Newsletter April DP

Rental Reforms 2021

More than 130 new rental laws came into effect on 29 March 2021 impacting every renter and rental provider (landlord) in Victoria.

Some of the key rental legislation changes are to ensure that rental properties meet basic standards of cleanliness, security and privacy.
A summary of the new minimum standards are:

• Each tenant must be provided with a free set of keys or security device upon moving in to the property.
• Rented premises must meet the ventilation standards in the Building Code of Australia.
• Bathroom facilities must include a reasonable hot and cold water supply, a washbasin, shower/bath and a minimum 3 star rated showerhead.
• Rented premises must be structurally sound and weatherproof.
• Each room must be free from mould and damp caused by the building structure.
• All windows in bedrooms and the living area must have coverings that can block light and provide privacy.
  A few other important changes are:
• An electrical and gas safety check must be conducted every 2 years and smoke alarm checks every 12 months.
• If your house is on the market, your tenant must be reimbursed $30 (or 1/2 days rent) for every inspection carried out.

Our team of Property Managers are here to help you. Please contact them directly to discuss your property and the impact these changes may have on your investment. We are here to help. For specific details around the new legislation you can also visit the Consumer Affairs Victoria website.

45 Mansell Drive, Mildura

‘Wow Factor’ only begins to describe this stunning Californian Bungalow home situated in the ever popular Mansell Estate!

Moments from the Murray River walking track precinct and hidden at the end of no through road, you’ll be captivated by all that’s on offer. Featuring classic period detail such as high ornate ceilings, the home has been modernised to ensure a high standard of living including Caesar stone kitchen.

3 pieces every homeowner should invest in

If you’re renovating or wanting to buy some new home furnishings, we have some tips to help you distribute your hard-earned cash. Here are some timeless pieces that deserve a few extra dollars in your budget. The perfect lounge – A lounge is the hero piece in any living room and it’s truly an investment. The right lounge needs to be functional, not just aesthetic.
Artworks – With plenty of inexpensive, mass produced wall art available, people tend to forget a quality artwork is actually an investment.
A large rug – The best items to invest in are ones that serve both a
functional & aesthetic purpose.

Record low interest rates and a fear of missing out as house prices accelerate sharply are driving Australians to buy property in a booming market. Realestate.com.au’s latest Property Seeker report, which involved an online survey of 6700 Australians in December 2020, showed
market conditions led by low rates and government incentives are now the key driver of the unprecedented buyer demand. Realestate.com.au director of economic
research Cameron Kusher said FOMO was very real as buyers rushed to take advantage of record low mortgage rates.

“We are seeing record high volumes of people searching for properties and our index of demand, which measures high-intent buyers, is also close to an historic high,” Mr Kusher said.

“We’re also seeing property prices rising throughout the country at a fairly rapid pace in many areas.

“Although borrowing costs are likely to remain low for some time, for many buyers I sense a concern that the longer they wait to purchase the more expensive things are going to get,” Mr Kusher said.

“For buyers that have recently sold, the longer they are

out of the market the more capital growth they continue to miss out on,” he added.

Buyers no longer driven by life stage changes
Realestate.com.au market research and insights manager Kirstin Hodgson said market conditions, mostly low interest rates and government grants, are now the number one factor prompting Australians to consider buying a property.

“In contrast, last time we conducted the research in 2019, Australians were prompted by life stage changes, such as starting a family, children flying the nest, or taking the plunge and moving in with a partner,” Ms Hodgson said.

The main market factor was low interest rates, which were prompting one in four buyers to consider buying property.

As property prices rise, so too has the average amount buyers plan to spend on their next house.

“In short, it’s safe to say buyer expectations have risen in line with property prices.” Source: Realestate.com.au