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ABC News
7 days ago
- Business
- ABC News
New real estate disclosure laws to come into effect in Queensland - what it means for sellers
Real estate experts are warning new mandatory seller laws that allow a buyer the right to terminate a contract right up to settlement day will push up the cost of selling a property by $1,000 or more. The tough new laws coming into force in Queensland from August 1, will allow buyers to get their entire deposit back, and even claim compensation, if the vendor fails to offer up vital information Here's what every seller must know before they put their house on the market. The sales bundle of documents includes what is known as a "seller disclosure statement — Form 2" and various prescribed certificates. A vendor can't sign a contract of sale until they provide this statement. Some of the things the statement will have to include are: Legal costs to prepare this seven-page document vary from about $600 to $1,500, depending on who you ask, and the money that will have to be paid by the seller up front. However, agents have said the vendor may try to add it into the final sale price. In a state so prone to severe weather events, flooding or other natural hazard history does not have to be disclosed. Nor does structural soundness, pest infestation, limits imposed by planning laws or if there is any asbestos on site. What the laws don't cover The current or historical use of the building (e.g. if it was once a massage parlour or a boarding house) will also not have to be disclosed on the statement. Real Estate Institute of Queensland CEO Antonia Mercorella said this new law would create some consistency and bring Queensland in line with other states. However, buyers still need to remain vigilant and think about other types of due diligence, she said. "Similarly, the seller needs to understand that a property cannot be sold, or a contract entered into until the statement is given," Ms Mercorella said. The regime applies to all contracts entered into on or after August 1, 2025, regardless of when the property was listed for sale. While it is not mandatory for the buyer to sign the statement, REIQ said it was best practice for them to do so to confirm receipt. The Form 2 can be prepared by the seller, the seller's solicitor, or the seller's real estate agent (if authorised). All parties can sign the statement electronically. This new framework was designed to reduce disputes and improve transparency in property transactions. You will find everything you need to know by searching for the Property Law Regulation 2024. Brisbane property manager Brett Andreassen said the new law would create "more confusion" in the industry. He said existing contracts already contained 90 per cent of the information required and believed that the 10 per cent not included could be placed in formal contracts. "For a lot of sellers, this is making it too complicated — they are already asking why do we have to have these costs on top of everything else?" he said. "What is going to happen is their solicitor's work will then be duplicated again by the buyer's solicitors. "So, the buyer is paying again because their lawyer will say we can't trust what has been provided to us". Mr Andreassen also raised a red flag for private sellers who may not be across the changes. "Sellers have been bringing their sales forward to try and miss out on the confusion that is going to happen," he said. Real estate agent Michael Shean said vendors were "in shock" when they were told of the added costs to comply. Lawyers are telling agents the document will take at least five days to prepare, Mr Shean said. He said transactions could be slowed by up to a week, and the process could hinder anyone trying to quickly close an unsolicited cash offer. But at the end of the day, he believed the change would give "buyers some peace of mind". This is where — cost-wise — it gets messy. While lawyers and conveyancers are still nutting out the "true" cost to be passed onto clients, there are fears Queensland's 52,000 body corporates, which manage the sale of units and townhouses, will be out of pocket. According to Strata Community Association general manager Laura Bos, said this was because the government sets a prescribed fee for the data gathering involved in community title schemes. That fee is $84.10, but she said the real cost for a body corporate certificate was more than $200. Ms Bos said the fact some records are still on paper would complicate work some are assuming could be done by "pressing a button". "There is going to be a $3 million headache for Queenslanders in the next twelve months," she said. "We have done time and motion on it; it is not just a figure we have plucked out of the air. "Somebody is going to have to pay the shortfall." She's worried there will be people living in body corporates "who are not parties to a transaction, who are now going to have to foot the bill". "The government has sent a signal to the market that is completely at odds with what the commercial reality of the situation is," she said.
ABC News
08-07-2025
- Business
- ABC News
Multiple generations squeeze under one roof to combat housing, cost-of-living crisis
It is hard to find a spare seat at the Sailes's dinner table, with four generations living under one roof. Australia's housing crisis has seen 44-year-old Clint Sailes steadily renovate his home to accommodate more family members. While it might seem unusual, it is a return to the past when double the number of Australians lived in standalone homes. Over the past two years, Mr Sailes has added extra bathrooms and kitchenettes to his Gold Coast hinterland property. The huge double-storey house backs onto bushland and has plenty of outdoor space to keep the peace between his 10 family members. He said he wanted to look after his ageing parents and save his kids from spending a fortune in Queensland's most unaffordable rental market. The median weekly rent for a Gold Coast property increased to $750 in March 2025, a rise of $50 compared to the same time last year. "It's tough for kids these days, so whatever we can do to help them out early on in life we will do that," Mr Sailes said. The Gold Coast's housing crisis has become so bad that its residents are squeezing more family members into their space so they can enjoy the city's enviable coastal lifestyle. The latest Real Estate Institute of Queensland data showed the city's March 2025 quarter vacancy rate was 1 per cent. It does not help that recent Australian Bureau of Statistics data indicated the number of new homes being built across the country is well below the amount needed to meet the National Housing Accord target. Closer to the Gold Coast strip, Kerry and Lindsay Clare's beachside home can comfortably sleep 20 people across two buildings. The Clares live and work in one home, while their two sons, daughter-in-law, and granddaughters live next door. The couple, who are both architects, have been celebrated for their design at the Australian Institute of Architects Queensland Awards. The building has been designed with space and privacy in mind and the Clares can go days without seeing their sons, even though they are only a few metres away. "There are plenty of different ways in and out of the site," Ms Clare said. She said sliding doors and windows meant rooms could be built out or closed off to suit different needs at different times. "You need enough little social spaces, and what we've done here is make a lot of different indoor and outdoor spaces," Ms Clare said. "Everyone should have their focus on being able to provide flexibility in housing, but I'm not sure if developers can deliver it." Cohabiting with extended family members is not a new idea. Australians used to live with double the number of people in their homes. The last census showed the average Australian household size had shrunk to 2.5 people in 2021, compared to 4.5 people per home in 1911. Griffith University researcher Heather Shearer said it was a worrying trend considering that, on average, Australians built some of the largest houses in the developed world. The average Sydney home is more than seven times the size of properties in Tokyo, and Japan has managed to avoid falling into a housing crisis like Australia has. Dr Shearer said building intergenerational homes was not a quick fix for the housing crisis, but could be part of the solution and combat urban sprawl. "Our housing mix needs to be more diverse; we need more townhouses and duplexes," she said. "Can houses be designed for two couples or three generations where you can actually have privacy within the same house?"
News.com.au
08-07-2025
- Business
- News.com.au
Shock way Melbourne is more affordable than itself five years ago
Australia's next interest-rate cut has been tipped to end a bizarre property market trend that's made Melbourne more affordable than most major capitals, and itself five years ago. Real Estate Institute of Victoria figures released today show the city's $849,900 median house price at the start of the pandemic equated to about 8.6 years worth of wages at the city's $98,852 average annual income, based on 2021 Census data. A family on that same income today would take 9.23 years to cover the $912,300 typical home value recorded in March, 2025. But a household earning even $10,000 more a year than they were at the start of the pandemic in March, 2020, would have now cut that time down to 8.38 years. AMP Capital chief economist Shane Oliver said it was likely wage growth would have been enough to price many families back into Melbourne's property market as it had lagged the rest of the nation for the past five years. 'It's certainly feasible that wages probably went up more than prices during the five years,' Mr Oliver said. While noting all Aussie capitals were expensive, the economist said Melbourne's relative affordability was now at the point where rising population combing with interest rate cuts ahead meant Melbourne would 'outperform' in the next five years. 'There's no rational reason now why someone in Melbourne would think about relocating to Brisbane, unless they are looking at the weather,' he said. 'But in time that will lead to a deterioration in its relative affordability.' Westpac bank chief economist Luci Ellis said while the bank was only expecting modest growth for Melbourne across 2025, next year the city was tipped for an 8 per cent surge that would top the national average of 7 per cent. 'It has become significantly more affordable, in relative terms,' Ms Ellis said. Both Mr Oliver and Ms Ellis said Victorian government property taxes left a question mark over how well Melbourne would perform in the coming years, as at present they were a deterrent for investors. REIV interim chief executive Jacob Caine said despite a weak five-years growth, Melbourne's fundamentals remained strong — and it was likely it would not only attract investors looking at its attractive prices, but even families looking to relocate from state capitals with pricier housing. 'We are still one of the most liveable cities in the world, especially if you can purchase your first home here where you might not be able to in another capital,' Mr Caine said. 'But given Melbourne is languishing compared to many interstate capitals over the past 12 months to five years, and with the addition of an interest-rate cut and more on the horizon we will start to see these prices trend up.' Oxford Economics lead economist Maree Kilroy said while Melbourne families were today spending about 7 per cent more of their income on mortgages than they were during the pandemic, that figure was the lowest in the country — with Brisbane spending up by 23 per cent in the same time. 'So it is definitely less than all other major capital cities … but we expect it to be one of the outperformers in the coming year,' Ms Kilroy said. And the growth already appears to be underway. The REIV's quarterly medians data released today show Melbourne's median house price rose 0.4 per cent in the three months to June 30. Melton was the most affordable, despite an $11,000 (2.4 per cent) increase in that time to $496,500. Toorak was the most expensive with a $4.249m median house price. Melbourne's typical unit value has also risen 1.3 per cent to $635,000 in that same timeline. The REIV data shows regional Victoria performed better than Melbourne, with a 2.6 per cent uptick in the $620,000 median house price and the typical unit rising 3.1 per cent to $430,000. REIA HOUSING AFFORDABILITY BY YEARS INCOME TO BUY City Moving annual median sale price for houses Years income to buy 2025 2024 2020 2025 2024 2020 Sydney $1,661,900 $1,580,500 $1,103,500 15.39 14.63 10.22 Melbourne $912,300 $923,800 $849,900 9.23 9.35 8.6 Brisbane $894,600 $805,700 $538,100 9.3 8.38 5.6 Adelaide $822,900 $726,300 $481,800 10.22 9.02 5.99 Perth $773,800 $630,000 $476,200 7.98 6.5 4.91 Hobart $732,500 $726,900 $538,800 9.14 9.07 6.72 Darwin $559,100 $569,100 $472,500 4.87 4.95 4.11 Canberra $974,300 $967,500 $691,300 7.9 7.84 5.6
Yahoo
01-07-2025
- Business
- Yahoo
Aussie earning $300,000 a year in job after completing three day course: ‘Pretty easy'
An Australian real estate agent has shared how he is earning nearly $300,000 a year after only being in the job for a relatively short time. The man said he only needed to complete a three-day course to get started. The Sunshine Coast man was stopped in the street and revealed he was in his second year on the job. The man said it was 'pretty easy' to get the qualifications needed to become a real estate agent. 'It's a six-month course or a three-day course, depending on which one you go with. I did mine in three days,' he told jobs app Getahead. 'The six-month course is a thing you do on your computer. The three-day course is just in with a person, and they basically give you the answers.' RELATED FIFO worker earning $250,000 reveals how Aussies with no experience can get into mining industry Mortgage warning over July RBA interest rate cut Centrelink age pension alert for Aussies travelling overseas According to the Real Estate Institute of Queensland, the minimum qualification you need in the state is a Real Estate Registration Certificate. With this qualification, you can work as a real estate agent under the supervision of a licensed agent. This can be done face-to-face through a three-day course or done self-paced with up to six months to complete. The man said he paid about $3,000 for the three-day course, while the longer courses could be cheaper at $500. The training required to become a real estate agent will vary from state to state, but you'll generally need to complete an approved real estate course, gain at least 12 months of full-time work experience, and then apply for your real estate agent's licence. While the real estate agent said it was a lucrative industry to be in at the moment, the job can involve long hours. He worked nearly non-stop during his first year, and he's only just been able to take a bit of time off. "[I earned] $291,000 in GIC [Gross Commission Income] so probably took home $130,000, but that was working six to seven days a week, 12-hour days, with no holidays,' he said. 'Literally right now I am on holidays for the first time in two years.' The man admitted he 'fell into' the real estate industry and joked he got into it for 'all the wrong reasons' after seeing a mate working in real estate who had 'the watch and the car'. He said the hardest parts of the job were dealing with client emotions and getting knocked back by people. 'You're the emotional sponge, you gotta take everything on and also talking to people that don't want to talk to you,' he said. 'It's prospecting. 80 per cent of it is, we're glorified telemarketers basically.' The average real estate agent salary can be difficult to pinpoint because it'll depend on the market, commission rate, and where you are selling. According to SEEK, the average salary for a real estate agent in Australia is between $75,000 and $95,000 a year. A significant portion of real estate earnings comes from commissions, which are usually calculated as a percentage of the final price of a property. Commission rates will vary, with noting the average rate for an agent can be between 2 and 4 per cent. The Sunshine Coast real estate agent, for example, said the most expensive property he had sold was $1.302 million. Based on average commission rates, that would translate to a commission of between $26,040 and $52,080 for the in retrieving data Sign in to access your portfolio Error in retrieving data
Daily Mail
04-06-2025
- General
- Daily Mail
Major victory for renters after hated rule is revoked for millions of Aussies
Renters in Tasmania will no longer need to pay to get their carpets professionally cleaned when vacating a rental following a court battle over a 'small yellow stain'. A 'blanket' clause requiring tenants to get their carpets cleaned at the end of a lease was previously commonplace in contracts for rentals in Tasmania. It had not been legally tested but was protected by the Real Estate Institute of Tasmania (REIT) until a court dispute saw the clause recently overruled. The Residential Tenancy Commission (RTC) ruled carpets would only have to be professionally cleaned at the expense of the exiting tenant if they were found to be in a worse condition than they were at the start of the lease. The ruling came after the Tenants Union of Tasmania (TUT) represented a renter from Burnie, on the island's north coast, after part of their bond was withheld in order to pay for all the carpets in their rental to be professionally cleaned. It came after their landlord found a 'small yellow stain' on the bedroom carpet. The stain had not been recorded in the condition report and no other photos were supplied of any damage to the other carpets in the home. The RTC found the tenant was only responsible for the cost of cleaning the single stain and awarded their landlord $25 for cleaning. 'I will award an amount I consider reasonable given the stain in question is very small, even when photographed close up,' the ruling stated. 'The owner is awarded $25 for carpet cleaning.' The RTC went even further, declaring tenants will no longer have to pay for professional carpet cleaning at the end of a residential tenancy. 'A tenant is not responsible for carpet cleaning performed as a matter of general practice as opposed to any real need or genuine failure of the tenant, in accordance with their obligations,' the commission ruled. Tenants Union senior solicitor Andrew Smith told the ABC the ruling made the 'blanket clause' requiring carpets to be professionally cleaned 'invalid'. 'A tenant has the right not to do it, if they've left it in the same condition as when they moved in and there's proof of that,' he said. 'So as always, tenants should take their own photos when moving in and carefully make any notes in any condition reports they (are) provided.'
