SBP December 2024 Market Update
Early Merry Christmas from SBP Realty!
Dear Valued Landlords and Tenants,
As the year draws to a close, we want to take this opportunity to thank you for your continued trust and support in SBP Realty. Your confidence in us has been the foundation of everything we do, and we are truly grateful for the opportunity to work alongside you. Whether it’s helping you manage your property or finding your perfect home, your partnership has been at the heart of our success.
We wish you an early Merry Christmas and a Happy New Year filled with joy, prosperity, and cherished moments with loved ones. Thank you for being such an important part of our journey.
Please see below the latest rental updates:
Must-Read: Key Updates to NSW Rental Laws
The NSW Government has introduced important changes to rental laws aimed at creating a fairer and more transparent system for both landlords and tenants.
1. Rent Increases: Rent can only be increased once per year, regardless of lease type, providing greater stability for tenants and clear guidelines for landlords.
2. Background Checks: Renters can no longer be charged for background checks when applying for a property.
3. Ending Tenancies: Landlords must now provide valid reasons to end a tenancy, such as selling the property, undertaking major renovations, or moving in personally. Evidence must accompany termination notices, and penalties apply for misuse. These changes take effect in early 2025.
4. Notice Periods: For fixed-term leases, notice periods before termination will increase to 60 days for leases of six months or less, and 90 days for longer leases, allowing tenants more time to plan. Periodic agreements remain unchanged.
5. Pets in Rentals: Tenants can apply to keep pets, with landlords required to respond within 21 days or face automatic approval. Pets may only be refused for specific reasons, such as property suitability or legal restrictions. Additional fees or bond increases for pets are not permitted. These changes will start in early 2025.
6. Rent Payments: Landlords must offer fee-free, electronic payment options such as bank transfer or Centrepay. Tenants cannot be required to use a specific payment service or app. These rules also take effect in early 2025.
These reforms aim to create a balanced rental experience, supporting tenants’ rights while providing clarity and fairness for landlords. Additional information and guidance will be provided as implementation progresses.
Key Information for Tenants and Landlords on AS1851–2012 Fire Safety Changes (Effective February 2025)
For Tenants:
- Access Required: All units must allow full access for fire safety inspections.
- Potential Equipment Upgrades: Smoke detectors, lights, and sprinklers may need replacement if non-compliant.
For Landlords:
- System Upgrades: Fire protection systems may need updates or modifications.
- Routine Maintenance: Regular inspections and servicing at specified intervals are mandatory.
- Certified Assessors: Only accredited professionals can certify fire safety systems.
Holiday Closure Notice
As we approach the festive season, we would like to inform you of our Christmas and New Year holiday schedule:
Closed:
- Monday, 25th December 2024 (Christmas Day Public Holiday)
- Tuesday, 26th December 2024 (Boxing Day Public Holiday)
- Wednesday, 1st January 2025 (New Year’s Day Public Holiday)
Rest assured, our dedicated team will remain available to assist you throughout the rest of the festive season. Should you require any support, do not hesitate to reach out to us.
Wishing you a joyous Christmas and a prosperous New Year!
