With property markets in other states still quite high, plenty of investors are looking at buying property in Queensland, whether to live in or to invest. And when their money stretches much further in the sunshine state, why wouldn’t they?
But if you are an interstate buyer, or even a first time local buyer, there are a few things you need to be aware of when purchasing a home in Queensland.
Tips on Buying Property in Queensland
1. Have a conveyancing solicitor run an eye over the contract
You may think that simply reading through the contract of sale is good enough, and that may be the case if you’ve purchased and sold property multiple times in Queensland. If you are a first time buyer, or this is the first time you’ve purchased property in Queensland, you are best getting a conveyancing solicitor to look over the contract before signing to make sure there is nothing amiss.
2. Cooling off period is 5 days…. unless you buy at auction
In Queensland there is a period of five business days as a cooling off period. If you decide not to go ahead with the purchase in this time, you can rescind the contract. You may however lose 0.25% of the purchase price from any deposit paid.
3. Understand flood zones
It doesn’t even matter if the property you are considering buying is away from the water – storms over the last 10 years have shown that flooding can occur in homes where you wouldn’t even consider it. Always check the Queensland Government flood mapping tool as well as the local council website for any flood information. Local councils should also indicate potential fire zone risks.
4. No price guidance when buying at auction
Unlike in some other states, real estate agents cannot give potential buyers or auction attendees an idea on the price. This was implemented to stop under-quoting, and according to the REIQ, has been quite successful. You can of course do your own research by looking at what other properties in the area have sold for – this may give you an idea of what to expect come auction time.
5. No standard conditions in contract
Building and pest inspections and subject to finance are not standard conditions in a Queensland sale contract. It is always recommended to have a building and pest done as this will give you an idea of any issues within the property. This is also where it is a great idea to speak to a conveyancing solicitor when before signing. They can run you through anything else you need to be aware of.
If you are considering buying property in Queensland, we highly recommend connecting with an experienced conveyancing solicitor. There are many things that can go wrong when purchasing a property and if it happens, you want to have the best on your side. Contact Salerno Law and have a chat about how we can support you when you’re buying property in Queensland.