The Evolving Property Market - Updates on AML and Pet Policies
- Mar 30
- 3 min read
The property market is constantly evolving, and staying informed is essential for anyone buying, selling, or renting. This month, two important updates are shaping how transactions and rental agreements work across Australia. New Anti-Money Laundering (AML) regulations will take effect from 1 July 2026, aiming to make property deals safer and more transparent. At the same time, changes around pets in rental properties are influencing agreements and responsibilities for renters and landlords. Understanding these updates will help you prepare and adapt smoothly.
What the New AML Regulations Mean for Property Transactions
From 1 July 2026, the Australian Government will enforce stricter Anti-Money Laundering rules across the property sector. These changes are designed to reduce illegal activity, improve transparency, and strengthen trust in property transactions.
Identity Verification Will Be More Detailed
Real estate agents and property representatives will be required to verify the identity of buyers and sellers more thoroughly. This means you may be asked to provide formal proof of identity such as a passport or driver’s licence. It’s also worth noting that external verification companies may be engaged to complete this process on behalf of real estate agencies.
Large or Suspicious Transactions May Be Reported
Property transactions involving large sums of money, or activity that appears unusual, may need to be reported to the relevant government authorities. This is designed to help detect and prevent money laundering and other financial crimes.
Expect Requests for More Documentation
Buyers and sellers may also be asked to provide evidence of where funds are coming from. This could include bank statements, financial records, or other documentation confirming the source of funds being used in the transaction.
What This Means in Practical Terms
While these changes may add an extra step or two to the buying and selling process, they are intended to create a safer environment for everyone involved. Ultimately, these measures help reduce fraud and strengthen confidence in the property market.
Practical Tips for Buyers and Sellers
Have your identification ready early to avoid delays. Keep clear records of your finances and any property-related transactions. Stay in close communication with your agent so you understand what documents may be required. If you’re unsure about any requirements, consider speaking with a legal or financial professional.
Pets in Rental Properties: What Renters and Landlords Should Know
Pets in Rentals Are Becoming the Norm
More renters are looking for pet-friendly homes, and Tasmania’s updated legislation now provides a clearer process for requesting pets in rental properties.
How Pet Requests Work Now
Tenants are required to submit a written request to keep a pet. Landlords must respond within the required timeframe, making the process more structured and transparent for everyone.
Shared Responsibilities
Once a pet is approved, renters are responsible for ensuring the property is well cared for and that pets do not cause damage or disturb neighbours.
A Fairer Approach to Pet Requests
Rather than relying on blanket “no pets” policies, landlords now need to consider each pet request individually, which supports a more balanced approach for both landlords and tenants.
Clear Communication Is Key
Landlords should respond in writing within the required timeframe. If a request is refused, there are specific legal steps that may need to be followed.
Bond and Damage Expectations
Separate pet bonds are not permitted, however tenants remain responsible for any pet-related damage beyond normal wear and tear.
Example Scenario
A renter requests to move in with a small dog and submits the request in writing. The landlord approves within the required timeframe. The renter agrees to keep the home clean, prevent nuisance, and remain responsible for any pet-related damage. Having everything clearly agreed from the start helps avoid confusion and keeps the tenancy running smoothly.
Simone Cooper
Stone Real Estate Southern Tasmania
0439 667 573
1698 Channel Highway, Margate
