News

After a challenging few years post-covid for our valued tenants and landlords, the Trove team were relieved to hear news the South Australian Government was conducting a review into housing affordability.  As part of its plan for ‘A Better Housing Future’ the State Government has committed to the following outcomes:

• Providing Private Rental Assistance to more South Australians, delivering up to $4,800 in additional support per household
• Making residential tenancy bonds more affordable, saving a renter of a median priced house in Adelaide $930 in upfront payments
• Banning rent bidding
• Protecting tenants’ rights and information

Some of these reforms will be welcomed by many, however sadly they do not address the housing shortage that has led to many of our tenants being unable to afford their rent, or find a home at all.

Today we have been notified by REISA - our state's peak real estate representative body - that Consumer and Business Services announced that as of 1st April, changes to the Limit of Bond Amendment Regulations will take effect.  What this means, is that the amount of residential bond that we can now legally take has been reduced from 6 weeks rent to 4 weeks rent for any property under $800 per week (increasing to 6 weeks for any property over $800.01). 

Whilst Trove are absolutely in favour of making changes to ease the rental burden, we feel this particular amendment has been made without also addressing the requirement to reduce the rental arrears time frame. This remains unchanged at 15 days and will potentially expose landlords to financial loss in the instance their tenant is experiencing hardship and unable to pay rent. This is particularly troubling as we anticipate the instance of rental arrears will increase with lessening affordability.

Trove urge all landlords to please ensure you are protected with a good quality Landlord Insurance Policy.  Listed below are companies that specialise in Landlord Protection Insurance (and only will insure professionally managed properties):

• EBM Insurance
• Property Insurance Plus
• Terri Scheer

It is important to understand Landlord Protection insurance is an additional insurance to your building insurance.

As always, Team Trove are here to support our landlords and tenants and welcome your call if you have any queries or questions.