REIQ Campaign Update
Campaign update as of Friday 17 April 2020
Your support of the REIQ’s Everyone Matters in Real Estate campaign for more balance and fairness in Queensland’s property market has been heard.
Hundreds of thousands of Australians have not only heard the campaign message, but also taken action to send a clear message to the Queensland Government that both tenants and property owners need support during this time.
The Queensland Government reached out to the REIQ to collaborate on a package designed to provide protections for everyone. In relation to the requested amendments, the outcomes were as follows:
- Rent Payments and Unpaid Rent: Property owners and tenants can agree on the terms of reduced rent and deferred repayment requirements.
- Financial Hardship Requirements: The combined income of the tenant or tenants must have reduced by more than 25 per cent as a direct result of COVID-19, or the rent amount must exceed 30 per cent of income and the tenant or tenants must be unable to afford the rent.
- Substantiation of Financial Hardship: Tenants must provide the same level of proof of income required at the start of the tenancy when seeking a rent reduction.
- Entry Requirements: The Government will provide clear guidance to ensure access for essential repairs and maintenance, property sales and virtual inspections.
- Break Lease: To qualify for the Government’s break lease provisions, tenants must be in severe financial hardship. This is defined as a 75 per cent reduction in combined tenant income and having less than $5,000 in savings.
- Extension of a Tenancy: A fixed-term tenancy will be automatically extended to 30 September 2020 unless otherwise agreed.
On behalf of a united Queensland real estate sector, the REIQ thanked everyone who supported the campaign. The REIQ also acknowledged the Palaszczuk Government for engaging with the sector, as well as the Opposition for its support.
Above all, the outcome was described as a win for both property owners and tenants, reinforcing the campaign message that everyone matters in real estate.
With Special Thanks
The REIQ extended its thanks to the tens of thousands of independent real estate professionals, landlords, clients, associated small businesses and everyone across Queensland who took part in the campaign.
