"Rent bidding to be outlawed in NSW "

When announcing the regulatory reforms, NSW Premier Dominic Perrottet said, "An advertised rental fee should be just that."

The premier noted that outlawing rent bidding would "provide more people with stability and predictability so they can plan for their future."

Rent bidding, which occurs when a landlord or agent invites, suggests, or requests tenants to increase their offer of rent for a property in order to secure it, will be outlawed as a result of urgent changes to regulations under the Property and Stock Agents Act 2002. The changes are expected to take effect on Saturday, December 17, and will apply to all new listings.

According to CoreLogic data, the only significant Australian city to experience rent rises in October was Sydney, the state capital. Sydney's rental market remained the second-most costly in the nation, with tenants paying an average of $665 per week, while the city's vacancy rate was 1.3%.
The premier admitted that, in light of these considerations, "the hunt for a rental property is arduous enough without it turning into a bidding war that pushes people beyond their comfort threshold."
According to Minister for Fair Trading Victor Dominello, renters, landlords, and real estate brokers are all served by the reforms in terms of requirements and interests.

For potential renters who have submitted a rental application only to be urged to boost their offer to better their chances of landing a property, he said, "It may be really upsetting."
Beginning this weekend, realtors will not be allowed to persuade a potential tenant to make a larger offer than what is listed for the home.
According to the amendments, "real estate brokers cannot market a home unless it indicates the rent payable for the property, A government press release also explained that “NSW Fair Trading will work with real estate agents and landlords to ensure they are aware of and comply with the new regulations”.

The South Australian government started a process last month to examine its rental legislation, which included intentions to talk about rent bidding with everyone involved in housing, like renters and landlords. However, the consultation period isn't expected to end until December 16.
Following criticism from the Real Estate Institute of NSW (REINSW) for playing the blame game in relation to the state's rental crisis, the government decided to enact the adjustments.

“The ongoing attacks on people who work in the industry and who own an investment property are a shameful attempt by government to distract tenants from its own shortcomings, namely its failure to support the supply of homes for people to rent,” institute chief executive officer Tim McKibbin said.

“The NSW government must come clean, stop spreading politically popular lies, and show tenants some respect.”

Following Victoria, Queensland, and Tasmania, NSW becomes the fourth state to implement the legal annulment of rent bidding.