Buying a house in Brisbane is an exciting but can be also a daunting task. It requires knowledge of the area, a thorough understanding of the local property market, and careful planning to get the most out of your investment. With this guide, you can learn what to look for when searching for a property in Brisbane so that you can make an informed decision.
What do you need to know when you moving interstate to Brisbane?
As part of the legal process, it is recommended you get an independent building and pest inspection. This will give you an insight into a property’s condition and help you identify any red flags or potential problems before you buy.
Queensland property laws are different to New South Wales and Victoria.
Let’s dig a little deeper to consider what is required to buy a house in Brisbane.
No seller disclosure regime
This a little bit like in the “Wild West”. Agents and sellers don’t have to disclose relevant information to you. So, how can you make informed decisions about the property?
You can certainly do your own due diligence. Ideally, you have a team you can trust and can give you advice before signing the contract.
No price guides for auction
Real Estate Agents are not allowed by law to give you price guides, this is because they cannot predict what the highest bid will be. This means you have to do your own research and find comparable sales. Furthermore, you need to understand the market in this particular area to determine if the property of interest is in your budget.
No And/or nominee – avoid stamp duty issues
Don’t enter a contract when you are buying a house in Brisbane with a purchaser ‘and/or nominee’ like it might still be possible in Victoria. This will trigger in Queensland a double stamp duty, which you certainly want to avoid at all costs. So, make sure you are clear one who needs to be on the title, you as an individual or an entity like a family trust or company.
Cooling-off period
Yes, we have a cooling-off period of 5 days after the contract has been signed by both parties. But, you need to know that there is a penalty of up to 0.25% of the purchase price when you cancel the contract. The best thing is to avoid situation like this. I can hear you asking “How?”. This again comes down to the team you have on the ground, who do the hard yards for you.
Note that the cooling-off period doesn’t apply to property sold at auction.
Insurance of the property
Did you know that the property is at your risk on the first business after the contract has been signed by you and the seller? This means you may still be required to settle in case the property was damaged by a fire or a flood, for example. An insurance for the property is the way forward to cover the risk.
Flooding
We have floods here in Brissie and major ones too. So, make sure you are staying out of flood zones when buying a house in Brisbane.
Imagine you have found your dream home and have just settled. Life is good!
Suddenly it starts to rain, no it is pouring down for days. On day three you realise that your dream home is in the middle of a flood zone. Nightmare! Don’t let it come so far and do your flood research long before considering buying.
Finally, it is important to get legal advice if there are any questions or issues that are unclear when buying a house in Brisbane
Conclusion
Buying a house in Brisbane involves understanding local laws and market conditions, especially the lack of seller disclosure, no price guides at auctions, and the risks tied to flooding. To navigate these challenges, it’s essential to conduct thorough research, have a trusted team, and ensure you have the right legal and insurance protections in place. With the right preparation, you can avoid costly mistakes and make a sound investment in Brisbane’s property market.
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Constructive feedback is always welcome and if you have any suggestions on what you would like covered next please reach out to joerg@buyersscout.com.au.
