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In what was a major year for the property management space defined by Australia’s rental crisis, here are the biggest stories from the space in 2022.
Continuing the theme of PMs departing the industry in droves, this report from February of the year foreshadowed many of the trends which would eventuate throughout 2022.
MRI Software’s research found nearly a quarter of PMs intended to depart not just their job but the industry as workplace stresses and an inability to switch off after hours created a myriad of problems.
A Melbourne agent ended up in hot water in September, fined for behaviour that “had the potential to bring the industry into disrepute”, amongst other breaches of real estate agent professional conduct regulations.
Consumer Affairs Victoria stepped in to meet two complaints, which resulted in financial punishment for the agent.
As vacancy rates fell to record lows towards the end of the year, rents rose by a substantial amount across the country, with these 10 regions hit hardest by the increases.
Queensland’s controversial land tax, which threatened to charge land tax in the state based on the total value of an individual’s Australian land holdings rather than just those owned in the Sunshine State, threatening not just Queensland investors but Australia-wide investors.
As the rental market tightened, many expected the new tax scheme to incite investor departure from the state and further compound rental crisis woes within Queensland. However, an update to the program at the end of the year spelled the end of these fears.
The ATO announced ahead of 2022’s tax season what it would target for investors and other real estate holders, with the message a timely reminder ahead of financial year 2023’s tax season.
Australian Taxation Office assistant commissioner Tim Loh offered “three golden rules” that investors and landlords must fulfil in order to avoid any strife with the nation’s peak tax body.
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