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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NSW Government introduces rental commissioner role

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NSW Government introduces rental commissioner role

11 July 2023

Since launching community consultation around further changes to residential tenancy laws, the NSW Government has today announced the new role of rental commissioner to government.

The role of the rental commissioner will involve:

  • Acting as a voice for renters and working with the government and stakeholders to get moving on the reforms open for consultation now,

  • Being responsible for identifying and investigating other issues that impact the NSW rental market, and

  • Examining rental affordability and supply, encouraging longer-term rental agreements, investigating ways to improve energy efficiency for renters, developing educational resources for renters and owners, and monitoring current tenancy laws.

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NSW Government engages community consultation for further changes to rental laws

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NSW Government engages community consultation for further changes to rental laws

7 July 2023

After announcing its steps to further reform rules around rent bidding and introduce plans for a portable bond scheme, the NSW Government has today announced its plans to delve deeper into other potential residential tenancy reforms. Community consultation has begun to discuss topics such as:

  • Ending no-grounds evictions by requiring a reason to end a lease,

  • Making it easier for renters to have pets,

  • Protecting renters’ personal information and privacy,

  • Making it easier to transfer rental bonds from one property to another, and

  • Other ways to improve conditions for renters and take the pressure off.

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July 2023 Newsletter

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July 2023 Newsletter

7 July 2023

Newsletter snapshot:

  • Site-wide discount to celebrate World Chocolate Day! 🍫

  • Industry updates: Over $300,000 stolen from WA real estate trust account by scammers // Update on NSW rent bidding ban compliance.

  • Disciplinary action: NSW real estate agent sentenced to two years imprisonment following 121 counts of fraud // Former Victorian estate agents representative banned from industry for 10 years, fined $2,500 // Former Victorian agent sentenced for misuse of over $100,000 in trust money.

  • Legislative changes: Rent bidding banned in South Australia // New laws around rent increase frequency for Queensland commenced 1 July 2023.

  • Feature blog: ‘Protecting your real estate business from scam activity and fraud’.

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Former Victorian agent sentenced for misuse of over $100,000 in trust money

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Former Victorian agent sentenced for misuse of over $100,000 in trust money

4 July 2023

A former Victorian agent’s decision to withdraw $105,915 in trust account money from their company’s trust account has landed them a two-year Community Corrections Order. They have also been ordered to complete 350 hours of community service. The sentence was handed down at the Melbourne Magistrates’ Court last week after the former agent pleaded guilty to two charges under the Estate Agents Act 1980.

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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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How compliant are NSW agents under the new rent bidding laws?

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How compliant are NSW agents under the new rent bidding laws?

27 June 2023

NSW Fair Trading has released a report after monitoring the conduct of agents under the new rent bidding laws introduced late last year. Fair Trading announced earlier this year that they would be undertaking a ‘rent bidding compliance program’.

In their latest Property Matters issue, NSW Fair Trading reports that inspectors recently conducted 76 undercover inspections at open homes and reviewed over 1,100 online rental advertisements. It was found that 98% of agents visited were complying with the ban on solicited rental bids.

Further reform to the rules around rent bidding will be carried out under a new bill, which was introduced to NSW Parliament last month.

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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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