REAL ESTATE UPDATE AUGUST 2023

from Northern Living magazine/Issue 181/August 2023

YOUR AREA TECHNOLOGY ELEMENTS

Has the Government made changes to Residential Bonds?

A: Yes – the Government has made changes to the maximum amount landlords can claim for Residential Bonds in the aim to reduce the amount of upfront costs for tenants.

Prior to 1 April 2023, landlords were able to claim a maximum of six-weeks rent when the weekly rent was more than $250 per week, and a maximum of four-weeks for properties that fell below this threshold.

The government recognized that there are fewer properties falling under this threshold, and since April 2023, this threshold was increased to $800 to ensure that for most rental properties in South Australia, only a four-week bond is required.

This new threshold only applies to bonds payable from 1 April 2023; any bonds that were paid before this date remain lodged with CBS (Consumer and Business Services) until the conclusion of the tenancy agreement.

The state Government has announced additional reforms to the Residential Tenancies Act. A bill is being drafted for further consultation and includes reforms on renting with pets, notices to end a tenancy and ending unfair evictions.

If you have a question for Melissa email melissa.mastro@harcourts.com.au

P 8359 0048 bespoke.harcourts.com.au

Level 1, 2/10-12

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Northern Living is independently owned, produced and published by Avery Magazines.

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