Are you aware of the significant changes to the Queensland tenancy laws to come into effect 1 October 2022?

With less than two months before these changes are due to come in effect, we wanted to reach out to you as many people with investment properties are unaware of the changes and how they can affect their investments, especially if you are interstate and unaware of these changes.

Other than changes relating to Pets, minimum housing standards, and new grounds for termination, the one that really sticks out is around periodical tenancies.

In short (as the REIQ notes), if a tenant is on a periodical tenancy unless the Owner can establish limited prescribed grounds (such as the sale of the property) the Owner will never be able to terminate a periodical tenancy. That’s big!

This has the ability to greatly affect what the Owners can or cannot do with their own property. So make sure of your tenancy terms and agreement before time passes you by.

There are, of course, more to these changes, so please check out the REIQ information at  www.reiq.com/articles/queenslands-rental-reforms-what-you-need-to-know/ or feel free to call Kym or me if you have any queries or concerns, we are here to help.  

Now for the good news. Townhouses are still well sought after as many owner-occupiers are looking at these as a more affordable alternative to houses. But this comes with a caveat – you need to know what you are doing to achieve the results we do.

We have demonstrated time and again how we achieve record prices in complexes against basically the same townhouse when sold by other Agents/On-Site Managers at the same time. Here are just some examples:

*26/20 Federation St sold $467,000 in March 2022
*30/20 Federation St sold $505,000 earlier in Jan 2022 by Shawn & Kym (that’s a whopping $38,000 more)

*25/30 Federation St sold $525,000 in May 2022
*28/30 Federation St sold $550,000 in April 2022 by Shawn & Kym (that’s $25,000 more even when on the market at the same time)

And these are just a few of the examples of the huge difference we are making for our clients.

If there is anything we can help with or if you have any questions or even just want an update on the property market in general, reach out to us. We would love to help.