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South Coast Property Specialists (Carlene Franzen) Tips #1147:

Will a Freeze on Rents Solve the Rental Crisis?

Last week we highlighted some of the ini a ves from the recent budget (and previous announcements from the Labor government) focussed on resolving the current property and rental crises. It appears the issue has become poli cised with the Coali on and the Greens blocking the proposals in the Senate. This is of course en rely their right in our democra c poli cal system however any delays are not a good thing for those who already can’t find a rental or can’t afford to purchase a home.

One of the proposals/demands from the Greens is to implement rental freezes for two years, and cap increases at 2% every two years a er that. You might remember that rental freezes have occurred before and in fact quite recently. During the pandemic (which incidentally s ll exists), the Na onal cabinet introduced a rental evic on moratorium and the Tasmanian, Victorian, South Australian and Western Australian governments all froze rents. But it should be noted these were planned as very short-term ini a ves. But would a two year freeze and subsequent rental cap work?

Well, certainly not everyone agrees. The prime minister has previously described the idea of rental freezes as "absolute pixie dust" and many others believe that the only ac vity that will start to solve the problem is to increase the supply of rental proper es. It is generally considered that a rental freeze would provide a very short-term solu on that would have long term nega ve consequences.

The Real Estate Ins tute of Australia believes a rental freeze would have disastrous long-term impacts saying:

 The introduc on of a rental freeze would have far-reaching consequences with renters as the biggest loser.

 It has a sexy short-term effect for poli cians but as the market adjusts the consequences turn out to be dire.

 We know from interna onal experience that rent freezes or controls will immediately reduce rental supply, discourage ins tu onal and private investment in housing and reduce investor income needed to improve exis ng rental stock for essen al things like hea ng, cooling and energy-efficient improvements.

So, implemen ng a freeze and cap may well push current landlords to sell their rental property, further reducing rental stock, and also be a huge disincen ve for new investors to purchase property for rental purposes. Fixing rental stock availability s ll seems to be the only long-term solu on and it might take more crea ve thinking to find be er short-term relief.

The Shed welcomes males over eighteen with the aim to provide a safe place to be involved in joint projects, snooker, photography, cards, table tennis etc or just have a cuppa and a yarn.

Our general open me is Monday and Thursday 8.00-12.00 am We also open Tuesday 2.00-4.00pm for cards (euchre) Wednesday 2.00-4.00pm for snooker and the camera group meet Thursday 2.00-4.00pm. For informa on contact presidentTHMS@gmail.com secretaryTHMS@gmail.com

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