Tips for Buying a House in Queensland

The second largest state in Australia, Queensland is where Australia’s famous Gold Coast and thriving metropolis Brisbane is located. The state is famous for Cairns gateway to the Great Barrier Reef and breathtaking Whitsunday Islands. Living in Queensland can be a dream. The state has a vibrant property market and there’s great demand for housing. If you are thinking about buying a house in the state, here are several important things to know about in advance:

Understand the Buying Options

In Queensland, prospective homeowners can buy property privately, at auction, or off the plan (for buildings still under construction). It’s important to understand how these options work. Buying privately is the traditional way of exchanging title deeds from an owner to the new buyer, possibly via a real estate agent. There’s a 5-day cooling off period offered when buying privately, where the prospective new owner can terminate the contract with a penalty of 0.25 percent of the buying price. The cooling off period is also offered for the new buyer to have the house valued and legally inspected. If you purchase at auction, this cooling off period does not apply. Therefore, choose the best option for you with legal advice.

Check History of the Property for Inspection and Valuation Reasons

Do you know if the house you are about to purchase has been cited in the past for environmental violations? Before you settle down on a final price, make sure you request property certificates QLD for the buildings you have in mind. These documents list inspection information and possible citations going back 10 years. New buyers can definitely benefit from this information during building inspections and valuations process.

Know What an REIQ Contract of Sale Entails

The REIQ contract of sale for the property should be approved by the Queensland Law Society. Additionally, make sure the contract has provisions for building, pest and mould inspections. In some cases, the inspections might be required. You should be ready to hire professional pre-purchase property inspectors to conduct these evaluations before you make the final purchase. 

Read the Fine Print of the Sales Contract

Don’t declare your intention to purchase without understanding the finer points of the contract of sale. For example, does it list any special conditions that the new buyer may have to honour? Does the seller have other investors with stakes in the property? Know all this before making a purchase. Do hire a good solicitor early in the buying process to evaluate contracts before you negotiate sales prices.

Spend Time in the Neighbourhood

Some properties look attractive up front, but not so attractive when the neighbourhood is considered. So don’t limit your open house searches to the house alone. Get out the yard and check out the neighbourhood as well? Make sure you research the neighbourhood well before making a decision. It should have the facilities you require, such as schools or hospitals nearby. Also, you might want to research average property values in the area and things like the crime rate. If the neighbourhood sucks, your dream home may not look so dreamy anymore.

Buying a real estate in Queensland is not remarkably different from elsewhere in Australia. However, the markets may be different. Therefore, be well informed before you go house hunting. Finding your dream home would require a lot of research.