There has been a lot of focus and talk in the media of widespread national tenancy reforms in many states. If you own investment property/s in New South Wales, Victoria or Queensland, there are changes happening on how tenants live out their tenancy, which will potentially expand to other states. There has been feedback from landlords across the nation who view these changes as giving too much power to tenants, as well as those who see these changes as balancing out tenant powers across every state and territory. Either way, legislation and reforms must be embraced.
While some of the reforms may seem an imbalance of power most landlords will not be affected if they are doing the right thing in maintaining the property and property managers are careful in their tenant selection and day-to-day management of the property. Tenants are becoming educated and smarter with the increase of consumer information on their rights. However, property investing will always be a long-term way to create wealth and financial security. We will keep you updated on these changes once there are clear dates on when they will come into effect, which will be no sooner than 2019.