Renting in Queensland? You may be forking out a bit more soon
- November 22, 2012
- Ayda Shabanzadeh
If you are renting in Queensland you may have a little less in your pocket every week if proposed legislation is passed. The legislation could see people in rental properties having to pay an extra $20 a week. The state government is aiming to overhaul property laws, forcing all landlords to conduct compulsory building and pest inspections on dwellings. If the legislation is passed, the measures are likely to push up rental prices by up to $20 a week, many experts have warned.
The silver lining is that this could help encourage people into buying their first home. Instead of paying an additional $20 for nothing many Queenslanders could this as the perfect time to look into buying their own place, especially with low interest rates as an added incentive. The recent interest rate cut of 25 basis points to 3.25 per cent has resulted in fantastic conditions for house hunters, making it even more attractive for first home buyers to dip their foot into the property market.
If you are sick of renting and want to invest in your own place then this may be the ideal time to make the transition from tenant to property owner.