Invest
Investors caught up in messy battle with housing group
A housing group is facing allegations of unconscionable conduct and false, misleading or deceptive conduct relating to the National Rental Affordability Scheme (NRAS).
Investors caught up in messy battle with housing group
A housing group is facing allegations of unconscionable conduct and false, misleading or deceptive conduct relating to the National Rental Affordability Scheme (NRAS).
The Australian Competition and Consumer Commission (ACCC) has kicked off proceedings in the Federal Court against Quantum Housing Group Pty Ltd (Quantum).
The ACCC alleges unconscionable conduct and false, misleading or deceptive conduct relating to the NRAS.
The NRAS is a government-backed scheme that aims to reduce rental costs for low to middle-income households and ensure the availability of more affordable homes on the market.
Quantum is an approved participant of NRAS. This means it is entitled to receive incentives under the scheme and is responsible for ensuring NRAS dwellings are compliant with the scheme.
The allegations
The ACCC alleged that from February 2017 to July 2018, Quantum pressured property investors participating in the NRAS to terminate the arrangements with their existing property managers.
It also alleged that Quantum pressured investors to retain property managers recommended or approved by Quantum, and which had commercial links to Quantum.
The ACCC also alleged that Quantum made false or misleading representations to investors and property managers about its own rights, on top of the potential losses investors would face if they did not use Quantum’s approved property managers.
According to the ACCC, the housing group also issued guidelines to investors and their existing property managers setting out how property managers could become approved by Quantum. The guidelines required property managers to pay a $10,000 deposit to Quantum for each NRAS property they managed, the ACCC said.
What the ACCC has to say
“Payment of the $10,000 per property would mean that managing any NRAS property would have been completely unviable for many property managers,” ACCC chair Rod Sims said.
“Quantum’s alleged conduct meant that investors could not select a property manager who best suited their needs, and many property managers suffered a significant loss of business as a result.”
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more