A bill being introduced to NSW Parliament to provide cost of living relief and better protection to NSW renters will come as welcome news to Central Coast tenants.
The legislation will eliminate the practice of secret rent bidding and begin development of a portable bond scheme.
The Bill will: close the loopholes in the existing ban on solicited rent bidding to include owners and third parties; eliminate secret rent bidding by requiring owners and their agents to notify applicants of other offers from prospective tenants which are higher than the advertised price; and ensure appropriate powers are in place to design and enact a portable bond scheme that reduces the strain on renters.
With research by the Real Estate Institute of NSW indicating the Central Coast yields a 1.5 per cent vacancy rate, rent prices are soaring due to the low supply and high demand.
The government says this is the first step in its commitment to make renting fairer across the Central Coast.
Twenty-three per cent of houses across the region are being rented, with the reforms set to affect a large proportion of Coasties.
Member for Wyong and Minister for the Central Coast David Harris said the Government was determined to tackle the housing affordability crisis head-on.
“These changes will make a tangible difference to rental prices across the Coast which will help thousands of Coasties make ends meet,” he said.
Member for Swansea Yasmin Catley said the legislation would be a major support for renters on the Coast and Member for The Entrance David Mehan said making renting fairer was a priority for the Labor Government.
Member for Gosford, Liesl Tesch said protecting renters by levelling the playing field was key for the community.
“We took key reforms to the election, and we’re getting them done in our first week in Parliament,” she said.
Source:
NSW Government