With its vibrant culture and affordable property market, Brisbane is fast becoming the city of choice with homebuyers. Whether you’re looking to invest or thinking of relocating to the sunshine state, there’s much you need to know about buying property in Brisbane before you dive in:
The five-day cooling off period
Homes purchased in Queensland are subject to a cooling off period of five business days, during which either party may cancel the contract. If a buyer terminates the agreement within the cooling off period, they must pay a penalty of 0.25% of the purchase price.
That said, cooling off periods do not apply to homes purchased at auction, on private treaties entered into within two days of an unsuccessful auction, or in cases where the buyer was a registered bidder at said auction.
To cancel a contract of sale, you must provide signed, written notice to the seller (or seller’s agent) by 5pm on the final day of the cooling off period.
The cooling off period can be waived or shortened if written notice is given.
In Queensland, transfer duty (stamp duty) is set out in the Duties Act 2001 (Qld) and applies whenever you sell, buy or transfer a property. It’s up to you as the buyer to pay stamp duty within 30 days of signing a contract. The dutiable value of the property is calculated by considering the unencumbered value of the property, or the price you have agreed to purchase it for—whichever is higher.
Transfer duty rates vary depending on this figure, and the Queensland State Government website has a helpful chart and calculator to assist you in determining the duty you’re likely to owe.
If you’re buying your first home or building on vacant land, you may be eligible for a transfer duty concession, which will reduce the amount you need to pay by a substantial amount (up to several thousand dollars).
In addition to the FHOG (see below), the transfer duty concession means no duty is payable or properties valued at less than $500,000 for first homebuyers, making Brisbane an excellent choice for those wishing to take that first step onto the property ladder.
Building and pest inspections should be carried out by inspectors registered with the Queensland Building and Construction Commission (QBCC). You can check if your inspector is registered by entering their name or registration number into the tool at www.qbcc.qld.gov.au.
Further inspection requirements apply if you’re buying a property that has a swimming pool. If the seller hasn’t obtained a pool safety certificate, they will need to provide you with a Notice of No Pool Safety Certificate (available on the QBCC website), and you’ll then have 90 days to organise one yourself with a registered inspector.
Pool safety certificates are also required if you’re planning on renting the property out, and form part of the lease agreement. Pool safety certificates for non-shared pools are valid for two years, while for shared pools (such as in an apartment complex) they are valid for one year. Further information and a checklist for ensuring your pool meets safety standards can be found on the QBCC website or by contacting firstname.lastname@example.org
This year, the Queensland Government introduced laws that will eventually require all homes bought and sold in the state to have photoelectric smoke alarms installed throughout.
First Home Owner’s Grant
If you’re a first-time buyer planning on buying or building a new home worth less than $750,000 you may be eligible for the state government’s First Home Owner’s Grant (FHOG). The grant has recently been boosted to $20,000 (until 30th June 2017), after which it will reduce to $15,000. You and your spouse (if you have one) must not have previously owned property in Australia, and you must an Australian citizen or permanent resident over 18 years of age to qualify.
This grant is only available to owner occupiers, not investors, and you must move into the property within 12 months of its completion, and live there for at least six months. The grant is applicable to newly built homes, homes bought off the plan, and in some cases substantially renovated homes where all or most of the structural and/or non-structural components have been renovated or replaced.
Please feel free to peruse the following recent reviews to give you an idea of how we are here to serve your best interests and achieve the best results for your valuable investment property.
sale of block of units in 3 weeks – 14 Jan 2017
nothing was to much trouble and their care of my tenants was fantastic, they even assisted with contractors preparing for the sale.
Happy with the service provided by Linda and Carlos – 20 Dec 2016
We are happy with the communication and effort taken by Linda and Carlos with regard to selling our property in Kuraby. They put in a lot of work to secure the offer and meet us at a suitable location to seal the deal.
12 Plumeria Place, Drewvale, QLD 4116
4 2 2
#Investment #Property #Sold
Vendor Review – Recommended by MandyRobPearson
23 January 2017
As long time managing agents of our investment property Linda and Carlos arranged all the paperwork and organised contractors to carry out minor repairs to ensure the property was in the best condition to sell. We were kept well informed and nothing was to much trouble for the team at LJ Gilland Real Estate
$570,000 #Sold by Private #Sale/Treaty on 25 Sep 2013
4 Leigh Street, #Drewvale, QLD 4116
4 2 2
ReviewOverall Satisfaction #Maximised our #Yield by Removing the hassle from our Sale and our rental property LJ Gilland also #Vendor#Review – #Recommended #Five #stars
24 November 2016Found the land, designed and built the investment property & managed it at 5.3 – 7% #Yield Choose LIndaandCarlos DeBello of LJ Gilland Real Estate, an Agent that is interested in the #relationship of everyone involved and takes into account what’s best for all parties not just earning a commission. LindaandCarlos will always have a relationship already formed with your #Tenant which makes it so much easier to sell your Investment Property with a Tenant in place. It makes sense that keeping a Tenant in place on a fixed term lease ensures that the property is still income producing and if your Agent knows the market well, then the rental return should look attractive to a Prospective Purchaser. In my experience most Agents will recommend that the Tenant be evicted and the property left vacant whilst on the market. This is poor advice as there is no income generated on the property whilst on the market for sale, and it will not look appealing to Prospective Investors. Choose LJ Gilland Real Estate to sell your Tenanted property. If your property is managed by another Agent and you want to sell, transfer to LJ Gilland Real Estate and we will remove the hassle from sales and rentals aiming at the best result possible in any challenging real estate market, whilst making selling a sweet, smooth and nurturing experience for all involved. https://youtu.be/fouwPdBIBJk
2 2 2
#VENDOR #REVIEW #Overall #Satisfaction #FIVE #STARS
#Recommended by GabrielleBobWilliams
23 May 2017
Carlos and Linda were very helpful with #management and final #sale of our #property. They always #communicated promptly and kept us #informed of any concerns and #responded #quickly to any #repairs or issues.
Very helpful – LJ Gilland Real Estate agent review | RateMyAgent
Very helpful – LJ Gilland Real Estate agent review | RateMyAgent https://www.ratemyagent.com.au/real-estate-agent/lj-gilland-real-estate/reviews/5-30-tamar-street-annerley-aagtb3
5 RAYMONT #VENDOR #REVIEW #NORTH #LAKES
Amount Undisclosed) Sold by Private Sale/Treaty on 12 Oct 2014
3 2 1
Fantastic people to deal with
Vendor Review – Recommended by Ian_C
15 May 2017
Fantastic people to deal with – Looked after my property for around 14 yrs – Never any problems. I would highly recommend them to anybody.
According to this report, Prices were being driven higher by a temporary influx of residents on high incomes creating greater housing demand at a time in which supply which was largely irresponsive which drove prices to record high levels. As the demand subsided supply was beginning to increase which led to substantial falls in both prices and sales.