Rental reforms announced in investment hot spot

Announcing the intention to reform the rental laws, premier Annastacia Palaszczuk said it was time to update the state’s tenancy laws, as the last review took place in the 1970s.

“Queensland has one of the highest proportions of people renting in Australia, and many will rent for part or all of their lives,” Ms Palaszczuk said.

“Currently, 34 per cent of Queensland households are finding their homes in the rental market and many [are] renting for longer.

“In fact, 43 per cent of tenants have been renting for over 10 years.”

Currently, there are no topics set in stone that the reforms will cover, but minister for housing and public works Mick de Brenni has said during the announcement that tenants have raised with him problems around hanging up photos and paintings in rental properties.

“How can we make it easier for tenants to add finishing touches to their home, without causing damage that would be costly for property owners?” Mr de Brenni asked.

Mr de Brenni also mentioned in the announcement pet ownership and regular inspections and timely repairs; all three areas were previously covered by the reforms in Victoria while minor modifications and repairs were mentioned in NSW’s reforms.

The Open Doors to Renting Reform consultation programme is set to run until 30 November and feedback can be submitted online to the government through a submitted statement, voting in a snap poll or commenting in a forum, through social media through the hashtag #rentinginqld or through consultation activities held at selected markets and shopping centres.

Queensland has long been a popular market for property investors. Recently, a survey conducted by the Property Investment Professionals of Australia found the relative affordability of Brisbane compared to Sydney and Melbourne is proving a winner for buyers.

“The affordability of Brisbane compared to Sydney and Melbourne has really come into sharp focus in the past year,” said Peter Koulizos, PIPA chairman.

“Not only are investors considering the Sunshine State capital as an investment location, a growing number are choosing to migrate to take advantage of the significant value gap as well as Queensland’s enviable lifestyle and strengthening economy," he said.

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