The Housing Legislation Amendment Act 2021 (HLA Act) amends the Residential Tenancies and Rooming Accommodation Act 2008 to progress Stage 1 of Queensland’s rental law reform.
We attended REIQ training on New Tenancy Laws and started sending out emails, forms and factsheets to our owners regarding the changes in July.
Summary of changes from 1 October 2022
• providing tenants and property owners/managers with a limited range of specific reasons to end a tenancy with the appropriate notice periods
• introducing a framework to support negotiations about renting with pets
• introducing repair orders as an additional pathway for tenants to have repairs addressed in a timely manner.
Minimum housing standards 2023-2024
Minimum housing standards will commence for new tenancies from 1 September 2023, and for all tenancies from 1 September 2024, aiming to ensure all Queensland rental properties are safe, secure and functional.
June Property Market Update
Brisbane’s rate of growth in housing values has eased sharply, reducing from a quarterly trend of 8.5% through the December quarter to 2.7% in the June quarter.
The monthly rise was only 0.1% in June.
Vacancy rates
Data by SQM Research dated 14 July 2022 shows: Brisbane rental vacancy rates fell again to 0.6% in June.
Asking Rents: Week ending 12 Jul 2022
Brisbane houses asking rents dropped by 0.5% while units rose by 4% over the previous week; Over the last month, asking rent of house and unit combined rose by 2.9%.
Louis Christopher, Managing Director of SQM Research said:
“The rental market remains significantly in favour of landlords with rental vacancy rates
remaining at 1%. However, there are now signs of a peak in the rental market in regional
Australia with a larger number of regions now recording rising rental vacancy rates and some
falls in rents. While capital city rents continue to march higher, it’s possible we could be near the peak in the
national rental crisis. Outside Brisbane, there was no material decrease in rental vacancy rates
over June. Indeed, four capital cities recorded a rise in rental vacancy rates.”
Source:https://metropole.com.au/brisbane-housing-market-update/
https://sqmresearch.com.au/14_07_22_National_Vacancy_Rate_2022_FINAL.pdf
