We are pleased to present our April edition of the Blackshaw Landlord Bulletin. In this edition you’ll find insights on the current rental market, covering everything from enquiry levels to vacancy rates to new swimming pool legislation. We explore current rentals we love, share our guide to Canberra's economic developments, look at recently leased properties in your area, and celebrate the 30th year of the Million Paws Walk.
RENTAL MARKET WRAP
This last quarter, as the government and other stakeholders try to fix the endemic housing supply and affordability issues, there has been a lot of lobbying by the Greens to freeze rents for 2 years. We have obviously supported the opposite, advocating against further controls in the Canberra market, with strong representation and warnings about further market interference. It is evident, though, that the market may have reached the peak of larger rent increases now, as affordability becomes more challenging with the most recent inflation figures demonstrating further drops in spending. From a tenancy perspective, in some instances, for yield optimization, it may be best to implement CPI increases as a preferred strategy while maintaining current tenants.
This brings us to facilities that are available to support tenants in need, which is good to suggest as an option when pursuing arrears through the ACAT system. The system the government offers is known as the rent relief fund, where rent grants are available linked to criteria. Further information for your education is found here, and obviously we can suggest this on your behalf.
Other reminders include the start of the revised swimming pool legislation, which commences on May 1, 2024. In short, there is a focus on swimming pool safety barriers, and you have 4 years to ensure they are compliant with prescribed safety standards. Full details for your ease of review are found here.
Finally, the most topical upcoming change for our NSW owners this time is the potential removal of the 90 days no grounds termination clause. This means, in effect, a reason must be given, and likely this will be specific reasons available as an option only. Similar changes have already occurred in other states, e.g., QLD, and reinforce the importance of tenants being on fixed-term leases. We won’t counter further, except to say we will update you should this be advanced.
Click on the below image to see Cathie Crampton Landlord Update:
For any further information or queries please contact your Blackshaw Property Manager.
YOUR PROPERTY MANAGEMENT TEAM
