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MyBond’s top 5 rental property articles for the week

MyBond has curated the top 5 rental property articles trending in the media this week:

1. Rental supply set to shrink as landlords sell up – AFR

AFR reporter Nila Sweeney's article this week found that one in 10 investment properties are being sold in suburbs that are already experiencing low rental supply, further squeezing tenants struggling with surging rents. Sweeney's article found that investment properties are on the market across 320 suburbs nationwide! The suburbs with the highest percentage of rental properties for sale are Dee Why in Sydney, Franklin and Bruce in Canberra and Stafford in Brisbane. This devastating outcome adds to the already dire rental market - rentals are being taken out and not replaced. As a result, according to Suburbtrends, we are preparing to expect at the minimum a 10 per cent rise in rental prices each year as an outcome. 
2. Welcome to Bellingen, where rents have almost doubled in a year – ABC 

The ABC reporter Ella Archibald-Binge highlighted the beauty of the town of Bellingen, but the beauty of the past year has come to a halt at the sweeping mountains, pristine rivers and sparkling beaches. Ms Archibald-Binge found that weekly rent in Bellingen has jumped an astonishing 41 per cent in a year! 41 per cent is the worst the area has seen in 27 years. The ABC reporter interviewed several locals, all agreeing the community has changed into an "absolute pressure cooker". Archibald-Binge details the rest of the nationwide rental crisis, with up to 2 million renters at risk of homelessness due to the current rental stress. 

To continue reading up on the effects of Covid-19 and working from home has had on the Bellingen Shire and the rest of the rental market, click the link: 
3. Top 20 rental markets where rents are expected to grow – Rate City 
 
In her article this week, Rate City editor Alex Ritchie explains that it is good news for property investors with the rental increases but horrifying news for renters! Ms Ritchie found that Queensland had recorded the highest number of suburbs in the top 20 rankings, listing six rental markets expected to grow. Interestingly Victoria did not indicate a top 20 suburb, indicating an effect of extended lockdowns? Or maybe the unpredictable weather. The article highlights how landlords have a more significant share of power over tenants, once again showcasing the rental crisis Australians are currently facing. 
 
To read the top 20 rental markets where rents are expected to grow, click the link: 
https://www.ratecity.com.au/home-loans/mortgage-news/top-20-rental-markets-rents-expected-grow

4. Border reopening and property prices: Expert predictions for 2022 – Finder.com 
This week, Finder reporter Sarah Megginson's article explores several economists' expert predictions for the coming year in buyers' and renters' property markets. Megginson's research found that several economists predict that property prices will fall next year. For example, Westpac has released that they anticipate a 14 per cent price drop while ANZ forecasts a 6 per cent in value decrease by 2023. Whilst Chris Gray, a property expert and CEO of Your Emprise, said that with Australian borders reopening, "many of our property markets should see more demand and higher prices both for rental and purchases prices". 

To read up on what a number of economists are saying about their predictions for 2022 in property prices, click the link:
https://www.finder.com.au/open-borders-property-prices-2022

5. West Pymble tops list of Sydney’s most tenant-friendly rental markets – News.com
On a lighter note, News.com real estate reporter Kate McIntyre's article shed some light on where rents have been falling the past year. The report found West Pymble to be on the top of the list of 20 most tenant-friendly rental markets in Sydney, and research showed vacancy rates in the area had leapt 3.7 per cent over the past year to 5.5 per cent. This research signifies less competition among tenants, resulting in landlords dropping the rent to attract more interest to their properties.

To read the top 20 markets with the cheapest rent, click the link: 

Need a helping hand in the current rental market? Let MyBond help you get into your next rental property sooner. MyBond is a financial service that helps tenants pay their rental bonds, operating in New South Wales, Victoria and Queensland. MyBond will pay a tenants’ rental bond for a fee of one week’s rent or as little as $150* with no interest, no repayments, and no credit checks.  *T&Cs apply
 
For more information, contact us today on 1800 342 324 or email us at support@mybond.com.au. 

By Greer McLeod from the MyBond Marketing Department 


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Terms and Conditions of Affiliate Program

Please read and agree to our Affiliate agreement Terms and Conditions.

MyBond Affiliate Program Agreement

This MyBond Affiliate Program Agreement (Agreement) comprising the Schedule below and the attached Terms and Conditions is made on the date specified in the Schedule between MyBond Pty Ltd ABN 27 644 744 972 (MyBond) and the real estate agent specified in the Schedule (the Agency).

1. Appointment

1.1 Appointment: MyBond appoints the Agency to make Referrals to MyBond on the terms in this Agreement. The Agency accepts MyBond’s appointment on the terms of this Agreement.

1.2 No exclusivity: The appointment of the Agency is on a non-exclusive basis. The appointment does not limit other methods by which MyBond may promote its Services or to reach Prospective Customers.

1.3 Relationship: The Agency is an independent contractor to MyBond. Nothing in this Agreement has the effect of creating a relationship of employer and employee, partners, principal and agent, or joint venturers between MyBond and the Agency.

1.4 Term: This Agreement commences on the Commencement Date and continues until terminated in accordance with the terms of this Agreement.

2.1 General: The Agency must:

2. Agency’s obligations

  1. disclose to a Prospective Customer when making a Referral that it is a referrer for MyBond and will receive a commission;
  2. make Referrals with due skill and care;
  3. comply with all reasonable and lawful instructions of MyBond in relation to Referrals;
  4. comply with all applicable laws and legal obligations;
  5. not allow its interests to conflict with its obligations and duties under this Agreement;
  6. not hold itself out as having authority, or do any act that might reasonably create the impression that it has authority, to bind MyBond in any way;
  7. not make any commitments or incur any liability for or on behalf of MyBond;
  8. not make or give any representations, warranties or other promises regarding MyBond or its Services;
  9. not produce any promotional material for MyBond or its Services without the prior approval of MyBond;
  10. not charge a Prospective Customer a fee for the Referral; and
  11. not use MyBond's name, logo or trade marks without the prior approval of MyBond.

2.2 Privacy: Before providing Personal Information about a Prospective Customer who is an individual to MyBond under this Agreement, the Agency must ensure that it may do so in compliance with applicable privacy laws and the privacy policy of the Agency.

3. Commission

3.1 Entitlement: The Agency is entitled to a Commission for each Successful Referral.

3.2 Amount: The amount of Commission payable by MyBond to the Agency is set out in the Schedule.

3.3 Invoice: Within 10 Business Days after the end of each calendar quarter, MyBond will provide the Agency with a Recipient Created Tax Invoice for that calendar quarter which will specify the Commission payable in respect of that calendar quarter, together with any applicable GST. The Agency must not provide an invoice to MyBond for Commission.

3.4 Payment: MyBond must pay the Commission in respect of a calendar quarter within 20 Business Days after the end of that calendar quarter.

3.5 Clawback: If MyBond does not receive a refund of the full amount of the rental bond for which MyBond has provided the Services, the Commission paid by MyBond for that Successful Referral must be refunded to MyBond on demand. MyBond may debit the amount of any refundable Commission from any future payments of Commission under this Agreement.

3.6 Effect of termination: The ending of this Agreement does not affect MyBond's obligation to pay Commission to the Agency in relation to any Successful Referrals which have been made before the end of this Agreement.

3.7 Discount: In addition to paying the Commission, MyBond agrees that for a Successful Referral, it will discount by $20 the amount payable by the Prospective Customer to MyBond as the fee for the Services.

4. Representations and warranties

Each party represents and warrants to the other that:

  1. it has full authority to enter into this Agreement;
  2. it is not bound by any agreement with any third party that may adversely affect this Agreement;
  3. it has and will maintain all necessary powers, authority and consents to enter into and fully perform its obligations and duties under this Agreement; and
  4. it has complied and will comply with all applicable laws binding on it.

5. Confidentiality

5.1 Obligation: Each party (the Recipient) must keep confidential any information relating to the other party or the terms of this Agreement unless an exception applies.

5.2 Exceptions: The obligations of confidentiality under this Agreement do not extend to information that is (whether before or after this Agreement is signed):

  1. rightfully known to the Recipient at the time of disclosure and there is no obligation of confidentiality on the Recipient;
  2. generally and publicly available (otherwise than as a result of a breach of this Agreement);
  3. required to be disclosed by law or court order; or
  4. required to be disclosed in connection with any legal proceedings relating to this Agreement.

5.3 Consent: If the party to whom the information relates has consented in writing before the disclosure of that information, then that disclosure does not contravene clause 5.1.

6. Termination

6.1 Notice: This Agreement can be terminated by either party without cause by giving the other party not less than 7 Business Days written notice of termination.

6.3 Survival: The following clauses survive termination or expiry of this Agreement: clauses 3.7, 5, 7, 8, and 9.

6.4 Effect: The ending of this Agreement does not affect any rights, remedies, obligations or liabilities of the parties that have accrued up to the date of termination or expiry.

7. Governing law and jurisdiction

7.1 Governing law: This Agreement is governed by the law applying in New South Wales.

7.2 Jurisdiction: The parties submit to the non-exclusive jurisdiction of the courts of New South Wales with respect to any proceedings that may be brought at any time relating to this Agreement.

8. Other provisions

8.1 Notices: Any notice or other communication (Notice) given or made under this Agreement must be in writing and must be sent by email to the email address of a party specified in the Schedule, or to the email address last notified by the intended recipient to the sender. A Notice will be taken to be duly given or made on the same day of sending unless the sender receives notice that the email has not correctly been delivered.

8.2 Amendment: An amendment or a variation of any term of this Agreement must be in writing and signed by each party.

8.3 Counterparts: This Agreement may be executed in any number of counterparts. Each counterpart is an original but the counterparts together are one and the same Agreement.

8.4 Electronic execution: This Agreement may be signed electronically.

8.5 Costs: Each party must pay its own costs and expenses in respect of negotiating, preparing, signing, delivering and performing this Agreement and any other agreement or document entered into or signed under this Agreement.

8.6 Entire agreement: This Agreement is the entire agreement and understanding between the parties on everything connected with the subject matter of this Agreement, and supersedes any prior agreement or understanding on anything connected with that subject matter.

8.7 Assignment and other dealings: A party must not assign, novate or deal with any right or obligations under this Agreement without the prior written consent of the other party, whose consent must not be unreasonably withheld.

8.8 Further assurances: The parties must promptly execute and do all acts and things necessary or desirable to implement and give full effect to the provisions and purpose of this Agreement.

8.9 Severability: If anything in this Agreement is unenforceable, illegal or void, then it is severed and the rest of this Agreement remains in force.

8.10 Waiver: A single or partial exercise or waiver by a party of a right relating to this Agreement does not prevent any other exercise of that right or the exercise of any other right.

9. Definitions

In this Agreement, the following definitions apply unless the context indicates otherwise:

Agreement means this document, including the Terms and Conditions and the Schedule.

Business Day means a day that is not a Saturday, Sunday or a public or bank holiday in New South Wales.

Commencement Date means the commencement date of this Agreement specified in the Schedule.

Commission means the commission payable under clause 3.

Contact Details means the contact details of a person including name, phone number, email address and any other items specified by MyBond.

GST has the meaning given to it in the GST Act

GST Act means A New Tax System (Goods and Services Tax) Act 1999 (Cth).

Personal Information has the meaning given to the term under the Privacy Act 1988 (Cth) and includes Contact Details.

Prospective Customer means a person who may be interested in using the Services.

Recipient Created Tax Invoice has the meaning given to it in the GST Act.

Referral means the provision to MyBond from the Agency of the Contact Details of a Prospective Customer.

Schedule means the Schedule to this Agreement.

Services means the services provided by MyBond of providing financing facilities for rental bonds.

Successful Referral means that a Prospective Customer uses MyBond for Services.