Interstate Buying in Brisbane

[Canberran]

Hi all,

Currently looking at Brisbane market. I have a few questions to ask.

What need to be aware before the auction?
Who is doing building inspection report, buyer or seller?
Recommendation for conveyancing company.
Transaction cost, where to get the more information.
How to find out the house is pre-1946 construction?
How to find out the sales history of one particular property? Any website?

Thanks in advance.

 

[RPI]

Hi all,

Currently looking at Brisbane market. I have a few questions to ask.

What need to be aware before the auction?
Who is doing building inspection report, buyer or seller?
Recommendation for conveyancing company.
Transaction cost, where to get the more information.
How to find out the house is pre-1946 construction?
How to find out the sales history of one particular property? Any website?

Thanks in advance.

1. In the current market I would avoid auctions, market is moving fast and there seems to be emotional home buyers at auctions.
2. Buyer, if you fill out that part of the contract.
3.My opinion is not really unbiased on this one.
4. Purchase Conveyancing tends to be between $1100 and $2000 including searches. Stamp Duty calculator https://www.osr.qld.gov.au/calculators/
5. pdonline.brisbane.qld.gov.au - go to interactive mapping, aerial, tick the 1946 photo and untick 2007 and 2009. Also if pre-1946 but not in a Demolition Control Precinct (this site also shows DCP) can demolish anyway.
6. Rpdata, price finder etc.

Also have attached an example contract. Offers in QLD are typically made on a contract and signed by you before presenting to the vendor. You need to ensure that the all 3 parts of the finance condition are completed correctly so that this is operative.

Hope that helps and good luck with your hunting.

 

[Canberran]

Thanks a lot, RPI. Very helpful indeed.

 

[baby blue eyes]

Thanks Darryl

 

[C-mac]

Thanks very much; looking at buying myself up there and these nuances on the offer process really help!

 

[Canberran]

Arrived Brisbane yesterday morning.
Prices moved up at some of the north side and other areas seem flat.
Attending some auction today see how I go.
Cheers

 

[Francesco]

I am interested in how you are faring in the whole process of sourcing your property in Brisbane. I will have to go to Brisbane as well when I have found enough options.

Have you found your solicitor yet? My previous experience was with Quinn and Scattini who provided good service and advice. I am not sure whether it was the solicitor who was working with me or whether it pervades its culture, however by default I will be inclined to going with it.

 

[marg4000]

Be aware that contracts in Qld are very different to NSW and ACT. You need to make sure you understand the conditions and time frames you sign for.
Marg

 

[Canberran]

I am interested in how you are faring in the whole process of sourcing your property in Brisbane. I will have to go to Brisbane as well when I have found enough options.

Have you found your solicitor yet? My previous experience was with Quinn and Scattini who provided good service and advice. I am not sure whether it was the solicitor who was working with me or whether it pervades its culture, however by default I will be inclined to going with it.

I was mainly searching for land to build. Felt that south side like sunny bank, 8miles plain or stretton is on the way up but not other suburbs.

Happy to share info if you are researching for similar things. Email [email protected]

 

[RetireRich101]

Be aware that contracts in Qld are very different to NSW and ACT. You need to make sure you understand the conditions and time frames you sign for.
Marg

I thought QLD's Building/Pest and Financial Clause are great for Buyer but not for Seller. I hear 21 days Financial clause can be negotiated in the contract and Buyer can walk away on the 20th day without incurring any penalty at all.

NSW don't have this. We have a 5 day cooling off, and they could take all your 0.25 deposit if you don't go ahead when cooling expires..

I can understand why a Seller would be upset. If 4 buyer exercising a 21 days financial clause and not proceed, that is 3 months of Seller frustration.

 

[Peter Parker]

A couple of oddities about Brisbane:

* Conveyancing costs seem high - particularly the add on costs for all the searches

* Body corporate fees often high - you're doing well if under $2000 pa even for properties without significant common areas/facilities (and it's not all due to sinking fund contributions)

* Property management costs - somewhat high but not as bad as WA

* Brisbane has many sprawling multi-unit villa and townhouse complexes in middle and outer suburbs with up to 50 or 60 units (compared to much smaller scale <10 developments common in other cities). This makes it easier to get comparative sales data but it also means that one is almost certainly for sale or rent when yours is as well.

* There have been a lot of generalisations sprouted here about transport, bus vs trains etc in Brisbane.

You must check timetables and travel times - a train line that looks good on the map may be slow or infrequent in practice. A train service every 15 minutes is vastly superior to one every 30 minutes and only a minority of Brisbane stations offer the former all day. And some of the longer lines (Cleveland, Caboolture, Beenleigh) can be quite slow stopping all stations (eg 30km/h).

Busways can be good, provided the bus to your area is not many stops from where it enters the busway AND it's a frequent service (ie BUZ). BUZ or City Glider routes that either do not enter or run a long way before the bus way are frequent but can be slow due to traffic. Many local bus routes only operate hourly and finish about 6-7pm so aren't very useful.

A handy location for transport MUST be near a frequent train (red posters at stations advise if they get this frequent service) and/or on a frequent (ie BUZ) route leading to a busway. For inner suburbs only a BUZ or City Glider route that does not use a busway may also be bearable (low speeds but short distances making overall commuting time OK).

A property so poorly located that it does not satisfy the above para is second-rate, if you value transport access.

 

[Canberran]

Very useful information. I will try out the bus/train service when I am there next time.