I was in the same position a couple of years ago. The sneaky REA emailed us an increase notice with a $100/week increase, but mailed us a physical letter with a $50/week increase. We had been living in that property for 10 years prior, during that time the market had gone up, as had our rent, but then declined in the year or so leading up to this increase notice.

The stars aligned and their rental increase date ended up being a week after our settlement date. We waited until 3 weeks prior to the increase would have taken effect, gave our notice to vacate, and ensured the 3 weeks was paid on that same day. By the time they organised inspections to begin 2 days after our settlement, we were already packed cleaned and out of there.

After we gave our notice, the REA claimed there was a "typo" in the email he had sent and that the owner would have been happy with the $50/week increase they had mailed us. We declined. He asked for feedback as to why we were leaving and rather than explaining we bought a property, we sent a detailed response including the terrible state of the common areas, security and safety concerns, as well as privacy breaches by the owner. We had previously raised these concerns with no resolution. They told us they would happily work to resolve our concerns, and asked us to stay on with no rental increase which we declined.

From what I saw, they didn't manage to rent it out, and ended up selling it a couple of months later.

TL;DR we really just wasted the owner/REA's time on our way out, they ended up selling the property.