Renting reforms to benefit Coasties

Renting reforms come as a Hugh sigh of relief for Central Coast renters with the introduction of a Bill to NSW Parliament this week to deliver a key election Labor commitment to provide cost of living relief and better protection to NSW renters.

24 May 2023

 

THE Minns Government legislation will eliminate the practice of secret rent bidding and begin development of a portable bond scheme.

 

Member for Wyong, David Harris said, “The Minns Government is 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.”

 

Member for Swansea, Yasmin Catley said, “We know the pressure renters are under and that is why the Minns Labor Government as a priority has introduced this legislation to begin delivering on our housing reform package.

 

“This legislation will help end the practice of secret rent bidding and establish a portable bond scheme, to support renters on the Coast.”

 

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.

 

• Ensure appropriate powers are in place to design and enact a portable bond scheme that reduces the strain on renters.

 

David Mehan, Member for The Entrance, said, “Making renting fairer is a priority for Labor and I’m pleased we have been able to get this bill drafted and in the first week of Parliament.”

 

With research by the Real Estate Institute of NSW indicating the Central Coast yields a 1.5% vacancy rate, rent prices are soaring due to the low supply and high demand.

 

This comes as the first step in implementing the Government’s rental reform commitments to make renting fairer across the Central Coast.

 

23 per cent of houses across the Central Coast are being rented. This means that these reforms affect a large proportion of Coasties. These reforms mean real tangible action for the Central Coast.

 

Member for Gosford, Liesl Tesch said that this legislation is very important for renters on the Coast. Protecting renters by leveling the playing field is key for our community.

 

“We took key reforms to the election, and we’re getting them done in our first week in Parliament,” Ms Tesch said.