As Australia faces a growing rental crisis, greater restrictions are being placed on real estate agents. Agents can no longer solicit or invite an offer of rent that is higher than the advertised price for a residential rental property.
Advertisements for residential rental properties posted after 17th of December 2022 must include a fixed price rather than a price range or “offers” from “figure”.
These changes were introduced under the Property and Stock Agents Amendment (Solicited Rent Bidding) Regulation 2022.
These new rules are only applicable to leasing of residential rental properties. Failure to comply with these new restrictions can lead to a fine of $550 for an individual or $1,100 for a corporation.
The court can also award a maximum penalty of $11,000 for a corporation and $5,500 in any other case for non-compliance.
