Frequently Asked Questions (FAQs) for Queensland Property Purchaser.... According to CoreLogic’s report in September 2021, Brisbane's dwelling values have risen 10.6% in the last year and are now at new highs. Queensland’s property market is now experiencing a massive surge in price and popularity in Australia and is attracting overseas investors as well.
Building Information Certificate A Building Information Certificate (formerly known as building certificate) is a certificate issued by the local Council promising not to take any legal actions or issue any orders concerning the improvements (e.g. house, shed, garage, building etc) on the property for a period of 7 years from the date of the certificate. […]
Why should property purchasers obtain a survey report? A survey report is a report prepared by a registered surveyor. The report usually includes a plan which identifies the land’s measurements and boundaries. The report will also reveal whether the improvement(s) on the land (e.g. a shed, garage, house, etc) and the fences have encroached onto the neighbour’s land.
Purchasing a property in New South Wales requires you to pay several taxes which include transfer duty, (also known as stamp duty) for residential property, Premium Property Duty (for property over $3 million), surcharge purchaser duty (for foreign purchasers) and Goods and Services Tax on commercial and industrial property.
Off-the-plan purchasers may be able to defer paying for the stamp duty for up to 12 months after signing the contract, or until the property is completed or handed over, whichever comes first, on the basis that the property will be used as a principal place of residence.
Buying a property in Australia as a foreigner is subject to additional restrictions. We discuss these restrictions below. Definition of a foreign person It is important to know if you are classified under the key term ‘foreign person’ under the current legislation as a foreign person is subject to a number of obligations under the […]
If you are a first home buyer in New South Wales, you may be eligible for government assistance to own a home with duty exemption (or concession) and/or a one-off grant of $10,000.