Review of renting laws could help Victorian renters

From the news

 

All round awesome dude Peter Tersteeg says the growing number of investors have a right to a reasonable rate of return on their investment and to ensure that their asset is being properly cared for.

I read the full article last night. The tenants union has also stated that they don't believe the majority of tenants would actually want a 10 year lease. I can just imagine that the amendment would be implemented as, The tenant has a right to not be removed from the property for 10 years, but the landlord doesn't have the right to ask them to leave."

Like most investors, I prefer long term tenants. I do however want the ability to evict a bad tenant, to sell or improve the property when I want and to increase the rent within current market value. I'm happy for it to be the tenants home, but it's still my asset.

I can't see lenders being to happy about this arrangement either. A tenant with 10 year rights to the property limits their ability to sell the property if necessary. It's also in direct conflict with existing First Home Buyers conditions as it would limit a FHB from moving into the property within the first 12 months of ownership; sorry kids, you'll have to keep renting a bit longer because you can't get the stamp duty reduction any more.

Clearly this hasn't been properly though out, it sounds more like political posturing at this point.