Property Market Information: Property reforms in Queensland to benefit market

By the resi financial blog team, 12 May 2014

Property reforms QLD

Changes to Queensland's legislation will benefit the real estate market in a number of ways thanks to the splitting of the Property Agents and Motor Dealers Act to create industry specific laws to facilitate the streamlined sale of real estate

Real Estate Institute of Queensland (REIQ) Chairperson Rob Honeycombe said the benefits would extend to both consumers and industry professionals, cutting red tape statewide and making it easier for property to be purchased and sold. 

"Previously, the real estate sector has long been legislatively bundled in with a variety of other occupations and the REIQ always felt that our profession deserved its own specific legislation. The new laws will also empower consumers as never before, making it easier than ever for them to navigate the entire spectrum of real estate transactions," said Mr Honeycombe in a May 7 statement. 

Some of the changes being introduced or fleshed out under the new legislation include removing the necessity of agents to disclose to a buyer the commission being received from the seller, extended statutory limit on the length for appointments for a sole or exclusive agency from 60 days to 90 days, deregulation of commission rates to allow for more freedom, and stricter disclosure of third-party benefits to buyers. 

Furthermore, REIQ Chief Executive Officer Anton Kardash said the simplification of this legislation will provide essential clarification across the industry. 

"These reforms will deliver a number of positive changes for the real estate sector and they'll definitely be welcomed by our members. They're also a win for consumers, who are going to enjoy greater transparency in situations where they're looking to buy a property at auction," said Mr Kardash in a May 7 statement. 

These changes will give Queensland a far more transparent property industry, providing buyers and sellers with a number of changes to facilitate their real estate goals. 

Categories: Home Loans, Property Investment