NATIONAL CABINET HAS RULED OUT UNEQUIVOCALLY RENT FREEZES AND RENT CONTROLS

First ministers rule out rent controls

Dear valued industry friends,In a win for economic common-sense, National Cabinet convened yesterday and ruled out unequivocally rent freezes and rent controls. Time to turn words into action Housing was again rightly front and centre of National Cabinet with: An extra $3.5 billion in funding for states to deliver a combined 1.2 million homes A new National Planning Reform Blueprint A Better Deal for Renters REIA has welcomed this news but has said its time to turn words into action. Government and the construction sector now need to deliver on this significant target and funding promise. What does this mean for renters and family investorsNational Cabinet approved a guideline on renting which is suggested that the States implement. It’s non-binding and unknown to what extent this will occur. The nine-point guideline covers: Reasonable grounds for eviction Eviction appeals A national standard for single rent increases per year Rent bidding Strengthening DV protections for tenants Limiting break lease fees Streamlining rental applications Dealing with short stay rental accommodation National consistency of minimum standards With rent freezes and controls now off the table, our member State Institutes will be working hard on make sure adoption of these guidelines, if any, strike the right balance. Work to be done Our nation’s first ministers may have seen sense, but we still need to talk it into the Senate Committee. Please don’t forget to have your say to the National Rental Inquiry by 1 September 2023. We need to secure a home for all Australians; and achieve a system that works for renters and family investors and solves the wicked problem of not enough rental supply.Get involved. Yours in sensible real estate policy, Hayden Groves REIA President