Toggle Menu Header

InvestAus

InvestAus

Mortage Broker , Sydney Region

March 2020 - New reforms coming up in rental world

12D ago 0 Replies 55 Views
Tenants will have greater freedom to break their leases early under sweeping rental regulation changes set to come into effect in March.
The reforms announced by the NSW Office of Fair Trading will give tenants greater control of their homes while putting stricter limits on landlords.
Real Estate Institute of NSW president Leanne Pilkington said the reforms to the Residential Tenancies Amendment Act 2018 and Residential Tenancies Regulation 2019 were “significant”.

Under the changes, landlords will only be able to increase rent once a year during a periodic agreement when the fixed term of a lease has passed.
Tenants will also have the right to break their lease if it is signed after March 23, 2020. Victims of domestic violence will be permitted to break their leases without penalty.

Details Inside:
x


Related Posts

NSW: New NSW Residential Tenancy Laws set to take effect in March 2020

The NSW Office of Fair Trading has announced sweeping changes to the Residential Tenancies Amendment (Review) Act 2018 [NSW] and the Residential Tenancies Regulation 2019 [NSW]. Many changes are to safeguard tentant interests and will come into effect on 23 March 2020. Details: * Rent increases must be limited to once per year during a periodic agreement when the fixed term has passed.  * Landlords must obtain tenants’ prior written consent to publish photographs or video recordings of premises, including property interiors for advertising purposes which may show tenants’ possessions.  * Tenants may make minor alterations, fixtures, additions and renovations with the landlord’s consent, but the landlord cannot unreasonably withhold consent if the alteration, fixture or addition is one from a prescribed list in the 2019 Regulation. * Repairs and replacements of hardwired smoke alarms must be carried out by an authorised electrician * Non-payment of water usage or utility charges may now result in tenancy termination (in addition to non-payment of rent) * Tenants have the right to break their lease if it is signed after 23 March 2020. Tenants will pay a break fee of: 4 weeks rent if less than 25% of the fixed term has expired 3 weeks rent if 25% or more but less than 50% of the fixed term has expired 2 weeks rent if 50% or more but less than 75% of the fixed term has expired 1 week’s rent if 75% or more of the fixed term has expired * Victims of domestic violence will be able to terminate their tenancy without penalty x Sweeping changes are coming to NSW landlords and t... The NSW Office of Fair Trading has announced sweeping changes to the Residential Tenancies Amendment (Review) Act 2018 [NSW] and the Residential Tenancies Regulation 2019 [NSW]. www.reinsw.com.au
InvestAus
InvestAus
12D ago 23 Views

NSW: The number of buyers have increased but Sydney market is yet to recover fully

The number of buyers actively looking increased at the back end of 2019, despite a lack of properties listed for sale. Data from Smartline on home loan lending revealed a strong growth in submissions as of the latter half of 2019, as well as a growing proportion of pre-approvals in the same period. This is a strong indicator that activity levels in the market are up but there is a backlog of buyers looking for a property to purchase. Details inside: x Property market update: Active buyers increase but... While the number of active buyers has increased substantially over the past year and the market is on the road to recovery, there is one area that continues to struggle. www.realestate.com.au
Roma
Roma
3D ago 26 Views

NSW: Sydney top growth suburbs where prices are expected to rise by over $200K this year

Home buyers and sellers have been warned to strap in: property prices are about to surge by six figure sums over just a 12-month period across three major city regions. House prices in pockets of the northern beaches, Sutherland Shire and eastern suburbs will balloon by more than $70,000 this year as Sydney braces for another property boom. New research revealed suburbs in these regions had the biggest imbalance between supply and demand and would get the fastest house price growth of any Sydney suburbs this year. It comes as the Commonwealth Bank’s monthly Household Spending Intentions Series released Tuesday revealed demand for housing hit a record high in December. TOP GROWTH SUBURBS (by price increase) Bangor 7.5% ($76,000) Heathcote 7.1% ($60,000) Davidson 7.1% ($103,000) Allambie Heights 7% ($98,000) Bronte 7% ($219,000) Collaroy Plateau 7% ($107,000) Paddington 6.8% ($145,000) Narraweena 6.8% ($93,000) Beacon Hill 6.8% ($88,000) North Epping 6.8% $85,000 Woronora Heights 6.8% ($73,000) Abbotsbury 6.8% ($53,000) Read more:x Where prices will rise by $200k this year House prices in pockets of the northern beaches, Sutherland Shire and eastern suburbs will balloon by more than $70,000 this year as Sydney braces for another property boom. www.news.com.au
Ronie
Ronie
3D ago 233 Views

NSW: Sydney is expected to be the fastest growing property market in the world this year

Sydney has been named as one of three global cities with the best property growth potential in 2020 according to a new industry forecast, raising fresh concerns about housing affordability. Savills’ World Cities Prime Residential Index, released this month, takes 27 cities and calculates their expected price gains for the year ahead. On average, the listed locations are predicted to see prices increase by 1.8 per cent this year.Rise and fall of global prices The Harbour City, however, has been tipped to experience bumper growth compared to other locales with increases of between 6 per cent and 7.9 per cent this year. Sydney is not alone in the top spot with Lisbon in Portugal and Moscow in Russia also expected to experience equal growth. The reason behind the impressive real estate rise in the three cities is a combination of low interest rates and increased demand. Details inside:x Why housing affordability will get even worse Sydney has been named as one of three global cities with the best property growth potential in 2020 according to a new industry forecast, raising fresh concerns about housing affordability. www.news.com.au
Simon
Simon
3D ago 45 Views

NSW: Liverpool is the new hotspot for property investment

If you’re looking for the next property investment hotspot, the western Sydney suburb of Liverpool has the savviest property investors signing on the dotted line, courtesy of the area’s strong investment fundamentals. In recent years, Liverpool – located in the South-West of Sydney – has been the focal point of a perfect economic storm. The suburb’s pre-boom statistics already stack up well in comparison to Melbourne’s CBD. Despite what seems like an unfair comparison, according to CoreLogic, Liverpool’s median weekly rent for a unit is currently $380 and yields a rental return of 4.4%, which isn’t that much below that of Melbourne’s CBD, which sits at $550 per week and 6.5%. And while cash flow might allow you enter and stay in the market, it is capital growth – the increase in the market value of your property – where the real money is made. Research by Aussie Home Loans and CoreLogic found that in the 25 years between 1993 and 2018, the average unit price in Sydney increased by $589,850 (that’s $23,594 per year or $65 per day) compared with Melbourne’s increase of $458,275 ($18,331 per year or $50 per day). And Sydney’s growth – particularly in the south-west – is all about to change… big time! Details inside:x Liverpool - the new heartland for property investo... If you’re looking for the next property hotspot, the western Sydney suburb of Liverpool has the savviest property investors signing on the dotted line. www.realestateview.com.au
InvestAus
InvestAus
5D ago 90 Views

Booragul ranked as top growth suburb for 2020

Booragul has been rated among the top in the state for annual median house price growth in 2020, with new research revealing where house prices are tipped to rise the most. The analysis by SuburbGrowth.com.au – part of the Select Residential Property Research Group (SRP) – identified the locations where median house prices are forecast to increase by up to 7.5 per cent this year. Booragul on Lake Macquarie has a median house price of $402,000 and is predicted to grow by 7.1 per cent with an annual growth of $29,000. SRP Director of Research Jeremy Sheppard said the research  Details inside:x Lake suburb could be best place to buy Booragul has been rated among the top in the state for annual median house price growth in 2020, with new research revealing where house prices are tipped to rise the most. www.news.com.au
Brian
Brian
5D ago 100 Views
9 online
Liam
Parag
Mary Jane
InvestAus
Clarissa Woody
and more ...
Close

Change User


Change