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Vol 10. No.236

Economic Overview

	Current	+/-	Movement
$AUS/$US	87.97	+0.61
Cash Rate	3.75	Steady
90 Day Bill	4.090	+0.16
10 Year Bond	3.68	+0.13
ASX 200	4704.2	+69.1

NSW Property

Residential Tenancies Bill 2009 (SMH Pg.5)

• Under proposed changes to tenancy laws tenants will be able to break lease agreements more freely.
• The Residential Tenancies Bill 2009 contains over 100 amendments to the current laws.
• Tenants will be allowed to break a fixed-term lease with 14 days notice on the basis they pay a “break fee” of up to 6 weeks rent. Currently tenants must continue to pay the rent after termination until lease expiry if the property remains empty.
• Other changes include the abolishment of the $15 lease preparation fee, the reduced time for landlords to get a hearing at the CTTT and tenants being allowed to make slight alterations to the property at their own expense.

Queensland Property

Home Energy Data update (AFR Pg.17)

• From 1 January 2010, all vendors, landlords and agents in Queensland will be required to disclose their property water, energy efficiency, safety and access details.
• Real Estate Agents will be required to attain the “sustainability declaration”, a 56 point form for all homes they are marketing.
• Fines for misleading information will range from $200 to $2,000 for homeowners and $1,000 to $10,000 for agents. The fines are expected to be implemented from 1 March 2010.
• The Council of Australia Governments wants to introduce mandatory disclosure at the point of sale or lease for all residential property owners by May 2011. The ACT commenced disclosure in 1999.