Queensland Property Laws You May Not Be Aware Of

The sunny state is fast becoming a gold mine for renters and buyers alike. Unlike the saturated markets in Sydney and Melbourne, Bris Vegas and its surrounds have plenty of investment potential.

Competitive rates

Queensland is an incredibly desirable residential area, with competitive costs in utilities, and business taxes including payroll at an average of $767 less per taxpayer than elsewhere in Australia. For those looking to build, it’s worth noting that Queensland offers a 50% payroll tax rebate for apprenticeships and traineeships.

Buyer’s urgency

Throughout Queensland, those looking to purchase property need to act fast. In Queensland contracts for sale are often prepared by the selling agent, whereas in New South Wales they are prepared by the vendor’s solicitor. If the buyer is unable to settle by settlement date in NSW a vendor can issue a Notice to Complete, with additional time to settle and penalty interest charges with every day over settlement. However, in Queensland it’s not as lenient – if settlement isn’t achieved by the agreed date and a standard 14-day period extension isn’t proposed, the vendor can terminate the contract immediately and keep the deposit.

Renting terms

In Australia there are marked differences in states and territories for rental agreements. In New South Wales, Tasmania, South Australia, Western Australian and Victoria, a landlord must provide at least 60 days’ notice of a rent increase to tenants. Similarly, the period in the Australian Capital Territory is 8 weeks. However, Queensland landlords can offer a much shorter one month’s notice for fixed term agreements, or two months’ notice for periodic agreements, and similarly the Northern Territory property owners must provide a 30-day notice period, regardless of tenancy type. Maximum bonds asked of tenants in Queensland is a four-week equivalent rent agreement for properties renting at less than $500 a week, but if exceeding this figure, the bond is unrestricted. As for eviction periods, unlike in Victoria where a 90-day period of notice is required, Queensland – along with New South Wales and the Northern Territory – may legally provide a mere 14 days’ notice.

Licence transfers

For those practicing in the field, there are fees for transferring a property licence from other Australian states or territories to a Queensland-recognised one. Agents can expect to wait 4-6 weeks for processing, including a police check, and will fork out about $2,500 for a 3-year full licence transferral, or around the $500 mark for a registered salesperson.

Whether you plan to live locally or buy from interstate, it’s crucial to have contacts that have knowledge of your desired area, and will become keys to your success in buying, selling or renting. That’s why the team at Hicks Real Estate want to help – we take pride in our property knowledge and will help you get the best out of the market. Call us today on 07 3355 6845!