According to new data published by the Australian Bureau of Statistics (ABS), it can be seeing that Queensland’s population is projected to reach 5 million by May which is a great growth. This strong growth is likely to be translated to a stronger demand for property for sure.
Robert Honeycombe, chairman of the Real Estate Institute of Queensland (REIQ), said Queensland’s property market and the wider economy would benefit from such strong population growth.
Last year, $54 billion of Queensland residential real estate was bought and sold which is appointing to our popularity means demand for housing is growing and this is good news for some of our weaker markets such as the inner Brisbane apartment market and regional Queensland.
Besides, it could be knowledge that there were pockets where housing supply is tight. Population growth is placing pressure on markets like the Sunshine Coast and Gold Coast, where prices are rising steadily, and vacancy rates are at historic lows. Moreover, the latest ABS data revealed that 12,000 of Queensland’s 19,000 net internal migrants were from New South Wales.
Apparently, Queensland real estate offers great value, and that is why it underpins the state’s economy. When real estate performs well, everyone benefits.
MPA – Mortgage Professional Australia www.mpamagazine.com.au
Have you ever had the situation of when you arrived at the property on moving day, and you discover things were not up to scratch. Windows were not spotless, and the floor could be cleaner from sweep.
In this situation, you might want to know what recourse or options they had at their disposal to remedy things at the seller’s expense. But please bear in mind, there was nothing could be done.
Under the terms of a standard contract of sale, the seller is required to hand over the property on settlement day in the same condition it was in on the day of sale (barring the usual wear and tear).
In many cases buyers are coming from a rental situation so they are very used to being put under heavy scrutiny by the managing agent on the condition/cleanliness. But there is no such requirement under a sale contract.
A good tip for buyers is to document the state of the property on the day the contract is signed. This can also be further supported during the building and pest inspection by being a little more thorough and taking a closer look at things like: all lights work, the split system air conditioning unit and anything else that is coming with the property. If during this process you are not satisfied with the working order or general cleanliness this is the best time to raise them with the agent. It should be noted cleanliness does not form part of the building and pest discussion but raising it here may alert the sellers to it being a potential issue.
Buyers should exercise their right to inspect the property the day before settlement to ensure the condition of the property is as expected. Also, check that all fixtures and fittings that are included in the contract have been left in the property. If there is an issue at this inspection settlement can be potentially delayed.
If you are renting a property recently, here is the essential factors for you to consider where should you searching for the property. It can be seeing that tenants can be saving up to $120 a week in rent in some parts of Brisbane, where prices have fallen by as much as 25 per cent in the past year.
The good news for renters comes as the inner-city market continues to suffer from an apartment glut, providing more options to choose from and an influx of landlords offering discounts and incentives as they compete for tenants.
New research from realestate.com.au reveals the best deals for units can be found just 8km from the CBD in Stafford Heights, where the median weekly rent has dropped more than 25 per cent in the past 12 months to $225.
Apparently, there are just so many more option for renters in the market, and most of the apartments are owned by investors and they are all competing for tenants. Even though buyers are quite specific about what they buy, either a unit or a house but renters are far more fluid.
A lot of people who might have rented a house are now looking at these brand new apartments that have been built and seeing what they can get for their money. It’s great news for renters in Brisbane because they can get some pretty good deals quite close to the city.
BRISBANE SUBURBS WHERE UNITS RENTS HAVE FALLEN THE MOST
Suburb Median weekly rent (Nov 2017) Median weekly rent (Nov 2016) % change
Stafford Heights $225 $303 -25.62
Banyo $260 $320 -18.75
Sunnybank $330 $393 -15.92
Deagon $240 $280 -14.29
Highgate Hill $350 $398 -11.95
Tarragindi $300 $340 -11.76
Newstead $435 $490 -11.22
Clontarf $293 $328 -10.69
Birkdale $360 $400 -10.00
Warner $320 $355 -9.86
(Source: realestate.com.au. Based on rental decreases within 30km of Brisbane’s CBD)