Latest news with #buyersadvocates
News.com.au
28-06-2025
- Business
- News.com.au
‘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.'
News.com.au
10-06-2025
- Business
- News.com.au
Quick sale of Geelong West dual home shows outside demand
Geelong buyers need to get off their hands if they're going to be a chance against growing number of Melbourne and Sydney purchasers looking to make the most of the region's impending rise. The warning came amid further evidence that property investors were increasingly back in town looking for properties that can deliver long-term returns. A classic Geelong West property with future development upside was snapped up by an international buyer with links to Geelong for $882,000. Man pulls out 20m 'monster' in backyard Gartland Geelong agent Lisa Emanuel said a Sydney-based investor was the underbidder for the four-bedroom property at 27 Ann St, which sold in the days prior to the auction, scheduled for last weekend. Local builders and other locals seeking an investment made inquiries in the property, which was converted from private sale to auction as significant interest emerged. Ms Emanuel said interstate investment interest in Geelong was rising exponentially. 'My email inbox is being bombarded by buyers advocates. Last year I was dealing with maybe the local buyers advocates, plus another two or three more from interstate. Now I'm dealing with probably 35 advocates.' The sharp interest from interstate means local buyers were missing out. 'I'm finding that Geelong buyers are in a sense sitting on their hands a little too much,' she said. 'It's because you can't buy a $500,000 house in Newcastle any more, and definitely can't buy it in Sydney. 'There's only one way that Geelong is going to go, long term, and it's going to follow the trend of what happened in New South Wales, so you don't have to convince them. 'It's a long-term investment strategy, so they're adding to portfolios and looking for certain types of properties and they can see the opportunity very clearly.' Ms Emanuel said the owners of 40 years had maintained the property as an investment, leasing out both dwellings. It's a premium block with only one fenced neighbour, she said. 'There's the street at the back where the oval is, Kildare St and then Ann St, so it has a lot of opportunities, long term, for subdivision of development. 'You could develop it to have three street-facing townhouses, or you could subdivide and put a street-facing house on the back, as the one next door has done.' Jellis Craig Geelong agent Jeff Begg said four bidders, including an interstate buyer on the phone, contested a four-bedroom Marshall property. Listing agent Kelly Dawson said the auction went indoors at 3 Barwarre Rd amid teeming rain, but it failed to dampen the spirited bidding. But a local investor ended up securing the property for $638,000. 'It was an encouraging sign – we had an online bidder who registered from Sydney and the other group was from Melbourne but the people that bought it is a local that just purely bought it as an investment opportunity,' Mr Begg said The family-sized house is located just off Barwon Heads Rd, where it presented two living areas, including a main open-plan zone, four bedrooms and two bathrooms.
