The Queensland Government’s Housing Legislation Amendment Bill 2021 (HLA Bill) was passed by Parliament on Thursday 14 October and became law on Wednesday 20 October 2021.
The first change to be introduced is to provide options for people experiencing domestic and family violence to end a tenancy, which commenced on 20 October 2021.
The remaining rental reforms will be implemented in phases over a three-year period to ensure the sector has sufficient time to prepare for, understand and adopt the changes, including:
- frameworks for all parties to negotiate renting with pets
will commence on proclamation on a date yet to be set - changes to approved reasons to end a tenancy
will commence on proclamation on a date yet to be set - minimum housing standards
due to commence 2023-24
Update on Brisbane property market:
Brisbane’s housing market was the fastest growing in Australia during October, according to new data from CoreLogic.
Brisbane housing values grew 2.5% during the month, outstripping the national growth rate of 1.5%.
Regional Queensland was the second highest performing market of its kind in Australia, growing at 1.9% – only behind regional New South Wales at 2.1%.
While the national housing market continued to record above average growth, CoreLogic says the market has lost momentum since it reached its peak monthly growth rate of 2.8% in March.
What might happen
CoreLogic says downside risks for the housing market are looming.
There is the potential for a further tightening in credit policy and the possibility of an early interest rate hike if inflation spikes.
However, CoreLogic’s short-term view is for home values to keep growing, although at a slower rate than what has occurred over the previous 12 months.
