We have just had the new, 9th edition, REIQ and Queensland Law Society contract released. This is the one that you use when purchasing or selling residential houses or land. Most of the changes are simply minor changes to wording and definitions, nothing to scary. That said, there is one addition that does catch the eye, that is the new Neighbourhood Disputes Resolution Act 2011.
In the new contract, the condition stats “The Seller gives notice to the Buyer in accordance with Section 83 of the Neighbourhood Disputes Resolution Act 2011 that the land” either is or is not affected by an application or an order made by QLD Civil & Administrative Tribunal (QCAT) in relation to a tree on the land. Failure to provide this document prior to the buyer signing the contract gives the buyer the right to terminate the contract prior to settlement.
So what does this mean? How does it affect us? For the majority, this will mean nothing as disputes over trees are few and far between. Generally if a neighbour has an issue with a tree on your property, you talk about it and resolve the issue without getting QCAT involved. If you are Selling (and you have had an argument with your neighbour over a tree), it gives you an incentive to sort out the outstanding dispute prior to selling your home, as this could impact the Sale of the property. If you are buying, it reaffirms that you won’t be lumbered with a grumpy new neighbour over a tree on your new piece of land. For more information on this you can visit www.neighbourhooddisputes.qld.gov.au
With summer just around the corner, we’ve noticed a substantial amount of growth in numbers of enquiries and inspections at open homes resulting in an increase in sales. With the recent interest rate cut by the Reserve Bank, demand for mortgages has risen by 2.2% through September, backing up what we’ve witnessed first-hand.
The number of home loan approvals climbed at double the rate of housing finance, meaning buyers have been investing more of their own money into property purchase with the value of total housing finance rising just 1% in September according to Australian Bureau of Statistics.
Recent figures released by Westpac and the Melbourne Institute in their monthly consumer confidence index, shows that buyer confidence has improved for the third consecutive month. This is the first time in six months that the proportion of optimists exceeded that of pessimists.
As estate agents, we are currently in a position where demand is outstripping supply so if you are considering selling, please contact us as we would welcome the opportunity to show you how we would work with you to get your home sold.
Last Sunday the 13th of November at 2:00pm Nicola Alison took 45 Steptoe Street Chapel Hill to auction and sold the property under the hammer for the reserve price. During the four week advertising campaign her efforts attracted 51 inspections at the property and three offers prior to auction day. On auction day well over fifty people attended the auction with ten registered bidders, strong bidding opened at $200,000.00 and the property eventually sold for $400,000.00 a massive $200,000.00 increase. Auctioneer David Bennett kept bidders bidding as the day progressed and the mercury went up on a summer like day.
Congratulations to Nicola a truly professionally run auction with a tremendous result for all parties concerned
Pop in and say hello to Nicola as she is a great agent dedicated to client service