Controversial 'rental auctions' will soon be outlawed in New South Wales as the state government looks to ease the growing housing affordability crisis.
Rent bidding – which refers to real estate agents asking prospective tenants to offer above a property’s asking price - will be banned from Saturday December 17.
Love news? Stream 25+ news channels in 1 place. New to Flash? Try 1 month free. Offer ends 31 October, 2023 “This is all about providing certainty and opportunity for people across our great state,” he told reporters.“The rental market is tight, so putting an end to auctions in the rental market is a very important step the NSW government is making today.”It will also be unlawful to advertise a rental with a price range or say it is open for negotiation.
Prospective tenants will also be able to report estate agents who ask them to bid above the asking price from Saturday onwards.Both Mr Dominello and the Premier acknowledged the measures weren’t a perfect solution but had been modelled on other states which had proved successful.
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