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The federal government is calling for industry comments on its proposed changes to the Residential Tenancy Act (1997).
Earlier this week the government unveiled its plans to amend the Act, which sets out the rules between landlords and tenants.
However, the proposed amendments have angered some industry members, including the Real Estate Institute of NSW (REINSW).
REINSW president Steve Martin labelled the amendments as ‘investment vandalism’ and said they would “deliver carnage to mum and dad investors and tenants across NSW.”
According to Mr Martin, the new amendments left the door open for possible ‘rent control.’
“Several sections provide additional powers and discretion to the Consumer Trader and Tenancy Tribunal and tenants to successfully argue that rent increases could be deemed excessive,” Mr Martin told The Australian Financial Review.
“I think the Minister has shown great misjudgement when it comes to a fair playing field and it is definitely not fair.”
Minister for Fair Trading Virginia Judge backed the amendments and said they in no way opened the flood gates for rent control.
“It is very disappointing that, on the very day I am meeting with representatives of the Real Estate Institute to hear their initial comments on the proposed bill, they have chosen to launch a scare campaign,” she said.
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