The Reason Why Investors Have Abandoned QLD Rental Properties

Originally posted by Grant64t: ↑

Hundreds of thousands of rental properties have been stripped from rental markets around the nation with investors offloading properties in Victoria and Queensland in particular – the states leading the war on private landlords.

The new reforms below come into full effect this September 2024

For those holding investment property within Queensland just be aware that the current Steven Miles ALP Government is intent on turning your property investment life into hell.

New tenancy arrangements commence from 1 September 2023 and for all tenancies from 1 September 2024.

YES THIS IS SOCIALISM ON A MASS SCALE NEVER BEFORE SEEN IN QUEENSLAND & VICTORIA

https://www.reiq.com/articles/property-management/queenslands-rental-reforms-what-you-need-to-know

Here's some insight

"Victims of domestic and family violence will be able to terminate a tenancy agreement with only seven days' notice and those seven days of rent is all they will be liable for," she says.

Many tenants want pets and equally, many property managers and landlords don't want to deal with the potential issues pets can cause. The new legislation effectively eliminates a property owner's right to have a 'no pets' policy.

Property owners will no longer has the ability to end a tenancy without grounds, which will require a court order to evict which takes a minimum of 3 months to implement.

Property owners have lost the right to end a periodic tenancy by providing notice. Tenants will however retain this right."Unless owners can establish limited prescribed grounds (such as the sale of the property) they will never be able to terminate a periodic tenancy,

All property windows need to have some form of blind or curtain coverage on them, but yet this ruling wont be applied to any Queensland Housing Commission properties.

And Steven Miles the new QLD Premier has plans for more socialist changes in 2024

And they wonder why Property Investors in both Queensland & Victoria are selling up & walking away.

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Socialism is a bit of a long bow, Grant, but more so, as I posted some months ago, that governments would react to the rental crisis by introducing dubious, knee jerk laws in the absence of anything concrete and costly, like mini- housing or a war footing push to create more public housing. As you point out, that is happening now, ostensibly with much, if not all the cost borne by the landlord. Indeed, some of the new laws would be wearable if the government were to pay for the intended and unintended consequences. Even to allow all tenants cart-blanch in the keeping of pets is a receipt for disaster, given potential noise disputes and the dreaded fleas. And of the latter, ask any property manager how many times he/she has gone to do a final inspection where the tenant had secretly harbored a dog or cat and they had been near eaten alive by fleas the moment they crossed the threshold - and the associated cost of rectification and delays in reletting, which sometimes exceeding the bond.

When a government is desperate, they often clutch at paper straws.