New laws around rent increase frequency for Queensland commence 1 July 2023

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New laws around rent increase frequency for Queensland commence 1 July 2023

1 July 2023

New laws around the rate at which rent may be increased for Queensland tenancies have come into place today. Under the new laws, rent may only be increased once every 12 months. The change applies to all new and existing tenancies.

The QLD Residential Tenancies Authority (RTA) has also advised that they have updated the two Pocket Guides for Tenants and tenancy agreements for general tenancies, rooming accommodation, and movable dwellings. The new forms are available on the RTA website.

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Former estate agents representative banned from industry for 10 years, fined $2,500

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Former estate agents representative banned from industry for 10 years, fined $2,500

30 June 2023

Consumer Affairs Victoria (CAV) has banned a former agents representative from registering to work in the industry for ten years, in addition to ordering them to pay $2,500 in fines to the Victorian Property Fund.

This disciplinary action was handed down in the Victorian Civil and Administrative Tribunal (VCAT) after the agent representative was found to have transferred more than $17,000 in account funds to his personal bank account between February and July 2019. CAV began investigations into the individual’s conduct earlier this year.

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Rent bidding banned in South Australia

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Rent bidding banned in South Australia

27 June 2023

In a media release today, South Australia Consumer and Business Services (CBS) has announced that rent bidding within the South Australian rental market is now prohibited. Landlords and agents will no longer be able to:

  • advertise properties with a rent range,

  • put properties up for rent auction, or

  • solicit offers over the advertised rental price.

The new laws will also prevent third-party tenancy application platforms from rating or assessing a prospective tenant based on an offer of higher rent.

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NSW real estate agent sentenced to two years imprisonment following 121 counts of fraud

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NSW real estate agent sentenced to two years imprisonment following 121 counts of fraud

27 June 2023

In their latest Property Matters issue, NSW Fair Trading has reported on the outcome of a joint investigation undertaken with NSW Police. The investigation was carried out over a two-year period and was based on the suspected trust account fraud of an agent operating out of Penrith, NSW.

The offending agent has been sentenced to two years imprisonment and has been ordered to repay $164,554 to the compensation fund.

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Over $300,000 stolen from real estate trust account by scammers

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Over $300,000 stolen from real estate trust account by scammers

26 June 2023

Less than a month after a real estate agent lost $43,080 and two settlement agents lost a combined $64,468, a Western Australia real estate agent has lost $329,500 in trust account money after falling victim to a remote access bank scam last week.

Western Australia Consumer Protection reports that the scammer convinced the agent to download remote access software to their computer, which the scammer then used to access the agency trust account. The scammers were successful in completing a range of transactions out of the trust account while on the phone with the victim. The agent’s real bank then called to alert them that they were concerned about possible fraudulent activity on their account.

We recently published a blog post on protecting your real estate business from scam activity and fraud.

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Protecting your real estate business from scam activity and fraud

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Protecting your real estate business from scam activity and fraud

21 June 2023

As technology and internet capabilities advance, it is crucial for real estate businesses to understand the ways in which they can prepare and protect personal and financial information to keep their business, clients, and tenants safe.

Fraud can arise in many forms, including through email correspondence and attachments, e-signed leases, electronic use of documents, and online banking. Agencies and their staff are increasingly susceptible to high-tech fraud that is more difficult to detect.

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June 2023 Newsletter

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June 2023 Newsletter

20 June 2023

Newsletter snapshot:

  • Site-wide ‘End of Financial Year’ discount code!

  • Industry updates: Scammers target real estate and settlement industry trust accounts // Northern Territory 'Water Plan' announced, providing water security for Territory residents.

  • Disciplinary action: WA agency fined over failure to act in best interest of clients // Victorian estate agent prosecuted for alleged trust account misuse // Queensland agent sentenced to eight years in jail for fraud // Victorian agent jailed for trust account misuse.

  • Legislative changes: NSW portable bond scheme and further reform to recent laws around rent bidding // WA Consumer Protection announces changes to tenancy laws // South Australia rental reforms: An update on laws for renting with pets.

  • Important reminder: ACT CPD due 30 June 2023 for licence holders.

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South Australia rental reforms: An update on laws for renting with pets

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South Australia rental reforms: An update on laws for renting with pets

18 June 2023

Earlier this year, the South Australian Government provided broader insight into the changes expected to residential tenancy laws. The Government sought and received feedback on a range of issues, including the rules around ending or not renewing a lease, maximum bond amounts, rent bidding, and tenant rights around renting with pets.

South Australia Consumer and Business Services (CBS) has today provided an update on the issue of renting with pets, and the new rights and responsibilities of tenants and landlords around the issue.

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Victorian agent jailed for trust account misuse

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Victorian agent jailed for trust account misuse

16 June 2023

Just days after a Queensland agent was sentenced to eight years in jail for trust account fraud, a Victorian agent has received a 12-month prison sentence for the misuse of funds belonging to their clients.

Consumer Affairs Victoria (CAV) has reported that in addition to the 12-month prison sentence handed down by the Country Court, the former agent has been issued with a two-year Community Corrections Order.

The former agent’s breach of the Estate Agents Act 1980 was based on causing almost $1.6 million in trust account deficiencies and the fraudulent transfer of around $776,000 in trust funds for their own use.

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Nothern Territory 'Water Plan' announced, providing water security for Territory residents

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Nothern Territory 'Water Plan' announced, providing water security for Territory residents

15 June 2023

The Northern Territory Government has today announced the release of a strategic plan for water across the Territory. The ‘Territory Water Plan’ offers a package of actions that aims to deliver ongoing water security for all Territorians.

The Northern Territory is on track for a growing population and an economy of $40 billion by 2030. The water plan provides a sense of security for residents and the broader community, and makes the Territory more attractive to prospective property buyers and investors.

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Queensland agent sentenced to eight years in jail for fraud

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Queensland agent sentenced to eight years in jail for fraud

13 June 2023

Queensland Fair Trading and Queensland Police have investigated a Brisbane agent for fraudulent acts surrounding the use of trust account funds. The former agent, who was based in the Newmarket area, has today been sentenced to three years imprisonment by the Brisbane Supreme Court. The agent was sentenced to an additional five years imprisonment for other Queensland Police matters.

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Scammers target real estate and settlement industry trust accounts, WA Consumer Protection reports

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Scammers target real estate and settlement industry trust accounts, WA Consumer Protection reports

30 May 2023

Agents in Western Australia are being urged by Consumer Protection to stay vigilant when it comes to fraud prevention and suspicious scam-like activity.

Consumer Protection has reported that in the past two days, WA ScamNet received one report from a real estate agent who advised they’d lost a total of $43,080, and two reports from settlement agents who lost a total of $64,468.28.

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