REIQ update from the CEO: 25th August 2021

With a new rental reforms bill being considered by State Parliament, I'd like to take a moment to reflect on the work of the REIQ in partnership with industry to advocate for laws that are fairer and more equitable than what were originally proposed. When first announced in 2019, the proposed laws wound back landlords' rights to a point that would have deterred residential property investment in Queensland, led to a lack of rental stock and arguably increased rents for tenants.

The REIQ launched an advocacy campaign that culminated in more than 8000 letters from concerned members of our industry being sent to the Premier. Through ongoing consultation with the Queensland Government, we have negotiated changes to the proposed laws that more fairly balances the rights of landlords with those of tenants.

I acknowledge that not all of you will be happy about these proposed amendments. But I think you'll agree that the proposed new laws are far more fair and balanced to what was formerly on the table. Previous proposals that would have abolished a landlord's right to not renew a tenancy at the end of an agreed term, removed landlords' decision-making abilities over pets and given tenants an ability to make modifications have all been superseded.

The REIQ recognises that tenancy laws in Queensland must be modernised to keep pace with our changing rental landscape. It's fundamentally important that legislative protections are implemented to ensure that rental properties are safe and secure for tenants, but government must recognise that the vast supply of rental housing is supplied by investors and a regulatory framework that supports landlords will give them certainty about their rights.

In circumstances where 36 per cent of our community rent their homes, the right framework is critically important to provide security and certainty to both owners and tenants.

The parliamentary committee reviewing the bill has recommended its passage. We'll keep you all updated as the bill progresses through the legislative process.

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