The Real Estate Institute of Queensland (REIQ) is calling on Premier Annastacia Palaszczuk to reconsider aspects of the Government's proposed measures by launching its latest industry campaign, Everyone Matter in Real Estate.

REIQ is calling on the Premier to create a more balanced and fairer framework that provides equal protection for both renters and owners.

“The proposed measures in their current form will seriously harm over 600,000 property owners who provide the vast majority of rental housing supply to 35 per cent of Queensland’s population who rent," said Antonia Mercorella, CEO REIQ.

At a Glance:

• REIQ calls on Premier to create balanced and fairer framework for both renters and owners
• REIQ wants rent deferrals, not rent waivers and a minimum income reduction threshold for tenants
• Ordinary people make up 77 per cent of one-property investors and earning less than $100,00 per year 

"In addition, it’s certain to have a devastating impact on the future of the property market and broader Queensland economy.

“We support the protection of tenants who are in financial distress due to this pandemic, however, the scope of these proposed measures are too broad in their application.

"In fact, they are the most onerous of their kind for property owners across all Australian jurisdictions to date.”

With landlords and real estate professionals already emailing hundreds of letters to the Premier opposing the proposed measures within the first hour of the campaign’s launch, REIQ is calling on the Palaszczuk Government to amend the following aspects before they are introduced into Parliament on Wednesday, 22 April 2020:

• Introduce rent deferrals rather than permanent rent waiver rights for tenants. This aligns with the Federal Government model and framework adopted/being adopted in other jurisdictions;
• Introduce a minimum income reduction threshold for tenants to meet before they qualify for the protection measures. In New South Wales, a 25 per cent income reduction requirement applies;
• Introduce a standard requirement for tenants to substantiate a rent reduction request to allow landlords to make properly informed and fair decisions about rent reductions;
• Introduce clear guidelines on property entry requirements, and broaden the range of activities allowed to continue, subject to applicable safety and hygiene protocols;
• Remove the proposed break lease right that allows tenants to simply walk away from tenancy agreements with only 1 weeks’ notice notwithstanding that those tenants are afforded all the other protections provided under the Renter Protection Package; and,
• Remove the proposed automatic right to a 6-month tenancy agreement extension which in effect introduces a 12-month moratorium in Queensland with the consequential imposition of permanent rent waivers that would be extended over this additional period.

“The current protection measures clearly ignore the voices and rights of property owners," said Ms Mercorella.

"Property owners, like tenants, are entitled to be supported by COVID-19 regulatory protections that support the entire rental market.

“Our Everyone Matters in Real Estate campaign will demonstrate yet again that there is power in numbers and once landlords discover the true extent of these distorted reforms, it will cause a revolt of a kind not seen before in a residential tenancy context.”

Private property owners provide the majority of Queensland’s rental housing to the State’s ever-growing tenant community, and are often incorrectly categorised as wealthy individuals hoarding far more than their fair share of real estate.

The reality is however very different.

These are ‘ordinary’ people comprising hard-working Australians including childcare workers, nurses and teachers, making up 77 per cent of one-property investors and earning less than $100,00 per year (with approximately 43 per cent of property investors earning less than $50,000).

They have made financial sacrifices to improve their future position for retirement, which is still decades away for most investors.

For more information on The REIQ’s Everyone Matters in Real Estate campaign click here.

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