‘Buyer beware': Huge change to how homes are sold in Qld
Queensland's real estate industry is bracing for new laws which will make it the nation's most regulated major market – but buyers' advocates say the reforms still fall short.
The landmark seller disclosure scheme effective from August 1 will 'fundamentally alter' how homes are sold, according to industry experts.
Sellers will have to share a wide range of details about their property before contracts are exchanged, including zoning, rates and water charges, tree orders or heritage listing, government orders requiring work or money, and any building work carried out by an owner-builder in the last six years.
But the pendulum still swings to 'buyer beware', with controversial omissions including the structural soundness of the building or pest infestation, the presence of asbestos, and any history of flood or other natural hazards.
Real Estate Institute of Queensland CEO Antonia Mercorella said the changes to the Property Law Act was one of the most significant since it was introduced in 1974.
'While this is a meaningful change that enhances consumer protection, it's important for buyers to understand that the seller's disclosure regime may not prescribe or encompass everything they may wish to know about a property, and accordingly they should still conduct their own due diligence,' Ms Mercorella said.
'The 'buyer beware' principle continues to apply in Australia.'
Ms Mercorella said the peak body had been pushing for a clearer disclosure process for more than a decade, which had been 'largely delivered' by the legislation.
Challenges included ensuring sellers had easy and low-cost access to the information they had to reveal to buyers.
Brisbane buyers agent Melinda Jennison said the updated minimum disclosure requirements lacked in areas 'buyers are commonly exposed to risk'.
'It would have been great if sellers were required to disclose any uncertified or unapproved building work that had taken place at the property,' Ms Jennison said.
'Sellers should also be obligated to disclose any previous building or pest defects that have been identified in the past, even if those issues have since been addressed.
'The availability of past inspection outcomes would provide an important layer of transparency for buyers.'
Ms Jennison said this information would allow buyers to make better informed decisions, rather than having to undertake costly investigations of their own after contracts were exchanged.
Property lawyer Bryce Melville, of Redemont, said Queensland's new seller law was tougher than its counterparts in NSW and Victoria, noting seven specific disclosures that were not required by either of the two other states.
'Sellers and agents need to prepare now,' Mr Melville said.
'For the first time, sellers must provide a full set of disclosure documents, including title searches, planning certificates and environmental notices, before a contract is signed, or risk the contract becoming void.
'The changes bring Queensland in line with Victoria and NSW, but go even further, setting a new national benchmark for buyer protection.'
Chris Burling, of Business Depot Legal, said the reform aimed to boost transparency and avoid disputes by giving buyers crucial information upfront.
But it was 'not a free pass', Mr Burling said.
'Unlike other states such as NSW and Victoria, Queensland has historically operated under a 'buyer beware' model, placing the onus on the buyer to uncover crucial property details through independent due diligence,' Mr Burling said.
'This has often left buyers vulnerable to unexpected risks and financial loss if key issues weren't identified before entering into a contract.'
The new rules were expected to create a ripple effect through the market, potentially delaying off-market deals and auctions as sellers would need to engage a solicitor earlier to prepare the disclosure documents.
Ms Jennison said the reforms, while 'a step in the right direction', left room for improvement.
'In particular, standardising the disclosure of known historical issues would significantly reduce buyer vulnerability and improve transparency across the market.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
an hour ago
- News.com.au
‘The death of the shout': Aussies ditch round-buying at the pub
The Aussie pub shout – the sacred social tradition of 'buying a round' for your mates – has long been a staple of Australian night-life. But new data on how Aussies are spending their money reveals that this beloved custom is on the way out. Rising living costs mean a full round for a table can now easily top $100, while changing drinking habits and technological advances are encouraging punters to skip the shout altogether. Instead, Aussies are increasingly choosing to split the bill or simply pay for their own drinks. The latest research comes from Tyro Payments, a payments platform company, and revealed a huge generational spending divide is unfolding at the pub. Using data collected from over 1000 participants and more than 30 million food and drink orders, the report reveals that nearly half of Aussies (49 per cent) have changed their drinking habits due to cost pressures, with one in 10 cutting out alcohol altogether. The report also found that the traditional 'shout' is dying, as Aussies are now 35 per cent less likely to buy rounds for their friends than they were last year. Instead, they're opting to order via QR codes and sidestep the age-old question of 'whose turn is it?' The trend is most prominent among millennials, with 42 per cent saying they'd use a QR code to order drinks specifically to avoid a shout. Among Gen Z, 38 per cent said they use QR codes for the same reason, while 37 per cent of Gen X and 33 per cent of Baby Boomers are also embracing this tech-driven approach. The ease of sending a quick bank transfer to a mate has also made it simpler than ever to settle up the bill without the awkwardness of unpaid drinks or unclaimed rounds. Brian Sarkis, General Manager of ArtHouse Hotel in the Sydney CBD and co-owner of East Village Hotel in Darlinghurst said he's noticed this shift playing out in his bars. 'At East Village, we mainly see customers buy individual drinks when they're with a group of friends,' he told 'Even for birthdays or celebrations, they are more likely to just buy the birthday person a drink rather than shout the whole table.' Mr Sarkis says he's noticed that people are still keen to come out and enjoy a fun night, but they're definitely being more conscious about their spending. 'Buying a round for six people in today's market, that's a big hit to the wallet. The whole 'shouting' thing has pretty much disappeared,' he admits. 'The QR system has eliminated both the generosity and the guilt of round-buying. No one has to be the generous one, but no one has to be the tight one either. Buying someone a drink used to be a gesture, now it's just more efficient to order your own.' He's also noticed that people are much more strategic about their spending now. 'They'll calculate exactly what they want to spend before they even sit down,' he explains. 'The days of 'let's see how the night goes' spending are pretty much over. People have a budget and they stick to it.' This trend isn't unique to Australia. A recent article in The New York Times reported that a similar thing is happening in the US. Gen Z in the States are far less likely to open up a bar tab than they were a few years ago, preferring instead to swipe their cards after every drink, no matter how many rounds they end up having. While bar tabs are more common in American culture than in Australia, the reasons for this change in spending habits remain the same. Having to pull out your card each time you buy a drink serves as a reminder that you're spending money, which helps to curb overspending amid cost-of-living pressures. Gen Z is also favouring 'one-and-done' transactions, mainly using Apple Pay and tapping their phones for a purchase, as they would for a coffee at a cafe. So, it appears that not only is the Aussie shout coming to an end, but mindless pub spending in general.
News.com.au
3 hours ago
- News.com.au
Foul sight insight house for sale as housing crisis deepens in WA
A dilapidated house complete with a dead mouse squashed into the carpet and syringes on the bathroom sink has been snapped up half an hour after its first and only home open. The property in Armadale, about 40 minutes east of Perth, sold on May 31 for $480,000 with no clean-up and its backyard resembling a stinky communal rubbish tip. The home's sale came as yet another brutal reflection of how broken Australia's housing market has become, particularly in Western Australia where properties were formerly relatively cheap. And it's not like the three-bedroom wreck at 12 Cambell Road was up for one of those 'worst home on the best street' awards either. Graffiti artists had taken liberties on fences after fence, there were front verges that looked more like car yards than residential homes, and let's just say the neighbours didn't exactly have a welcoming presence about them. Of course, none of these factors matter in a market starved of affordable supply where even houses that look like crime scenes attracted interest from dozens of keen buyers. For millennials and first-home buyers it's yet another slap in the face. If this is what your life savings can buy, you have to start asking yourself what hope is left. Andrew Byl, one of the agents representing the property, told Brooko Moves during the property's home open he didn't even know there was a dead mouse inside, nor that syringes had been left in the bathroom. 'I didn't look that far,' he said while laughing, then agreed it added to the home's 'character'. Mr Byl was rightly confident the house would sell, rodent corpse or not. 'It will be sold in the next half-hour,' he said, as upwards of 30 groups of people poured into the property, mindful not to step on the ample junk splayed throughout it. 'Well we've had it on the market for a few days and the phone hasn't stopped,' he added. A few years ago, the same house wouldn't been 'lucky to sell for $300,000', Mr Byl said. Now, he claimed that if it was cleaned up, it could easily sell for at least $600,000. The agent went on to confess he knew nothing about the home's history, apart from the fact it looked to be 'a solid home'. Beneath a massive mound of rubbish, on closer inspection, turned out to be a backyard pool. It was so heavily disguised Mr Byl hadn't realised that was there either. His projection was proved correct and the house was snapped up shortly after the inspection. It was an unbelievably quick transaction, especially considering the house was a genuine safety hazard and had more dead animals than functional lights and doorknobs (one door was being held shut with a knotted electrical cable). Still, properties like this hit the market almost every day across Perth as locals look to cash in on the house price boom. Median house prices across Perth have skyrocketed to more than $700,000 and outer suburbs like Armadale, which were once considered affordable, are surging as desperate buyers fight for scraps. The Real Estate Institute of WA recently revealed housing stock was at a record low, with fewer than 4000 properties listed for sale. This was a 40 per cent drop from the five-year average. On a national scale, the story's just as grim. CoreLogic data showed house prices in capital cities have climbed by over 35 per cent since the pandemic, while wages have barely budged. The great Australian dream isn't just slipping out of reach, it's now in full-blown free fall. Young Australians have been left competing for homes with rotting carpet, graffiti-tagged fences and biohazards in the bathroom. A full-length video of the Armadale house is available at brookomoves on YouTube.
ABC News
3 hours ago
- ABC News
Tasmania's business lobby backing Labor's budget savings measures, as Liberals launch state election campaign
Tasmania's peak business body has formally backed Labor's strategy to fix the state's budget, calling it a "courageous" plan just weeks out from a state election. "For an opposition to put this sort of paper out three weeks before an election is fantastically courageous," Tasmanian Chamber of Commerce and Industry (TCCI) chief executive Michael Bailey said. "What we're seeing from Dean Winter and Josh Willie is a plan to fix the Tasmanian budget problem that we face ourselves with at the moment." "It's clear that the government need to react to this, we need to see from the Liberal Party their plan for budget repair." Tasmanian Labor announced on Saturday its fiscal strategy which the party said would result in $1 billion in savings over the next four years and ensure all new revenue goes towards paying down debt. It also included selling the state's share in the yet-to-be-built Marinus Link undersea power cable, and taking $100 million of revenue from the Motor Accidents Insurance Board. Treasury has found the state is headed for $13 billion worth of debt by 2028. "There are some tough decisions to be made and we understand that in business, we understand we need to be part of the discussion. "We need to do better, especially in an economy like ours which is so small and so reliant on outside income the more we can really help developers move on their projects the better it'll be for all Tasmanians." Labor Leader Dean Winter said, if elected, he would establish a budget repair round table made up of business, unions and the community sector. "We know the size and scale of this problem is massive and it relies on people taking things seriously and accepting there's a problem," Mr Winter said. Treasurer Guy Barnett has described Labor's budget plan as "one giant con". "It includes sacking associate secretaries who don't exist, claiming savings from the Southern Outlet that will cease to exist after scrapping the jointly funded project, $171.5 million cuts in capital works, without saying where from, and a 10-point plan that is just a recycling of a number of policies already in existence," Mr Barnett said. "Now, he's revealed his real plan is to sell government assets, with his reckless plan to give mainlanders control of our vital Marinus power connector." The TCCI's endorsement of Labor's budget plans came as the Liberal Party officially launched its election campaign. In a speech to the party faithful in Launceston on Sunday, Liberal Leader Jeremy Rockliff said Tasmania's economy was strong and the state wanted stability. "We can deliver the services Tasmania needs because we have a strong economy; under a Liberal government our economy has grown 26 per cent over the course of the last ten years," he said. "We now have an economy that's valued at over $40 billion." "For our workers we've achieved the highest wage growth in the entire nation … we have a strong plan and it's working." Mr Rockliff used the campaign launch to make the Liberals' most significant health announcement of the campaign so far — 250 new beds at the Launceston General Hospital (LGH). He said construction would start on the northern health complex, a seven-storey, 25-bed tower in 2028. He said the new building would "future-proof" hospital services in Tasmania's north. "This means more single rooms, along with an expansion of cancer services. "This will future-proof hospital services in the north and help to attract and retain those valued health professionals." Labor's Health spokesperson Ella Haddad said the Liberals had promised the project before. "Jeremy Rockliff's big election announcement is a project the Liberals promised five years and two early elections ago," Ms Haddad said. "Tasmanians are sick of Liberal promises that never get delivered. It's time for change." The tower is part of the Liberals' 10-year, $647.5 million redevelopment of the LGH. Australian Nursing and Midwifery Federation acting Tasmanian branch secretary Phoebe Mansell said more beds were needed now. "We welcome additional beds, but we've been saying for some time that the access and flow and hospital grid lock problems in the Launceston General Hospital emergency department need addressing … so what happens between now and then," she said. Australian Medical Association Tasmanian president, Dr Michael Lumsden-Steel, said the project must be fit for purpose and allow for future growth. "We know the Launceston General Hospital needs significant infrastructure builds … so 250 beds will be critical," he said. "The key point here is when they go and build this new tower, it must be fit for purpose and it must also allow for projected demand … so we must get this right." Tasmanians will head to the polls on Saturday July 19.
