A swift rise in the cost of housing, among other factors, has kept an increased number of people as tenants rather than homeowners, leading to record-low vacancy rates across the Gold Coast.

This prolonged increase in rental activity has not come without issues, prompting the State government to introduce a number of reforms to rental legislation.

While the prestige sector has been less affected by the broader market trends – rental stock is more readily available and rent increases less severe – Kollosche Head of Property Management Melissa Baker says it is essential for landlords and tenants across all sectors to be aware of the changes.

“Everyone, tenant or investor, be they at the top end or lower end of the market, will at some stage in their property journeys be affected by the changes,” Melissa says.

The latest step in the reforms come into effect on 1 July. The reform limits landlords from raising rents more than once a year and is an immediate action to address the cost-of-living pressure on households and the challenging conditions in the private rental market.

“While significant, this edict will have less effect on landlords in the prestige property market, where rent rises tend to be less frequent,” Melissa says.

“However, the change is a good signpost for landlords that further reforms are coming on 1 September, which will impact them,” she says.

Melissa says the upcoming changes to minimum housing standards will be “really big” for the industry.

There will be elements to those reforms that landlords may not even think of, such as making sure their properties have privacy blinds, or that tenants have all the necessities for basic living such as fully working appliances,” she says.

“If the minimum standards are not met, under the new legislation landlords can open themselves up to litigation, with no warning.

“We are here to help clients better understand the issues behind the potential changes and help them to address any roadblocks early, so both tenant and landlords are in the best possible position once the legislation is introduced.

“I would encourage any clients unfamiliar with the current or future rental reforms and the potential implications to reach out to Kollosche’s leasing department who can help guide them on the changes.”

RECENTLY LEASED

11 Cristobel Court, Broadbeach Waters – Leased for $2,000 per week

—

1/23 Avanti Avenue, Mermaid Beach – Leased for $1,600 per week