Isn’t it funny how a landlord selling two homes is reported as being a bad thing. Just imagine if they were purchased by first home buyers instead of other investors. What a tragedy?
From Realestate.com.au:
Uncertainty about tenancy laws and the ‘lucky dip’ search for tenants who treat a property with respect has led to landlord Steve Allthorpe selling two rental homes in the middle of a rental crisis.
From replacing carpets to repairing walls, the damage caused by one of the tenants has left the plumber thousands out of dollars out of pocket, he said…
There’s also the additional burden of paying about $3,000 a year in land tax, he said…
Mr Allthorpe’s decision to sell does not surprise Real Estate Institute of Queensland CEO Antonia Mercorella who says rental tenancy laws overhaul are pushing investors away instead of attracting them in the middle of a housing crisis…
“This is a government that continually punishes property owners who do the heavy lifting when it comes housing Queenslanders”…
Furthermore, new government rental laws that provide further protection for tenants and unchecked pet ownership were tipping points in deciding to sell the house, Mr Allthorpe said…
“It’s not worth the stress and the hassle, you’re better off finding another way to invest.
Brisbane’s dwelling values have risen 40% over the pandemic, according to CoreLogic:
Therefore, it is likely that this landlord has made hundreds of thousands of dollars of capital gain, which would easily outweigh his rental costs.
Besides, why is a landlord selling ‘bad news’? These properties won’t just disappear and will have zero impact on the rental market.
If the properties sell to other investors, then the stock of rental housing will be unchanged.
If they sell to first home buyers, then the stock of rental housing will fall by two homes, but the number of households needing to rent will also fall by two homes, leaving the supply-demand equation unchanged.
These types of articles are so stupid and one-sided, it beggars belief.
