NSW’s major parties back rental law overhaul to stop agents taking above-listing offers
Real estate agents could be banned outright from accepting rental offers higher than the listed price, as both the NSW government and opposition voice support for the historic overhaul.
NSW
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Real estate agents could be banned from taking rental offers higher than the listing price with both major parties open to the move.
Banning agents from taking higher rental bids would outlaw rent bidding entirely and goes further than only stopping agents from soliciting higher offers.
It comes after The Daily Telegraph revealed Fair Trading Minister Victor Dominello had requested department boffins tackle the issue as rental vacancies across the state plummet, with a preliminary response expected in coming weeks.
Mr Dominello said the agency was looking at potentially a “first come, first served” style where the first party to meet an advertised offer gets let the home.
He said the current bidding “frenzies” had already “extended (renters) beyond where they should be”.
“So rather than stopping people from putting a (offer forward), you just simply say that is the position and it’s first come, best dressed,” he said.
Mr Dominello added investors and landlords had their own challenges which had to be considered amid soaring interest rates.
He said changes had to “make sure we protect the vulnerable people in that community … But equally, making sure that there is the flexibility as there are pressures because of interest rates”.
Labor’s better regulation spokeswoman Courtney Houssos said a ban on real estate agents taking more than the listing price “seems very reasonable to me”.
She added Labor, if elected next year, would ensure rules in place in Queensland and Victoria which ban rent bidding were brought to NSW.
“We’re prepared to co-operate with the government in any reasonable measures that will actually provide relief for renters. We think that rental negotiations should happen in a fair and transparent way and that’s why we really want to see the details of this announcement,” she said.
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