New developments – New rules for Residential Tenancy Law and the sales market on the move once more

What a great week with some exciting developments evolving as we welcome in the new financial year.

Residential Sales Update

Just Launched
A glamorous residence at 1005/7 Rockwall Crescent, Potts Point, enjoy the ease of Potts Point living with a wide array of Sydney’s fine eateries, fresh food providores, wine merchants and coffee houses near your front door.  Located in one of the premier developments Rockwall Gardens this apartment is amongst the best on the market in the area.  For your private inspection please contact sales agents below.
Sales Agents: Travis Reeve 0414 34 77 13 and Darren Smith 0412 418 415

Just Sold
A wonderfully presented apartment 1305/168 Kent Street, Sydney. Positioned on the premier northern side of Observatory Tower, the apartment featured world class views together with sublime luxury along with a superb sense of space and privacy. The owner loved the building so much they downsized within Observatory Tower so as not to leave their much loved home and friends in the Kent Street Village.
Selling Agent: Travis Reeve 0414 34 77 13

Just Sold
711/168 Kent Street, Sydney.  This oversized one bedroom did not make public market with one of our savvy buyers seizing the opportunity first viewing off market.  A Stellar apartment in a building which continues to perform well in any market, Observatory Tower. Missed out, be sure to contact us to be put on our special one bedroom watch list – yes we have one! These properties go quickly to qualified buyers.
Selling  Agent: Travis Reeve 0414 34 77 13 and Darren Smith 0412 418 415

Just Sold
2601/157 Liverpool Street, Sydney.  This no compromise three bedroom apartment with blue chip location and pristine Northern views over Hyde Park has found its perfect buyer thanks to introduction by Vanguarde Estate Agents.  Feeling you missed out? Fear not we have the identical apartment available to be snapped up one level down on level 25.  2501/157 Liverpool Street, Sydney is presently leased but available for inspection to qualified parties, for more information please contact Travis for a viewing.
Selling  Agents: Travis Reeve 0414 34 77 13 and Darren Smith 0412 418 415

Residential Leasing Update – For Our Landlords

Amendments have been made to the Residential Tenancies Act 2010 under the Statute Law (Miscellaneous Provisions) Act 2012 which commence on the 6th July 2012.

Although various amendments to the Act have been made, changes affecting our forms relate to the Notice of Termination Form.

Section 88(3) of the Act, which informs the tenant that they are not required to vacate the premises if the tenant pays all the rent owing or enters into a repayment plan agreed with the Landlord, has been amended to include that such provision will apply ‘unless the Tribunal makes a termination order on the basis that the tenant has frequently failed to pay rent on time’.

This means that despite the tenant paying all monies owing or entering into a repayment plan with the Landlord, the tenant will be required to vacate the premises if the Tribunal makes a termination order as indicated by the amended Section 88(3).

The additional wording has been added to the Notice of Termination Form and will be released on Friday 6th July and must be used on and from that date.

Other amendments to the Act (not requiring form changes) include:

Section 107(2) – Landlord’s remedies on Abandonment
Section 159(2) – Payment of Bonds
Section 217 – Disputes about Listings
Section 223 – Service of notices or other documents

The Vanguarde Property Management team is well prepared for the new changes and will continue to seemlessly manage your property dilligently behind the scenes.  We hope you all received your end of financial year reports and tax time is good to you.

Best wishes on a good friday and a wonderful weekend from your Vanguarde team.

Kind regards,

Tim Breckell

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