NSW investment property boost
Monday, September 24, 2007/
Investing in the residential property market in NSW could become a more attractive prospect following a review currently being conducted into the state’s Residential Tenancy Act.
A change that would make it easier for landlords to evict tenants who are behind in their rent payments is perhaps the most controversial of more than 100 recommendations contained in a discussion paper on laws governing tenants released by NSW Fair Trading Minister Linda Burney yesterday.
A focus of the review into residential tenancy is to reduce the level of red tape faced by landlords and real estate agents, particularly through the consolidation of separate laws dealing with the rights of landlords and tenants and those dealing with rental bonds.
Although the proposal to make it easier to evict tenants who have not paid their rent favours landlords, other proposals favour tenants – particularly one suggestion allowing tenants who face eviction by a mortgagee taking possession of their home to hold back two weeks rent to compensate them for relocation costs.
Submissions on the residential tenancy discussion paper are open until 31 December 2007.