New Financial Year, New Property Laws

In addition to new Federal Laws around property investment, the new financial year brings with it a range of state-based property reforms.

In New South Wales, harsher fines are being introduced in an effort to fight off underquoting by real estate agents. There are new financial penalties for dummy bidding at auction and prices or price guides must now be published on all advertising.

In Victoria changes affect the rental market with the State Government guaranteeing a leaving resident’s bond while moving between properties.

The new Portable Rental Bond Scheme means renters can avoid having two bonds tied up when moving, as the bond from the previous residence can be moved to the new residence for $25.

The Victorian government has also introduced new Home Warranty Insurance which aims to help homeowners who become victims of dodgy tradie work, allowing claims for incomplete, faulty, or defective work on contracts worth more than $20,000.

In the ACT First Home Buyers, pensioners and some National Disability Insurance Scheme participants will no longer have to pay stamp duty. It also applies to owner-occupiers buying new units.