Friday 25 October 2024
MEDIA RELEASE
NSW Rental Reforms Welcome but Supply Still the Focus
The Property Council of Australia today welcomed the NSW Government’s efforts to improve security for renters with the passage last night of significant rental reforms.
Property Council NSW Executive Director Katie Stevenson said it would be vital for the detailed regulations to find the right balance to maintain and grow the supply of new rental stock.
“These reforms are a step towards greater security for renters in NSW, but we must be careful to strike the right balance for property owners and investors so they remain confident to participate.
“Small scale mum and dad investors dominate the market in NSW so we’re keen to work with the government to identify and address any unintended consequences such as additional cost burdens.
“We need a framework that provides certainty for both renters and property owners. Without that, we risk fewer properties being available, ultimately driving up costs for tenants.
“We need a thriving rental market that works for everyone,” Ms Stevenson said.
Ms Stevenson said elements of the reform package, including the Portable Bond Scheme and Rent Check tool, were positive steps to reduce barriers and cement fair and transparent practices.
“The Portable Bond Scheme and Rent Check tool are sensible reforms that will make renting more streamlined and transparent for tenants and property owners. These initiatives are important steps forward in modernising the rental market,” Ms Stevenson said.
Ms Stevenson noted concerns remain about measures that risk deterring investment in the key Purpose-Built Student Accommodation and Retirement Living sectors, both of which are essential for delivering much-needed rental supply at scale.
“These sectors are a critical part of the solution to our housing supply crisis. Long-term stability and investment confidence are key to building a sustainable rental market in NSW,” she said.