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REIQ (Page 7)

In: Landlords, Tenants, Renting and Management, Real Estate, REIQ

Contributed By: REIQ on

The Real Estate Institute of Queensland (REIQ) is calling on property managers and property investors in Queensland to join its campaign to convince the State Government to reconsider proposed stage 2 rental law reforms. REIQ CEO Antonia Mercorella said the peak body was preparing its Submission to the Queensland Government’s Option Paper regarding stage two rental reforms, and would ensure the voices of property managers and property investors are represented and heard. “The REIQ is concerned with ongoing and consistent rental law reforms in Queensland which are progressively eroding property investor rights along with their confidence and interfering with contractual relations,” Ms Mercorella said. “IfRead More →

In: Accounting and Finance, General Interest, Real Estate, REIQ

Contributed By: REIQ on

The REIQ says last month’s pause in interest rate hikes has proven to be a short-lived relief for mortgage holders, as the RBA has today hiked the cash rate by 25 basis points to 3.85% – the highest level since April 2012. REIQ COO Dean Milton said the RBA’s decision to forge ahead with its aggressive tightening cycle would weigh heavily on homeowners and investors. “We have seen regulatory chaos from State and Federal Governments, and whiplashing back to another interest rate rise only adds to this pain,” Mr Milton said. “There’s barely been time for the market to absorb the lagged impact of theRead More →

In: Real Estate, REIQ, The Management Rights Market

Contributed By: REIQ on

The REIQ says the Albanese Government’s announcement that housing ministers will develop a plan to strengthen renters’ rights nation-wide later this year, is yet another swipe at property investor confidence in a State still reeling from relentless rental reforms. While the national renters’ rights plan announcement lacked detail, the REIQ is concerned that the Government has bowed down to pressure from the Greens and could signal yet another nail in the coffin for property investment in Queensland. REIQ CEO Antonia Mercorella said it was nonsensical to introduce nation-wide rental reforms on top of far-reaching, stage one rental reforms introduced in Queensland in October last year,Read More →

In: General Interest, Landlords, Tenants, Renting and Management, Real Estate, REIQ, The Management Rights Market

Contributed By: REIQ on

The Real Estate Institute of Queensland (REIQ) is calling out a questionable and concerning move by the State Government to treat rent control separately to stage two rental reforms, without the transparent legislative process that is reasonably expected. The Deputy Premier has stated that a reform to limit rent increases to once-yearly will apply from 1 July 2023 onwards – but the transition arrangements will mean that contractually agreed rent increases after this date will also no longer be valid. REIQ CEO Antonia Mercorella said it was absurd and questioned the legality of the retrospective nature of the new laws. “As a property investor, youRead More →

In: General Interest, Real Estate, REIQ, The Management Rights Market

Contributed By: REIQ on

Obscenely tight rental conditions continue in Queensland according to the latest Residential Vacancy Rate Report released by the Real Estate Institute of Queensland (REIQ). The REIQ report covers more than a decade of quarterly vacancy rates for 50 local government areas (LGAs) and sub regions in Queensland, with the March 2023 quarter showing sustained historically tight rental conditions and mostly minor fluctuations from the previous quarter. Of the 50 regions, 11 remained at the same rate, 13 grew slightly tighter, while the majority of 26 relaxed slightly, indicating improved but still limited rental options. This saw the state-wide vacancy rate rise marginally from 0.8 perRead More →

In: General Interest, Real Estate, REIQ, The Management Rights Market

Contributed By: REIQ on

The Real Estate Institute of Queensland (REIQ) is applauding the Mackay Regional Council for doubling the region’s concession on infrastructure charges for new social housing. The boost takes the discount from 50 per cent to 100 per cent, up to the existing cap of $500,000, in a bid to bring builders to the region to develop much-needed social housing. REIQ CEO Antonia Mercorella welcomed the incentive as an exemplary way Councils could help attract new private investment in the regions and boost targeted housing supply. “The REIQ commends Mackay Regional Council for making housing diversity a priority for the region,” Ms Mercorella said. “We welcomedRead More →

In: General Interest, Landlords, Tenants, Renting and Management, Real Estate, REIQ, The Management Rights Market

Contributed By: REIQ on

The Real Estate Institute of Queensland (REIQ) is calling on the Queensland Government to rescind foreign investor surcharges, in light of the state’s housing crisis. The REIQ has long-opposed both the seven per cent surcharge applied to stamp duty introduced in October 2016, and the additional two per cent surcharge applied to land tax introduced in 2019 on Queensland property held by foreign entities. REIQ CEO Antonia Mercorella explained that both additional taxes on foreign investors – who are already being taxed at a Federal level – act as a deterrent for capital to be deployed in Queensland. “When the Labor Government introduced additional surchargesRead More →

In: Accounting and Finance, General Interest, Landlords, Tenants, Renting and Management, Real Estate, REIQ, The Management Rights Market

Contributed By: REIQ on

The Real Estate Institute of Queensland (REIQ) has welcomed the RBA’s decision to leave cash rates on hold this month, an important pause after 10 consecutive rises took it to a near 10-year high of 3.6%. REIQ CEO Antonia Mercorella said the pause was a welcome reprieve to homeowners and small businesses who were unfairly carrying the burden of fixing the inflation curse. “Around 650,000 households in Queensland are mortgaged and it’s likely the RBA’s aggressive tightening cycle is already weighing heavily on many mortgage holders,” she said. “A pause in interest rate hikes is an appropriate response at this time, allowing households and businessesRead More →

In: General Interest, Landlords, Tenants, Renting and Management, Real Estate, REIQ

Contributed By: REIQ on

The Real Estate Institute of Queensland (REIQ) is today launching its Best Practice Guidelines – the peak body’s ‘playbook’ for a distinct league of agents with best-practice accountability, professionalism, and integrity at the heart of everything they do. REIQ CEO Antonia Mercorella said the REIQ Best Practice Guidelines set the standard of compliance, behaviour and professional conduct for Queensland real estate agents. “Real estate professionals take on a very significant responsibility when they are selling or managing property, or when they are acting for buyers looking for a home or commercial space,” Ms Mercorella said. “As a general rule, property is likely to be mostRead More →

In: General Interest, Real Estate, REIQ

Contributed By: REIQ on

The Real Estate Institute of Queensland (REIQ) is calling on the Queensland Government to immediately withdraw its startling comments which dangerously put rent control on the table yet again. REIQ CEO Antonia Mercorella said the uncertainty around how much the Government would meddle with the market would act as a blazing red flag to Queensland property investors, shattering what little confidence is left and ultimately driving them away. “The thought bubble announcement yesterday around contemplating rent controls shows a Government with seemingly no grasp on basic economics,” Ms Mercorella said. “In the middle of a housing crisis caused by lack of housing supply, it’s beyondRead More →

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