5 ways Qld’s new property laws will benefit investors

The Property Law Bill is set to be moved, at this stage, on Tuesday (22 August) when State Parliament next meets, as reported within the Notice Paper program of the Queensland Legislative Assembly.

With the new legislation, which is set to replace the Property Law Act 1974, sellers will be required to disclose detailed particulars about their property, rather than the information be requested by potential buyers, with requirements ranging from structural defects to legal limitations and planning-related complications.

Key factors covered by the legislation include: property title, planning and zoning details, history of building work, any infrastructure proposals related to the property, outstanding rates and water accounts, body corporate information (if applicable), the property’s energy efficiency ratings, and any environmental issues or implications associated with the property.

As part of the overhaul, sellers of freehold land will be required to collate all essential details into a single, comprehensive document for the prospective buyer, with the overall aim of mitigating unforeseen challenges or complications for buyers down the line.

LocalAgentFinder CEO Richard Stevens says the updates to the law “presents an opportunity” for the industry.

“The proposed changes aim to standardise the whole process. By providing comprehensive property information and transparency, it offers interested buyers greater confidence to proceed, potentially accelerating the selling process for both parties.”

He also expects that by better equipping buyers to make an informed decision, it will boost the confidence of investors to operate within Queensland markets.

“We anticipate this bill will significantly benefit both buyers and investors. Having all relevant information upfront not only expedites decision-making, it provides greater transparency around the transaction of such an important asset which protects against future legal disputes,” the CEO outlined.

In anticipation of the bill’s passage through Parliament, LocalAgentFinder has provided a summary of the benefits the new law will bring.

Five ways the Property Law Bill 2023 will improve the buying and selling experience:

1. Transparency

By providing detailed disclosure, buyers and sellers will be better placed to foster trust in transactions, leading to “a more equitable and reliable real estate market”.

2. Reduced legal risk

Full disclosure of known issues will prevent potential legal actions for buyers where undisclosed defects are found later.

LocalAgentFinder said this “not only protects the seller from costly litigation and reputational damage, but also reassures buyers for a smoother transaction”.

3. Smoother transactions

Being fully informed as a buyer means there will be “fewer surprises and lower chances of deals falling through”.

As LocalAgentFinder noted, comprehensive knowledge of a property’s condition helps ensure efficient and fair negotiations, and saves time and reduces frustrations.

4. Price negotiation

Transparent sellers are able to better justify their asking price by disclosing property issues, which may then be fixed to increase value.

According to LocalAgentFinder, this will better lead to open, informed price negotiations, resulting in a fair and mutually agreed upon price.

5. Buyer satisfaction

Informed buyers are more aware of a property’s pros and cons and will adjust their expectations and offers, ultimately decreasing the likelihood they experience post-purchase regret.

This leads to buyer satisfaction, better reputation for the agent, and positive word-of-mouth for future transactions, LocalAgentFinder concluded.