#rental properties australia
Australia Real Estate Rental
Australia Real Estate Rental business is flourishing owing to the fact that Australians love to own property and most of them have ownership of a second home as well. The property not used for residential purpose is generally put up for rental as the market is growing with increasing demands for all kinds of rental properties. Be they residential rentals or holiday rentals, the current market has ample supply to fulfill the requirements of tenants in Australia. The real estate agents play vital role in managing a rental property and also helping a tenant find one that meets his/her renting requirements. There are renting rules and regulations which must be followed by landlords, tenants and real estate agents while closing a deal. There might be variations in rental rates, commission and agent fees, but the fundamentals of renting rules and regulations remain more or less the same in NSW, Victoria, QLD, SA and WA.
Australia Real Estate Rental Properties
Houses for rent in Australia are generally free-standing structure or attached buildings with no neighbors living below or above you. However, in urban areas and cities like Adelaide, Melbourne, Sydney, Perth, Darwin and Townsville, these rental accommodations are usually available in the form of apartments. These apartments for rent generally consist of two or more floors of homes, each meant for different tenants. A typical apartment includes one to four bedrooms, one or two bathrooms, a kitchen, laundry and living space. Some apartments may have space for a makeshift garage or carport also. Most rental apartments are furnished and have features like carpets, heating or air-conditioning, light fittings, hot water systems and kitchen cupboards.
Once you are satisfied with the condition of a house on rent and agree to the rent and other conditions set by the landlord you have to enter into an agreement. Real estate rental agreement forms and lease contract kits for tenancy, investment property management and for many other rental-related formalities can be obtained for free from online providers like Rentalagreementsdiy.com.
There are other renting formalities apart from signing the lease, which is a contract between a tenant and a landlord that mentions in explicit terms the rent to be paid by the tenant and the duration he is going to live in that house. These are paying a bond and completing a condition report. The bond consists of one month to six weeks rent and is kept by the Residential Tenancies Bond Authority. The bond amount is paid upon your moving out of the rented house. The condition report details the actual conditions of the rented property before you move in and must be filled before you do so.
Real Estate Rental Fees and Commission
Australia real estate rental fees are charged according to the scale set down by the Real Estate Institute of the state concerned. The commission charged by a real estate agent for sale as well as rental of a residential or holiday property is regulated by the Office of Fair Trading and may vary with each state and territory. For example, in Queensland (QLD), the maximum commission on real estate rental for a residential property is set at 7.5 percent of mean annual rental if the tenancy is more than five years. The maximum limit for the same is 5 percent if the tenancy is for a period less than 5 years. Moreover, in addition to commission charges, the agents must calculate GST (Goods and Sales Tax) levied by the state government. A fine up to $20 is to be paid by those not abiding by this rule in Queensland. Real estate rental management fees are set by each individual agent or company according to the laws of the state and must not be higher than the limit set by the Office of the Fair Trading of that state.
Real Estate Holiday Rentals
Australia has a significant place on the tourist map of the world and people across the globe visit here for holidaying and purposes like pursuing higher studies and doing business. As a result, the market comprising real estate holiday rentals is upbeat with rising demands, more particularly in locations known for marine beauty, natural flora and fauna, and excellent infrastructure. Gold Coast, Sunshine Coast, Coffs Harbour, Mooloolaba, Central Coast, Port Macquarie, South Coast, Nelson Bay and Caloundra are some of the preferred destinations for Australia real estate holiday rentals. Other areas include Bundaberg, Cairns, Gympie, Rockhampton, Mackay and Hervey Bay in QLD and Blue Mountains, Newcastle, Wagga Wagga, Wollongong and Yamba in NSW.
For holiday rentals, an agent is not entitled to a letting fee other than the commission, which cannot go up to 12 % of the rent collected. This is the case with a tenancy not exceeding a period of three months. The commission on real estate holiday rentals for a period more than three months is set at 9 percent of the collected rent.