Rental property, as we all know, refers to those living spaces which we rent while we are on a vacation trip, business purposes or for settlement purpose. The Australian rental property market provided houses for about 20% of the total Australian population in the year 1995-96. The rental market was the second largest, coming after the home ownership market. The private rental market of Australia outshined the public housing sector during 1995-96.
The private rental market as compared to public housing sector provides greater opportunities of housing for Australian households. These rental properties in Australia are especially beneficial for people who cannot afford to buy their own houses due to the high rates. These are also preferred by youngsters who plan to live separately from their parents and by newly married couples as well. These rental houses are provided by a number of property dealers and also by private householders. A special study was even conducted by the Australian Bureau of Statistics to know the motive and profit earned by these private residential property dealers. According to a survey conducted in June 1997, about 584,200 units were completely or partly owned by the private householders. About 76% of these investors were small investors and were of different age, income and status.
According to the 2006 market survey, the rental property market in Australia was witnessing a decline with the rise in rental charges. The average rental rate in eight Australian capital cities had risen by 2.16% in 2005, but was lower in comparison to that of 2003. The total rental price for Sydney apartments had risen and has gone up to 6.96% for smaller units. The average monthly rent for a Sydney apartment of 50 sq. metres is US$1,824 while that of 150+ sq. metre apartments is US$1, 453,950.
In case of rental property in Australia, the tenancy laws for both the tenant and landlord are clearly specified in the Residential Tenancy Act. The tenancy laws are neutral in nature and rental rates can be easily negotiated. The rise or decline in rental rates is reviewed by a tribunal. It is the tribunal which would judge the hike percentage. In case of New South Wales, South Australia, Tasmania, Victoria and Western Australian states the revised rates should be provided with a 60 days prior notice. In case of Australian Capital Territory, a minimum period of eight weeks notice is a must. The Northern Territory tenants require 30 days prior notice irrespective of the type of agreement. The tenant generally pays an advance rent as well as a rental bond, which acts as a security deposit. The amount of advance rent depends on the type of agreement and the region. In case of any rental property dispute, the Australian courts generally take 6 days to enforce court rulings.
Some of the renowned real estate agents who could guide you for Australian rental properties are:
- Action Realty Wollongong
- AD Advance Real Estate
- Australian Property Alliance
- Australian City Group
- Ausbuild Pty Ltd.
- Martini Realty
- Alex Scott & Staff
- Albany City Realty
- Jackson Real Estate
- Oxford Property Group