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P.O. Box 344 Ferny Hills DC 4055 Australia  Ph: 07 3289 4286 Fax: 07 3289 4602 |
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Head Office
P.O. Box 344 Ferny Hills DC 4055 Australia Ph: 07 3289 4286 Fax: 07 3289 4602 |
News & Views MARKET NEWS UP DATE FROM RISMARK INDEX Australian residential property prices continue to climb despite three interest rate rises within the last twelve months. Across the nation house prices increased by 11.97% over the last twelve months and unit prices increased by 14.25%. While increasing property values is great news to home owners and investors, those segments of the market who are struggling with affordability will find it all the harder to enter the property market. With mounting speculation of another interest rate rise during the first quarter of 2008, housing affordability is expected to continue its downward trend. The national growth figures hide an increasingly diverse market across Australia's capital cities. The Perth market has well and truly come to a stand still with growth of just 0.4% over the last year. At the other end of the spectrum, Adelaide has continued to record further gains with property Adelaide values increasing by 25.17%. RENTING LAWS TO BE OVERHAULED There is absolutely no doubt that the year of 2007 was the year for legislative review with Queensland Government deciding that both the Residential Tenancies Act 1994 and the Residential Services (Accommodation) Act 202 will be amended. The issue of rent bidding has received a significant exposure in the media and its emergence in the rental sector is a response to the low rental vacancy rates and high level of competition for properties. As a general rule, rent bidding can take the following forms: " Prospective tenant offers more than the advertised price without being prompted. " Agent's requests prospective tenant to offer more than the advertised price. " Advertising a rent range. " No price advertised. " Rent Auction. As a part of the proposed changes, Lessor's and agents will be required to advertise a property with a fixed price which is what the overwhelming majority of agents do now. Other changes to the Residential Tenancies Act 1994 will include providing a minimum period of six months between rent increases. The introduction of the six month time frame will bring Queensland more in line with the other Australian States already requiring similar time frames. Another significant proposed change to the Tenancies Act in the extension of the two week notice period to end a fixed term agreement 'without grounds' to a period of two months notice which will make it consistent with the notice period to end a periodic agreement without grounds. Another proposed legislative amendment will be a provision to allow lessors additional grounds for entry to a rental property. Agents and Lessors will be able to enter the grounds to check on repairs, maintenance and is a significant breach of the tenancy agreement has been remedied. RTA update Summer 2007 IMPORTANT OWNER UPDATE 12 January 2006 ALL QUEENSLAND HOMES TO HAVE SMOKE ALARMS Owners of residential rental properties in Queensland built before 1997 will be required by law to have a smoke alarm fitted before 1 July 2007. The State Government announced recently that under changes to the Fire and Rescue Service Act 1990 all homes and units throughout Queensland will be fitted with smoke alarms by 1 July 2007. Premier Beattie said the decision followed an extensive review of building fire safety in Queensland. "The risk of a fire death in homes without a smoke alarm is up to three times higher than homes with alarms," he said. "Each year we have approximately 1,100 house fires in Queensland and tragically on average 16 deaths and 145 injuries. "Queensland Fire and Rescue Service figures show 78.1% of all home fire deaths have occurred in homes without smoke alarms. Working smoke alarms offer the best warning against fire and under the Building Code of Australia all homes built after 1997 are required to have mains wired smoke alarms installed," the Premier said. "However, there is currently no legal requirement for most pre-1997 houses and units to have smoke alarms installed. "We will change the legislation so that from July 1, 2007 all homes built before 1997 will have to have at least one one-year battery powered smoke alarm. According to the Government, 19.2 % of Queensland homes currently do not have smoke alarms installed, and another 8.8% of homes have alarms installed that are not working, usually because the battery is dead or missing. PS: We suggest you start thinking NOW about putting in smoke alarms because as we get closer to July 2007, the cost of smoke alarms and electrical tradesmen's charges will go up. |
