THE Real Estate Institute of Victoria (REIV) has lashed out at the government\u2019s so-called \u2018Rent Fair\u2019 legislation, which is being introduced into the Victorian Parliament, claiming it has the
\npotential to deplete Victoria\u2019s rental housing stock, which is worth $519.2 billion, and citing that landlords will pull their supply from the market.<\/p>\n
The REIV says that the Victorian Government\u2019s attacks on property owners are unfathomable: these are usually mum and dad investors or young people trying to get ahead, not property mogul \u2018fat cats\u2019.<\/p>\n
Figures from the Australian Taxation Office (ATO) show that one quarter of 25-39 year olds own an investment property and most rental property owners are on incomes below $150,000. REIV Resident Richard Simpson said the proposed Residential Tenancies Act would swing the pendulum of rights overwhelmingly over to renters.<\/p>\n
\u201cThe Victorian Government should remember who actually owns Victoria\u2019s $519.2 billion in rental housing stock and line the State\u2019s coffers with a plethora of property taxes,\u201d Mr Simpson said.<\/p>\n
\u201cDespite the community\u2019s protestations since these changes were mooted, the Victorian Government is this week threatening to strip landlords of the right to have a say over what goes on in their own properties: how is that fair?<\/p>\n
\u201cThe vacancy rate for Victoria\u2019s rental market is already sitting at its lowest point in a decade at 1.8 per cent which means there are just 1.8 houses available for rent out of every 100 and now the Victorian Government\u2019s actions will further deplete that pool with landlords simply pulling out because it is becoming all too hard and too much of a risk.\u201d<\/p>\n
The REIV has advocated strongly against the \u2018Rent Fair\u2019 legislation, on behalf of its 5000 members and their landlord clients.<\/p>\n
The online \u2018Rent Fair is Unfair\u2019 petition has more than 20,000 signatures.<\/p>\n
\u201cThe idea that landlords cannot have a say if pets are permitted to live in their houses or if modifications are allowed is completely unreasonable considering the possible negative impact on landlords\u2019 properties.<\/p>\n
\u201cREIV also objects to capping bonds to four week\u2019s rental, the withdrawal of the 120 day \u2018no reason\u2019 notice to vacate and burdening landlords with the expense and responsibility of disposing of abandoned goods and furniture.<\/p>\n
\u201cThere is no doubt that Rent Fair in its current form will result in greater screening of applicants and increased rents.<\/p>\n
\u201cNumerous members have already told us they will remove their investment property from the private rental market if these reforms are passed.\u201d<\/p>\n
The REIV have said they will continue discussions with Victorian Members of Parliament to make sure these draconian changes do not become law and cripple Victoria\u2019s rental housing market.<\/p>\n","protected":false},"excerpt":{"rendered":"
THE Real Estate Institute of Victoria (REIV) has lashed out at the government\u2019s so-called \u2018Rent Fair\u2019 legislation, which is being introduced into the Victorian Parliament, claiming it has the potential to deplete Victoria\u2019s rental housing stock, which is worth $519.2 billion, and citing that landlords will pull their supply from the market. The REIV says […]<\/p>\n