From the CEO 19th October 2022

The State Government’s Housing Summit convenes this week involving all levels of government and key stakeholders. The REIQ is delighted to be at the table as the voice of the profession. We’re proposing a multi-faceted approach to address the housing crisis and have called on the government to take a ‘carrot’ rather than a ‘stick’ approach to maximise existing shelter and restore property investor confidence. Among our many recommendations, we’re advocating for stamp duty relief to downsizing over-55s, an extension of the First Home Owners’ Grant to established properties and stamp duty reductions for long-term investors. Find out more here.

Several other ideas have been floated by other stakeholders in the lead up to the summit. We’ve opposed a bill introduced by the Greens into State Parliament that would place a tax on vacant residential investment property. We’re not against the idea of looking for ways to bring more holiday homes onto the long-term rental market, but whacking a hefty annual tax on these properties to punish and strongarm investors is not the answer. We’ve also opposed a recommendation from Tenants Queensland to establish a public-facing ‘landlord register’. The REIQ warns that any moves to punish property investors during record-low vacancy rates could lead to them walking away from the Queensland market and risks actually worsening the rental crisis.

Now that new tenancy laws have come into effect, property managers should be aware of changes to repairs, including a change in maximum amounts for emergency repairs. Property managers must also inform tenants of nominated repairers via the Form 18a GTA or provide written notice. The REIQ also recommends property managers seek instructions from their landlords to vary existing PO Form 6 appointments. Read this article from our partners Carter Newell Lawyers for more information.