Homes & Relocation Detail
Brisbane’s housing market on firm foundations
Brisbane-based real estate agent Martin Hood explains why it's a great city and takes a look at the local property market
Even with the troubled last few years, Australia in general has managed to avoid the majority of effects of the global financial crisis. Australian banks have held onto their highly sought-after credit ratings and to date the country has effectively avoided an official recession. Furthermore, Queensland has always has been one of the shining lights with its year after year of continued positive interstate and overseas migration.
Queensland's capital Brisbane has a population of nearly two million people, with over 26 per cent of those born overseas. Brisbane is a rapidly developing and forward-thinking city; able to do things a little differently whilst maintaining a youthful enthusiasm and flexibility. It allows for innovative ideas, from the playful beach at South Bank in the middle of the city to the contemporary splendour of the creative arts precincts. Also home to Australia's premier live music scene in 'The Valley', and exclusive world class exhibitions at Australia's largest 'Gallery of Modern Art', there is also the natural brilliance of 'Moreton Bay' and the 'Scenic Rim' offering residents plenty of time to relax and enjoy a lifestyle that the world envies.
Brisbane's residential architecture is quite diverse, from beautiful heritage listed fringes, an abundance of character weatherboard homes - known as Colonial's and Queenslander's - and a refreshing appearance of some of the world's newest energy efficient, sustainable contemporary homes.
House prices have remained quite stable since 2008, after many preceding years of unsustainable, soaring growth. Buyers are now able to purchase a restored three-bedroom hi-set Queenslander just five kilometres from the city for approximately AUS$500,000 (£250,000) or a new three-bedroom apartment/condo for a similar price and distance from the city. Meanwhile, land is still available within the outer suburbs (20 kilometres plus from the city) plus sub-dividable land in the inner city regions.
The method of purchasing a property differs from state to state in Australia, with variances in real estate property laws. However, Queensland is seen by many to be the easiest due to the speed of processing a purchase contract. This is because real estate agents in Queensland are licensed and trained to prepare the purchase contract and once successfully negotiated, signed and dated, they can then disperse the original contracts onto the nominated buyer and sellers' solicitors. The solicitors will then assume ownership of the contracts until the property purchased settles, thus finalising their work and allowing the new owner to take possession. The solicitor is deemed necessary to monitor any special conditions, liaise with financial institutions and government departments, whilst performing searches on the subject property to ensure the property is free of any liabilities.
In other Australian states an offer to purchase is first negotiated, verbally agreed and then buyer and seller details are furnished to respective solicitors to then prepare contracts for signing at exchange. The average time this takes is approximately two weeks. Unfortunately for the buyer, the contract is not sealed during this process and can technically 'leave the door open' for the seller to accept another offer, even though they have verbal agreement. This is called 'gazumping'.
Back in Queensland, the average term of a contract from offer and acceptance to settlement completion is just 30 days; in other states expect at least double this time. When you purchase a property, it is advisable to make the contract subject to conditions. The most common of these are 'Building & Pest Inspection' (normally within five to seven days), 'Finance approval' (normally within seven to 21 days) and 'Subject to sale or completion of another property' (normally within 30 days, with settlement 30 days later).
Queensland's motto is "Beautiful one day – perfect the next", which surely makes it a great place to buy property!
The Martin Hood Team is located in Brisbane. It however, can act on your behalf as a buyers/relocation agent throughout Australia and New Zealand.
For further information, visit: Martin Hood Team
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