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7 OUT OF 10 LANDLORDS WILL SELL THEIR PROPERTIES IF RENTAL CAPS/RENT FREEZES ARE INTRODUCED

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7 out of 10 landlords sell their properties due to rental caps/rent freezes
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NOTICE OF MEMBERS EXTRAORINDARY LAND DEALING MEETING

7 OUT OF 10 LANDLORDS WILL SELL THEIR PROPERTIES IF RENTAL CAPS/RENT FREEZES ARE INTRODUCED

 

The introduction of rental caps and rental freezes would have a disastrous impact on the Australian rental market with a national survey of landlords revealing that nearly 7 out of 10 would make them more likely sell their properties if they were introduced.

The snap survey was undertaken last weekend of Property Club members which is the largest independent property investment group in Australia.

Kevin Young, President of Property Club, said that the survey confirmed that a rental cap and/or rental freeze being proposed by the Greens Party as part of the Federal Housing Australia Future Fund Bill would lead to even higher rents and greater homeliness throughout Australia.

“The snap survey of Property Club membership found 67 per cent would be more likely to sell their investment properties if proposals such as rent freezes and rental caps were introduced

“18.8 per cent said it would have no influence on their decision to sell, with 13.1 per saying they were unsure if they would sell.

“The survey confirms that many landlords are already under financial stress, and any additional cost burdens imposed on them by Government would lead to a stampede of property investors exiting the real estate market.

“The upswing in investors already selling out of the property market was underlined by recent figures which showed that investor listings as a share of all listings hitting a record high of 40 per cent in Sydney and 36 per cent of listings in Melbourne in June, just shy of that city’s record.

A graph of landlords selling their properties

Question asked – “If Federal Housing Australia Future ill included proposals such as rent freezes/caps and additional powers of tenants, would this influence your decision to sell your investment property/properties?”

“2.2 million family investors supply private rental homes Australia-wide and the prospect of rent freezes or rent controls is now of deep concern to these mum and dad investors.

“The constant speculation in the media about rental caps and rental freezes is already starting to cause these mum-and-dad investors to put a pause on investing in the real estate market.

“Any rental caps or freezes would be the final straw that breaks the property investor camel’s back in Australia. They would lead to even fewer rental properties pushing up rents and leading to a homeless crisis in Australia.

“Mum and Dad property investors have not only had to endure a massive hike in interest rates since early 2022 but limits on how often they can increase their rents. Their interest rate payments have also exploded as a result of many of them being forced onto interest and principal loans from interest-only loans due to regulations imposed by APRA.

“Property Club is calling on the State and Federal Governments to publicly rule out any suggestion that a rent cap/freeze will be imposed on landlords so that confidence is restored to the property investment market”, he said.

 

For more real estate news, click here.

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Lismore News

Terania Street Reopening to Light Vehicles Only

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NOTICE OF MEMBERS EXTRAORINDARY LAND DEALING MEETING

Terania Street Reopening to Light Vehicles Only

 

After a closure lasting over four months, Terania Street in Lismore is set to reopen to light vehicles starting from late Friday 21 June, pending favourable weather conditions. This reopening follows the implementation of traffic calming measures aimed at preventing further damage to the rail-over-road bridge caused by oversized vehicles.

  • Traffic Calming Measures:
    • New measures include speed humps, a reduced speed limit of 25 km/h, restricted lane width, traffic islands, and surveillance cameras. These are designed specifically to slow down light vehicles and restrict heavy vehicles (over 4.5 tonnes) from using Terania Street near the rail bridge.
  • Purpose of Measures:
    • The installation aims to prevent future damage to the bridge, which necessitated its closure between Tweed and Peate streets since February 7.
  • Community Impact and Appreciation:
    • Transport for NSW, through Director Region North Anna Zycki, expressed gratitude to residents and businesses for their patience during the closure period. They continue to work towards a permanent solution for the bridge’s sustainability.
  • Heavy Vehicle Detour:
    • Heavy vehicles are advised to use a detour via Wilson Street, Elliott Road, and Ballina Road until further notice. Residents needing access to or from Peate Street should detour via Pine, Crane, and Tweed streets.
  • Heritage Council Approval:
    • Transport for NSW has received approval from the NSW Heritage Council to remove the Terania Street rail-over-road bridge. They are currently addressing the consent conditions and will inform the community about the commencement of this work.
  • Compliance and Safety:
    • New signage, including ‘No right turn’ signs at Peate Street, has been installed to guide vehicles and ensure compliance with the new traffic conditions.

For ongoing updates and details, residents and road users are encouraged to stay informed through Transport for NSW communications channels.

This reopening marks a significant step in restoring normal traffic flow while safeguarding the historic bridge structure from further damage caused by inappropriate vehicle use.

 

For more local Lismore news, click here.

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Local News

Social Housing Waitlist Surges in Northern NSW – Urgent State Budget Action Needed

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NOTICE OF MEMBERS EXTRAORINDARY LAND DEALING MEETING

Social Housing Waitlist Surges in Northern NSW – Urgent State Budget Action Needed

 

Analysis by the Community Housing Industry Association NSW (CHIA NSW) has revealed a significant increase in the number of people seeking priority social housing in the Northern NSW region. The priority housing list is designated for those at imminent risk of homelessness, highlighting the severity of the housing crisis.

Priority Housing Increase by Region:

  • Ballina: 190%
  • Casino: 165%
  • Tweed Heads: 142%
  • Grafton: 132%
  • Byron Bay: 129%
  • Mullumbimby: 118%
  • Lower Clarence: 108%
  • Lismore: 107%

CHIA NSW CEO, Mark Degotardi, emphasized the dire shortage of available homes in the Northern NSW region. “Many people are languishing for more than a decade in some suburbs and regions. Over 58,000 families and individuals are waiting for housing across NSW. This is why we need significant funding in the upcoming State Budget to start addressing the housing crisis,” Mr. Degotardi stated.

Mr. Degotardi underscored the readiness of the not-for-profit community housing industry to collaborate with all levels of government to deliver housing solutions for vulnerable people. “Community housing providers have projects that are ready to roll but need the funding to get them started,” he said.

The upcoming state budget on June 18 is crucial for the Minns Government to demonstrate its commitment to resolving the housing crisis. “A housing crisis needs a crisis response. The time for incremental reform and small budget allocations is over,” Mr. Degotardi asserted.

The escalating need for priority social housing across Northern NSW underscores the urgent requirement for substantial government intervention and funding to provide immediate and effective housing solutions.

 

For more local news, click here.

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Glen Innes News

Glen Innes Severn Council Celebrates Success at New South Wales Local Government Awards

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NOTICE OF MEMBERS EXTRAORINDARY LAND DEALING MEETING

Glen Innes Severn Council Celebrates Success at New South Wales Local Government Awards

 

Glen Innes Severn Council celebrated a remarkable evening at the New South Wales Local Government Awards in Sydney on Friday, June 7, securing multiple accolades in recognition of their outstanding contributions to the local government sector.

Rural Management Challenge Triumph

The Council’s Rural Management Challenge (RMC) team, known as the ‘Highlanders,’ emerged as state winners, triumphing over 24 other councils. The team, comprised of Rhonda Bombell (Coordinator of Economic Development and Tourism), David Hunt (Manager of Assets), Shageer Mohammed (Chief Financial Officer), and Anthony Kamphorst (Manager of Infrastructure Delivery), initially won the regional heat in Bellingen in November 2023, advancing to the state final in Sydney in February 2024.

The RMC final challenged the Highlanders with complex scenarios that simulated real-world situations, testing their strategic thinking, decision-making skills, and knowledge of rural management practices. Their exceptional performance demonstrated a profound understanding of the challenges faced by rural communities, securing their victory as state champions.

Asset and Infrastructure Award

Adding to the evening’s success, Glen Innes Severn Council received the Asset and Infrastructure Award for the construction of the Yarrow Creek Bridge on Mount Mitchell Road. This award highlighted the Council’s innovative approach to upskilling staff, enabling them to complete intricate projects internally and reduce dependency on external contractors. Glen Innes Severn was among eight councils nominated for this prestigious award.

Leadership and Community Impact

Mayor Rob Banham expressed immense pride in the Council’s achievements, stating, “Council’s success at the LG Awards night is a clear indication of the hard work within Glen Innes Severn Council. Winning two prestigious awards motivates us to continue striving for excellence in all aspects of our operations.”

General Manager Bernard Smith, who attended the LG Awards night, also lauded the Council’s accomplishments: “We are incredibly proud of our staff’s achievements. The Rural Management Challenge award highlights the Highlanders’ strategic thinking and leadership capabilities, while the Award for Asset and Infrastructure reflects our Infrastructure Delivery Team’s ongoing efforts to enhance and maintain our community’s essential services.”

Celebrating Collective Achievements

The Glen Innes Severn Council extends its congratulations to all winners and nominees, celebrating the collective achievements that strengthen the vitality of local government in NSW. This recognition underscores the Council’s commitment to excellence and its dedication to improving the community through innovative practices and effective leadership.

By securing these awards, Glen Innes Severn Council not only showcases its capabilities but also sets a benchmark for other councils in New South Wales, inspiring continued growth and development within the local government sector.

 

For more Glen Innes News, click here.

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