been more subdued. While the price growth seen in Sydney and Melbourne means that first home buyers in those states are better off turning their gaze to regional areas, NAB said that every other state and territory capital has a healthy handful of suburbs where it’s possible to buy cheaper than to rent. Queensland In Queensland, NAB highlighted a number of suburbs in the north and west of Greater Brisbane. According to NAB, “areas such as Logan, Bald Hills, Redbank Plains, Redcliffe and Caboolture all provide opportunities for buying a house over renting”. For unit buyers, there are also a number of affordable suburbs located within a three-kilometre radius of Brisbane’s CBD. These include Brisbane City, Fortitude Valley, Spring Hill and South Brisbane. South Australia As for Adelaide, NAB found that suburbs Elizabeth and Salisbury provide greater opportunity for those who would prefer to buy rather than rent a house. “Unit markets, providing greater affordability, present themselves in the Adelaide CBD and Glenelg. Additionally, Mawson Lakes also provides buyers with good opportunity,” NAB said. Continue reading at: x NAB puts a spotlight on affordable suburbs for fir... One of Australia’s biggest banks has shared its shortlist for first home buyers looking for suburbs where it’s cheaper to buy a property than rent one. www.smartpropertyinvestment.com.au