Big Changes Coming to Queensland Property Laws: What You Need to Know
Queensland's and Bundaberg's property market is about to get a major shake-up! Whether you're buying, selling, or investing in real estate, several important changes are rolling out in 2024-2025 that will affect how property transactions work. Let's break down what's happening and what it means for you.
The Game-Changer: Mandatory Seller Disclosure (Starting August 1, 2025)
This is the biggest change coming to Queensland property – and it's going to transform how we buy and sell homes.
What's Actually Happening?
For the first time ever, Queensland sellers will be legally required to provide buyers with a comprehensive Disclosure Statement before any contract is signed. Think of it as a property "health check" that reveals everything important about the home you're considering.
This disclosure package will include:
- Title details and ownership information
- Property zoning and any restrictions
- Outstanding rates or charges
- Any notices from council (building work, violations, etc.)
- Body corporate information (for units and townhouses)
- Known encumbrances or easements
Why This Matters for Sellers
The Good News: This change brings transparency and professionalism to Queensland property sales, potentially increasing buyer confidence and reducing post-sale disputes.
The Reality Check: Sellers and their agents need to get organized early. Incomplete or inaccurate disclosure can be expensive – buyers can walk away from the contract at any time before settlement and get their full deposit back if the disclosure is wrong or missing.
Action Required: Start gathering your property documents now. You'll need title searches, certificates, council records, and body corporate documents (if applicable). Yes, this will add some upfront costs and preparation time, but it's better than losing a sale later.
What This Means for Buyers
This is fantastic news! No more "buyer beware" uncertainty. You'll get crucial information upfront, helping you make informed decisions and avoid nasty surprises after you've committed to purchase.
Special Note for Auction Buyers: The disclosure must be provided before the auction starts, since the law considers you to have "signed" when the hammer falls.
Important Exceptions
A few situations are exempt from these new rules, including some related-party sales, government acquisitions, and very high-value sales over $10 million. But for most regular property transactions, the new disclosure rules will apply.
Modern Digital Processes (Also Starting August 1, 2025)
Queensland is finally catching up with the digital age! The new Property Law Act 2023 officially recognizes electronic contracts and e-signatures, making property transactions faster and more efficient.
New Protections During Disasters
If a major disaster or emergency (floods, cyclones, public emergencies) disrupts your settlement, the contract can be legally delayed without penalties. This protection was previously only in some standard contracts – now it's in the law itself.
Property Damage Before Settlement
Clear new rules protect buyers if a property is destroyed or significantly damaged before settlement. Buyers can terminate if the damage makes the property unfit for occupation, and they have the right to inspect any repairs before proceeding.
Great News for First-Home Buyers (Already in Effect!)
Since June 9, 2024, first-home buyers have been getting much better stamp duty relief:
- No stamp duty on homes up to $700,000 (up from $500,000)
- Reduced stamp duty on homes valued between $700,000-$800,000
- For vacant land: No duty up to $350,000, phasing out at $500,000
This can save you around $10,000 on a $700,000 purchase – money that stays in your pocket for moving costs, furniture, or just peace of mind.
Bonus: The First Home Owner Grant for new builds was temporarily boosted to $30,000 (from $15,000) for contracts between November 20, 2023, and June 30, 2025.
Higher Costs for Foreign Buyers (Started July 1, 2024)
Foreign buyers now face significantly higher costs when purchasing Queensland property:
Increased Duty Surcharge
The Additional Foreign Acquirer Duty jumped from 7% to 8% for contracts signed after July 1, 2024. On a $1 million property, that's an extra $80,000 in duty on top of regular stamp duty.
Higher Annual Land Tax
Foreign owners now pay 3% annual land tax surcharge (up from 2%) starting from the 2024-25 tax year.
Tripled FIRB Fees
Federal government approval fees have roughly tripled since April 2024:
- Properties up to $1 million: ~$44,100
- Properties $1-2 million: ~$88,500
- Higher-value properties: Even more expensive
These changes make Queensland property significantly more expensive for international buyers, potentially reducing overseas competition for local purchasers.
What You Should Do Now
If You're Selling:
- Start gathering all property documents immediately
- Consider getting a pre-sale property inspection
- Work with your agent to ensure complete disclosure preparation
- Budget for additional document costs and preparation time
If You're Buying:
- Take advantage of improved first-home buyer concessions if eligible
- Prepare for more comprehensive property information from sellers
- Use the new disclosure requirements to make better-informed decisions
The Bottom Line
These changes represent the most significant update to Queensland property law in decades. While there's an adjustment period ahead, the result should be a more transparent, efficient, and fair property market for everyone.
The mandatory seller disclosure, in particular, is a game-changer that will require sellers and agents to be more thorough and honest, while giving buyers the confidence and information they need to make smart property decisions.
Make sure you're prepared – these changes are coming whether we're ready or not!
Need Help Navigating These Changes?
The property landscape is changing fast, and staying on top of all these new requirements can feel overwhelming. Whether you're buying your first home, selling a property, or investing in Bundaberg real estate, having experienced professionals on your side makes all the difference.
At First National Real Estate Bundaberg, we're staying ahead of these changes, so you don't have to stress about the details. Our team is here to guide you through the new disclosure requirements, help you take advantage of stamp duty savings, and ensure your property transaction goes smoothly under the new laws.
Ready to make your next property move? Get in touch with us today – we're here to help you navigate these exciting changes with confidence.
Contact First National Real Estate Bundaberg
Let us handle the complexity while you focus on finding your perfect property.