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Market Update

Perth Market Update June 2023

Last week the State announced their proposed changes to the tenancy laws (Residential Tenancy Act) which hopefully puts an end to the uncertainty that has lingered in the air for some time. 
 
Property investors in the Eastern states have already experienced the abolishment of the no grounds termination which greatly reduces the rights of the investor. The good news is that WA investors are keeping this right. 
 
So what else has the State Government announced?

  • prohibiting the practice of rent bidding, with landlords and property managers unable to pressure or encourage tenants to offer more than the advertised rent;
  • reducing the frequency of rent increases to once every 12 months;
  • tenants will be allowed to keep a pet or pets in a rental premises in most cases;
  • tenants will be able to make certain minor modifications to the rental premises and the landlord will only be able to refuse consent on certain grounds;
  • the release of security bonds at the end of a tenancy will be streamlined, allowing tenants and investors to apply separately regarding how bond payments are to be disbursed; and
  • disputes over bond payments, as well as disagreements about pets and minor modifications, will be referred to the Commissioner for Consumer Protection for determination.

Note that as these changes are only proposed changes, the changes are not expected to come into effect overnight. However, industry stakeholders have welcomed the changes. (reiwa)

What about the Perth Property Market?
In the meantime, there is certainly no heat coming out of this market. For those thinking about it, there are so many reasons to get your property ready to sell sooner rather than later…not least, the low stock levels which are at record lows. 
 
This means that buyers are willing to pay significant premiums for homes that are move in ready and presented well. If this is you or if you would like some advice on how to get your home ready, I would love to hear from you!

Simply get in touch here or call 0466 725 866