A recent release from Australia’s Dept. of Energy, Mines, Industry Regulation and Safety, announces a new $5 million “Vacant Property Rental Incentive Scheme” designed to to convert vacant properties into long-term rental homes.
This new initiative follows the successful implementation of the Government’s “STRA Incentive Scheme”, which has already prompted 150 owners to take up the $10,000 incentive payments and switch their properties from short stay accommodation to the long-term rental market.
This new initiative, will offer payments to owners of up to 1,000 vacant properties who are willing to provide a minimum 12-month lease agreement to new long-term tenants. Payments will be made to the property owner once the dwelling has been leased and occupied.
To qualify for the $5,000 payment, the vacant property must meet a number of conditions, including that it:
- has been vacant for at least six months;
- is a single self-contained property with its own bathroom, kitchen and toilet (spare rooms or ancillary buildings, like granny flats, will not be eligible); and
- has not been used to receive a payment under the STRA Incentive Scheme.
To view the release, please click here.
For more details on the program, please click here.