FROM THE REAL ESTATE INSTITUTE OF QLD (REIQ)
The Real Estate Institute of Queensland (REIQ) is urging the State Government to stop the legislative attack against rental providers, that would do more harm than good for both lessors and tenants amid the rental crisis.
The Government released its Stage 2 Rental Law Reforms Options Paper on 18 April with community consultation closing yesterday.
In its response, the REIQ opposed the implementation of the rental reforms at this time.
“Although we are prepared to support some of the proposed measures at a later date and with further consultation, we consider the timing and nature of these reforms to be inappropriate and extremely dangerous given the current unprecedented rental crisis and limited housing supply,” REIQ CEO Antonia Mercorella said.
“Queensland’s rental housing supply has considerably diminished, and whilst the reasons for this are varied, it is evident that legislative reform has had a material impact.
“Over the past three years, legislative reform has been exclusively focused on tenant rights and protections.
“Meanwhile, lessor rights have been diminished, decision making powers have been removed or limited and contractual relations have been overridden.
“As shown by a recent Property Investor Survey conducted by the REIQ, lessors are concerned by the ongoing erosion of their contractual and statutory rights and they are, in the majority of cases, opposed to Stage 2 rental reforms.”
She said the State Government must take into account that private lessors provide around 95% of rental housing in Queensland.
“While these properties provide homes for tenants, they are ultimately assets owned by lessors, with associated financial, legal and statutory responsibilities and risks,” Ms Mercorella said.
“The gradual erosion of lessor rights and asset control increases the risk of withdrawal of investment housing from the property market.
“Rather than constant legislative reform, the Queensland Government should focus on initiatives to drive housing supply and confidence in the rental housing market to maintain and grow private investment in Queensland.
“It is widely accepted that our current rental crisis stems from insufficient supply. It will be difficult to address the current supply imbalance in the market if owner rights are diminished any further.”