October 2023 Newsletter

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October 2023 Newsletter

3 October 2023

Newsletter snapshot:

  • Industry updates: Consumer Affairs Victoria warns against failure to audit trust accounts // Queensland Residential Tenancies Authority (RTA) continues to encourage tenants to enquire about outstanding bonds // Commercial news: Commercial real estate sector primed for strong growth in 2024, experts predict.

  • Disciplinary action: Victorian estate agent facing disciplinary action for poor conduct // Former Victorian estate agent convicted over illegal transfers of client funds // Western Australia Consumer Protection urges tenants to report racist behaviour after agent reprimanded and suspended // NSW Fair Trading publishes results from underquoting compliance inspections, confirms $52,800 in fines issued.

  • Legislative changes: Tasmanian agents, have your say on proposed changes to the Tasmanian Civil and Administrative Tribunal legislation by 4 October 2023.

  • NSW CPD updates: NSW Class 2 and Class 1 licensees can now complete their CPD training with us online!

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Queensland Residential Tenancies Authority (RTA) continues to encourage tenants to enquire about outstanding bonds

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Queensland Residential Tenancies Authority (RTA) continues to encourage tenants to enquire about outstanding bonds

28 September 2023

In July this year, the Queensland Residential Tenancies Authority (RTA) launched a campaign in an effort to remind tenants to check for any outstanding bond payments they may be owed. Property managers and landlords were called upon to encourage tenants to reach out to the RTA to establish whether any bond monies were being held in trust under their name.

The RTA has provided an update on their campaign efforts, announcing that over $6.2 million in forgotten bond monies has been successfully returned to more than 6,200 tenants.

Landlords and property managers are encouraged to make use of an ‘amplifier kit’ developed by the RTA to continue to spread the word and reunite tenants with money owed to them.

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August 2023 Newsletter

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August 2023 Newsletter

4 August 2023

Newsletter snapshot:

  • Industry updates: NSW Government announces change to temporary accommodation access support people in crisis // NSW Government introduces rental commissioner role // Queensland Residential Tenancies Authority reports over 114,000 outstanding bond payments // NSW stock agent news: Sheep and goat electronic ID grants open for saleyards and processors

  • Disciplinary action: Victorian agents hit with over $500k in fines for underquoting // Consumer Affairs Victoria commences action against agency for practising while unlicensed.

  • Legislative changes: NSW Government engages community consultation for further changes to rental laws // No-cause evictions to be banned in South Australia.

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Queensland Residential Tenancies Authority reports over 114,000 outstanding bond payments

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Queensland Residential Tenancies Authority reports over 114,000 outstanding bond payments

11 July 2023

The Queensland Residential Tenancies Authority (RTA) is campaigning for tenants to check whether they may have unclaimed bond money being held by the RTA. The RTA has reported the following:

  • more than 114,000 outstanding bond payments are yet to be claimed, with almost half (46%) worth more than $300.

  • the average value of an outstanding bond payment held with the RTA is $454.99.

  • the oldest outstanding bond payment dates back to 1990.

Tenants can submit an online enquiry via the RTA website to check their records and apply to receive any bond money belonging to them.

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WA Consumer Protection reports over $4 million in bond money waiting to be claimed

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WA Consumer Protection reports over $4 million in bond money waiting to be claimed

30 March 2023

Western Australia Consumer Protection is appealing to WA tenants and landlords to claim outstanding bond money, stating that over $4 million is being held, waiting to be returned to rightful owners.

Consumer Protection understands the bonds were not paid out for a variety of reasons:

  • No forwarding contact or payment details were provided;

  • No agreement was reached on how to release the bond;

  • An application requesting a release of the bond was incomplete; or

  • The release of the bond was not requested at the end of the tenancy.

WA organisations and government agencies that are holding funds on behalf of others are legally obligated to transfer them to Treasury if still unclaimed after six years.

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