Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

120+ law changes in 60 days for Victorian PMs

By Grace Ormsby
02 February 2021 | 1 minute read
Gil King reb

The release of the Victorian government’s Residential Tenancies Regulations 2021 has been met with concern by the Real Estate Institute of Victoria (REIV).

The REIV said landlords must brace for significant change — and are facing “substantial” increases to costs and time spent managing their assets.

It has flagged that the 120-plus obligations that come into effect from 29 March 2021 will commence one day after the state’s rental moratorium ends.

Advertisement
Advertisement

Among the minimum standards being introduced are a number of provisions that should be available to all tenants: “hot and cold water in the bathroom and laundry, functioning ovens, stovetops and sinks in the kitchen, and a permanent — and working — heater in the living room”. 

Further, the reformed regulations set out simple modifications that tenants can make to their rental property.

Under the new rules, tenants won’t have to ask permission to attach child safety devices, install picture hooks on walls, replace curtains or use new LED globes to increase energy efficiency.

According to the state body, the changes will require extensive education and engagement in just two months to help ensure the real estate sector is equipped to implement the regulations effectively.

Weighing in on the issue, REIV CEO Gil King said the new standards would trigger an “unbalanced regulatory burden” on the state’s rental market.

He said increased costs to property ownership, as well as adding to the complexity of property maintenance and management, is “a deterrent for investment”.

“New costs introduced through these changes are likely to result in higher rents and could see mum and dad investors exit this asset class, putting further pressure on rental availability and affordability for Victorians,” he considered.

Mr King flagged that the REIV has previously made such issues and concerns known to property policymakers, and so expressed his surprise “to see more of a pendulum swing away from investment property owners — now referred to as rental providers”.

“That said, the changes are now a reality that the sector needs to face and the REIV stands ready to help property owners, managers and stakeholders adjust accordingly,” he said.

The REIV said that with substantial changes to processes, documents and systems now required, a “fresh” round of education is needed for the sector, and will lead a number of information sessions and courses, as well as provide tools and resources online.

Giving a nod to the way property managers and the wider real estate industry had coped with the pandemic in 2020, Mr King said that, for decades, real estate in Victoria has managed to play well with the cards it has been dealt.

“For this reason, we should have confidence that the competent people in the industry will manage through these changes and continue to contribute to a thriving sector,” the CEO concluded.

120+ law changes in 60 days for Victorian PMs
Gil King reb
lawyersweekly logo

ABOUT THE AUTHOR


Grace Ormsby

Grace Ormsby

Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.

Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings

 

Subscribe to our RPM
mailing list

 

Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.