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Really? Please excuse my ignorance, as I am in NSW. I have an IP in Vic & I used to have a couple in Tassy, so is this a SA thing? In the States that I have owned IPs, the leases automatically roll over to a periodic lease. The Agent doesn't need to do anything for this to happen...

Seems like a good deal. Many PM's will charge 7% excluding GST, making it 7.7%.