Queensland Governments Coronavirus Guide for Property Investors and Tenants
During these times of uncertainty and the broader shifts. We are seeing how important effective property management of your investment properties is. Experienced property management is now more important than ever.
The road ahead for our economy and our property markets has never been less clear.
Whilst Paul Hill Realty can’t make any predictions with the confidence in the residential property market. How it will perform next month, let alone next year is unclear.
Though based on Paul Hill’s experience of having been involved in the property markets for nearly 30 years. He believes the Coronavirus correction of our property market will ultimately be temporary.
The more pressing issue for those who already own investment properties is:
How do I manage my property and my obligations in the short term?
Below is the guide from the Queensland government in response to landlords and tenants in Queensland. We have outlined the guide here so you can keep abreast of the situation.
Keep in mind that this a very dynamic environment. Where new announcements and decisions are being made often. So be sure to keep up to date with your local state government (link below) for the latest information.
All information was correct as at 8th September 2020
Qld State Government Announcement:
Queensland is home to some of the broadest changes to landlord and tenancy laws in the country.
Under laws passed on 22nd April 2020, a tenant may break a lease due to economic hardship with no break lease fees.
Failure to pay rent will no longer be a valid reason to evict a tenant.
Other reasons to evict remain valid, but any landlord trying to evict a renter without valid cause will be subject to a fine.
Furthermore, Landlords and tenants must enter into negotiations. If a tenant claims hardship before any further action can be taken.
As a freeze on evictions has been announced. All leases that expire over the next six months will automatically be extended to September 30, 2020.
Note for Landlords
If your tenant is in financial distress due to the impact of COVID-19 and they cannot meet their rent commitments. You cannot evict them or list them in a tenancy database for rental arrears.
Note for Tenants
To be eligible to end your lease for hardship reasons. Your household income must be reduced by at least 75% and you must have savings of less than $5,000.
More information at QLD Government information for Property Owners
If you own a property for rent in Queensland, including a house, unit, share house, room, caravan or houseboat, there are rules that must be followed.
Your rights and responsibilities are set out in the Residential Tenancies And Rooming Accommodation Act 2008.
Neither property owners nor tenants are to blame for the effects of COVID-19. Now is the time to work through this together to get out to the other side of this pandemic.
It has never been more important to ensure people do not have to face the prospect of homelessness, than during this global pandemic. It’s critical from a public health perspective that people can self-isolate in their own homes. This means ensuring that they can remain in their rental properties for the duration of this crisis.
Now is the time to take action and set yourself for the opportunities that will introduce themselves as the market moves on.
In challenging times like we are currently experiencing. You need an advisor to provide you with direction, guidance and results. That is what you get from the team at Paul Hill Reality Hope Island.
Paul Hill Realty has built up a reputation of giving exceptional service as well as going above and beyond the normal expectations that a property investor can expect from a property manager.
Paul Hill Realty are Specialists in Residential Property Management on the Northern Gold Coast from Southport to Ormeau and west to Wongawallan. However, they know the complete South Eastern Qld area well. So they can list any property for rent or sale in South East Qld.
For those who are looking to engage an experienced property manager. Who can save you time, money and headaches, contact Paul Hill Realty Hope Island today!