RESIDENTIAL TENANCY ACT OVERHAUL
The Andrews’ Government has announced significant reform of the Residential Tenancies Act. The REIV has been vocal in their objection to many of these reforms and will be working with both the Opposition and cross benchers going forward. Changes include:
– Removal of the Notice to Vacate for ‘No Specified Reason’
– Limiting the use of ‘end of fixed term’ notices to vacate
– Bond capped at one months’ rent for all tenancies less than $760 per week
– Landlords unable to unreasonably refuse consent for pets
– Allowing tenants to make minor property modifications
– Landlord and estate agent blacklist
– Requiring pre-contractual disclosure by landlords regarding asbestos and intention to sell
– A new Commissioner for Residential Tenancies
– Early release of bonds by agreement before the end of a tenancy
– Faster tenant reimbursement for urgent repairs
– Automatic bond repayment within 14 days when a claim hasn’t been lodged
– Ban on rental bidding and rent bidding apps
– Rent increases restricted to once per year
– Prohibiting false, misleading or deceptive representations by landlords or agents prior to a tenancy
To view the 14 reforms in full detail please click here.
We strongly encourage you to ensure your voice is heard on these reforms by providing feedback through the Government’s Rent Fair Victoria website.
Metro’s Director, Leah Calnan has been heavily involved throughout the consultation process and with her position as REIV Director she will continue to do all she can to protect your investment interests. Please be assured we will continue to keep you updated along the way.