premium property report June 2020
From the Agent
What a difference 2 months has made! As with almost all facets of life, the real estate industry has had to adapt to a new normal…and adapt we have! At Hoskins, we are continuing to assist clients with property sales and leasing, albeit with extra social distancing, sanitizing and care with buyer numbers at Open for Inspections. We are experiencing good enquiry for property, particularly sub-$1m and expect this to build throughout June-July. If a change of address is on your ‘to-do’ list or you just need some experienced real estate advice, call your local Hoskins agent, Johnny Gu on 0450 835 277
Just Listed 6 Valley Way, Warrandyte
28 Maroondah Highway
$1,100,000 - $1,200,000
Just Listed 100 Alto Ave, Croydon
Just Listed $690,000 - $755,000
Just Listed
Just Listed
$820,000
5 Bayview Rise, Bayswater North $860,000 - $930,000
Feature property
176 Jumping Creek Rd, Wonga Park
$2 - $2.2 MIL
COVID-19 Update As restrictions ease across Victoria, up to 20 people will be allowed at on-site auctions and inspections from Monday 1st June, with the spread of COVID-19 remaining low. Premier Daniel Andrews stated, “auctions and open for inspections will be subject to the 20 person limit, plus those required to conduct the activity, with agents also required to keep the contact details of everyone who attends.� We recommend downloading the COVIDSafe App (for your safety & ours) prior to attending any open home. We remain commited to our clients and we will continue to deliver a premium service whilst taking the appropriate measures to minimise risks to those within the community. The Hoskins team are looking forward to seeing you at one of our open homes soon.
SOLD 1 Faull Close, Croydon North $995,000
SOLD 11 Trevor Court, Warranwood $1,200,000
SOLD 43 Lockhart Road, RIngwood North CONTACT AGENT
SOLD 8 Gordon Court, Ringwood $910,000
SOLD 83 Alexandra Road, Lilydale $850,000
SOLD 5/25 Greenslopes Drive, Mooroolbark $625,000
SOLD
SOLD
18 Auburn Grove, Croydon South $990,000
Add your property to the list.
SOLD 21 Baddeley Circut , Croydon $870,000
SOLD 27 Cottinglea, Ringwood North $820,000
Call me for a complimentary & obligation free appraisal;
Johnny Gu on 0450 835 277
Temporary COVID-19 legislation and the rent reduction scheme with Sarah-Jane The Government has passed new legislation in light of the COVID-19 pandemic which includes temporary legislation on evicting tenants and allowance reductions in rent for those tenants suffering hardship due to COVID-19. The temporary legislation covers the period from 29th March to 29th Sept 2020. The most noteworthy changes in the legislation changes include: • Freeze on rent increases. A landlord cannot increase the rent during this 6 month period. This legislation also includes rent increase notices that were served before March 29. For example, if a landlord issued a rent increase notice in February, for a rent increase to take effect in April, that has become void – even if it is written into a lease agreement. So for landlords who have a lease coming up for expiry during the 6 month moratorium we have had to deviate from standard practice and look at other options. We are suggesting that landlords either leave the lease to go month to month, therefore giving them the option of increasing the rent after 29th Sept. The 2nd option is to renew for a shorter term, eg: 6 months, then assess the rent or, 3rd option is to renew for another 12 months at the current rent. The last option is the most popular option for our landlords at present. • Whilst the temporary legislation restricts Landlords from issuing a notice to vacate, there are allowances to gain possession of a rental property in certain circumstances (eg: property for sale, tenant failing to pay rent when they are not suffering severe hardship due to COVID-19, and other specified reasons) • Rent reductions • The regulations dictate that: • Under the new laws, tenants are not simply able to stop paying the rent. But they will be entitled to: apply to leave the tenancy if they want to for financial hardship, without paying fees for breaking the lease or stay and negotiate a rent reduction. • The temporary legislation states that a tenant is deemed to be in severe hardship if their rent is more than 30% of their income. • If a landlord and a tenant fail to reach an agreement on a rent reduction, the tenant can apply to Consumer Affairs who have set up a mediation centre during this time. A CAV mediator will then assess the situation and set a rent reduction in place that they deem fair. • As for Landlords insurance, the general consensus for insurance providers shows that landlords are not able to claim lost rent if they offer a rent reduction to a tenant. However, if a tenant fails to honour the rental payments of the reduced rent agreement, the owner can then make a claim but this would be after the matter is heard at VCAT and the tenancy has ended. (You should check with your insurer to confirm the details of your insurance policy, as each insurer has different terms and conditions around this point.) Rent relief grant If you are experiencing hardship due to COVID-19, you may be eligible for assistance. The Victorian Government has recently announced rent relief grants for Victorians experiencing rental hardship as a result of the coronavirus (COVID-19) crisis. This includes rent assistance grants of up to $2000 for tenants and Land Tax discounts for Landlords. The package provides a one off grant to help Victorian renters maintain safe, secure and stable accommodation. For more information go to https://rentrelief.covid19.dhhs.vic.gov.au/ or https://www.sro.vic.gov.au/coronavirus If you have any questions, please contact me; Sarah-Jane Porter on 0488 013 994