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Here, we discuss the limitations on rent increases and ideas being considered for housing reform to prevent urban sprawl. Landlords hailed “exciting” rent increases given housing shortages and record low vacancy rates, and criticized proposals to adjust rates to ease pressure on tenants as “extreme.” laugh”. Faced with rising interest rates and regulations they say are pushing them out of the market, the Australian Homeowners Association held a webinar on Tuesday titled “Is it still worth being a landlord ?” Continue reading the article to learn more about this topic.
Daniel Andrews Rent freeze and cap increase
Under key housing reforms aimed at providing security for young Victorians left out of the market, landlords will only be allowed to increase rents every two years and could be subject to a cap on increases . Premier Daniel Andrews has called on Victoria to limit urban development on Melbourne’s fringes, promising that planned planning reforms will increase housing density and quality in middle-class suburbs, while bringing giving tenants more security. “Everything is ready,” Andrews told The Sunday Age. “We look forward to providing even better protection for tenants.
“Too many Victorians are struggling to pay rent and have to commute long distances for work. Continuously creating suburb after suburb is pointless. More desirable homes must be built to the highest design standards. Although Andrews recently announced that the planning reform would be one of the most significant in the state’s history, he did not explain what measures would be put in place to support renters . A senior government source with knowledge of the negotiations said a limit on landlords increasing rent every two years – up from the current 12-month limit for most situations – is being studied. research, but they requested anonymity because they were not authorized to share specific information publicly.
The impact of combining that new time limit with the rental limit is another thing Treasury officials are thinking about. A number of models are being considered, including one used in the ACT, where rent increases are capped at 11% of inflation.
As a result, the ACT has seen smaller-than-average rent increases, but there are fears that by tying rent increases to inflation, rents could rise more in the short term. Renting is most affected by cost of living pressures. A government representative declined to provide further details on housing planning and renovation. The reform package’s emphasis on renters comes after a sustained decline in housing affordability, which has been made worse by significant overseas migration, supply shortages and recent rather than rising construction costs, rising interest rates and the failure of construction businesses.
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