THE newly elected NSW government has backtracked on its plans to outlaw secret rent bidding, as it hopes to reach a consensus with a minority parliament and push through a broader bill to tackle the housing crisis.
“We have been upfront: the minority parliament won’t support every bit of every bill, and we’ll be pragmatic working through that,” Premier Chris Minns said.
“This decision means we can get on with the rest of our rental reform agenda, including ending ‘no-grounds’ evictions.”
The previous Coalition government late last year banned real estate agents from asking for higher rental bids from prospective tenants. However, they are allowed to accept unsolicited offers.
Under the proposal, agents would be forced to disclose unsolicited offers above the listed price to competing would-be tenants – allowing for them to potentially make higher bids. Many in the property industry were concerned that it would force rents higher, with tenants advocates, industry bodies and real estate agents all against it, and many
The bill also includes a portable bond scheme, in which renters can transfer a bond from one property to the next, and a clause for “no grounds” evictions. Landlords can evict renters after a six or 12-month lease without reason.
Domain’s May rental vacancy report showed Sydney’s vacancy at just 1.1%. According to SQM Research, the median rent for Sydney house is $963 per week, and for a unit $659 per week – by far the highest in the country.
Minns’ election win will see the creation of a NSW rental commissioner to oversee the rights of renters. Interviews for that position begin this week.
Australian Property Journal is a member of The Australian Press Council.
Further information
Marketing and Contact
Subscribe to APJ’s mailing list to get daily news alert!
Stay up to date with the latest news, analysis & trends, transactions, research and more!
Sign in to your account
Recent Comments