Under regulations coming into effect on Saturday, agents are barred from asking tenants to offer higher rents
‘The search for a rental property is tough enough without it turning into a bidding war,’ NSW premier, Dominic Perrottet says.‘The search for a rental property is tough enough without it turning into a bidding war,’ NSW premier, Dominic Perrottet says.Last modified on Mon 12 Dec 2022 07.03 GMT
If a tenant is encouraged to increase their offer, they will be able to report it to the Department of Fair Trading, with agents facing fines of up to $5,500 for an individual and $11,000 for a company.Leo Patterson-Ross, the head of the NSW Tenants’ Union, said while it was important to stop the formal soliciting of bids over the advertised price, the impact would be negligible unless lessors were banned from accepting unsolicited higher offers.
“We’d really like to see a restriction on accepting a rent over the advertised price so you can negotiate down if you’ve pitched too high but you can’t bid up.”, said renters would continue to feel pressure to make offers higher than the advertised price until it was outlawed, due to the lack of supply across the state.
“Having transparency and fundamental fairness around people knowing what the property is on the market for is the least we should expect for housing.”
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