Key rental reforms will be introduced to the New South Wales (NSW) parliament as Sydney renters pay record amounts for their homes as living costs continue to soar.
The Minns government will on May 10 bring in a new bill as it looks to ban secret rental bidding and create a portable bond scheme to ease pressure on the state’s renters.
The reforms would create a fairer system by giving those on a lease greater certainty about their homes, Premier Chris Minns said.
“Anyone who rents in NSW knows just how anxious and challenging a process it can be to find suitable accommodation, never mind the significant costs associated with moving,” Minns said.
“This is a sensible cost of the living measure to help ease the pressure on the over 30 percent of people in NSW currently renting.
“The government is getting on with the job of delivering on our election commitments and providing much-needed relief for NSW renters.”
The bill will close loopholes allowing real estate agents to solicit bids on rental properties, driving up prices. It would also ban agents from taking bids on listed properties without informing other prospective tenants.
The bill will look to create a scheme where renters can take their bonds from one property to another, easing the financial burden as renters move.
Many renters find themselves thousands of dollars out of pocket as they move house, facing steep bond costs and lengthy delays between refunds.
A renter in the present system paying $550 (US370) a week in rent could be close to $2500 behind in bond payments as they look to move, Fair Trading Minister Anoulack Chanthivong said.
“A portable scheme will free up cash and make life easier for renters,” Chanthivong said.
The government is also working towards appointing a rental commissioner, who will advocate for the rights of tenants and ban “no grounds evictions” where landlords can evict tenants at the end of their lease without providing a reason.
Data shows renters in Sydney are struggling, with prices spiking by 13.1 percent in the past 12 months.
The NSW parliament will sit for its first question time just after midday on May 5 before settling into a new routine time of 11 am.
After its state election defeat, the coalition has vowed to focus on the cost of living and family budgets, along with infrastructure cuts, as it hopes to hold the government to account from the opposition benches.
