Queensland rents tipped to rise
More Queenslanders may be encouraged to break into the state's property market with a proposed legislation potentially seeing those in rental properties fork out up to $20 more a week.
News Limited reported that the government is pushing for an overhaul of property laws, making it compulsory for landlords to conduct compulsory building and pest inspections on dwellings.
If successful, the measures are likely to push up rental prices by up to $20 a week, experts have warned.
With potential price hikes on the horizon, Queenslanders may find now the perfect time to look into buying their own home, with low interest rates an added incentive to get a foot on the property ladder.
This month's interest rate cut of 25 basis points to 3.25 per cent has resulted in favourable conditions for house hunters. This is emphasised for Queensland first time buyers who are offered some of the highest incentives in the country.
Real estate Institute of Queensland chief executive Anton Kardash said reforms to the property sector would be welcomed by the industry, with clearer responsibilities for landlords and property managers vital.
But the cost would have to be absorbed by someone, he added.
"Property managers are not trained to do termite or building structure inspections," Mr Kardash explained.
"Those costs would be passed on (to renters), which is why we need to be reasonable about it."