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In: REIQ

Contributed By: Claire Ryan on

The Real Estate Institute of Queensland (REIQ) is welcoming the Crisafulli Government’s restoration of the Queensland Productivity Commission (QPC), as an important step towards tackling rising construction costs and improving housing affordability. Yesterday, the Queensland Productivity Commission 2024 Bill passed in Parliament allowing the QPC to be officially established and appointments to soon follow. REIQ CEO Antonia Mercorella said the establishment of the QPC will be instrumental in maximising productivity in the construction sector, which has long been on the decline. “Improving productivity in the construction sector is critical for reducing construction costs and ultimately, improving housing affordability for Queenslanders,” Ms Mercorella said. “The AustralianRead More →

In: Legal

Contributed By: Vanessa Sciortino of Quartz Legal on

Before you consider listing your business for sale, there are some key things you want to make sure are in order.Generally, many of the issues identified during a transaction can be resolved, however, checking everything beforelisting will assist your sale in proceeding far smoother. Below is a list of common things that ought to be considered: Are your letting appointments properly completed and signed? Missing or incorrectly completed letting appointments are not unusual but can be costly. At law, if you do not hold aletting authority properly signed by your owners, you cannot charge that owner any commissions. When the buyer’s accountant reviews the financialRead More →

In: Legal

Contributed By: Vanessa Sciortino of Quartz Legal on

Unlike other conveyancing transactions, management rights matters have more parties than people realise and can often cause confusion about: It is a pretty important paradigm to understand and one that is often misunderstood, even by experienced advisers. Let’s take a look… 1. Who is who? (a) The Seller This can either be a developer (if buying off the plan) or the owner of a business. Where there is a unit associated with the business, depending on how the agreements are structured, there may be: (b) Selling Agent/Broker This is the licensed real estate agent appointed by the seller to sell their business. There are agentsRead More →

In: Legal

Contributed By: Vanessa Sciortino of Quartz Legal on

Managers of management rights businesses have lots to do daily, weekly and monthly, not to mention all the additional requirements the past few years has brought about, so it’s easy to see how managers could overlook the key dates in their agreements. We are here to remind you, that it is time to grab your agreements and check all your key date and set some reminders. Key Date 1: Remuneration Reviews Some body corporate managers will automatically review a caretaker’s remuneration at the time stated in the agreement. Other body corporate managers will not. Managers seeking to ensure their remuneration is properly increased in accordanceRead More →

In: Legal

Contributed By: Vanessa Sciortino of Quartz Legal on

The final matter is the adjustment of the income from the letting business (i.e., letting commissions and other income). These adjustments are usually agreed upon between you and the Seller at the pre-settlement tuition. I do not have access to the books of the business, and as such, they remain your responsibility. As such, I advise you of your legal position as follows: You may wish to adjust each item individually or agree on a general figure based on the estimated monthly income of the business. Your desired method of adjustment is something that should be discussed with and agreed to with the Seller duringRead More →

In: REIQ

Contributed By: Claire Ryan on

The Real Estate Institute of Queensland (REIQ) is welcoming the Reserve Bank of Australia’s (RBA) highly anticipated decision to lower the official cash rate by 25 basis points to 4.10 per cent – improving borrowing capacity and providing mortgage relief. REIQ CEO Antonia Mercorella said the first rate cut in more than four years (since November 2020), may be modest but it was significant for consumer confidence in Queensland’s property market. “With affordability top of mind for many Queenslanders, any measure that reduces borrowing costs is a welcomed development,” Ms Mercorella said. “This cut will make it easier for prospective home buyers to service largerRead More →

In: REIQ

Contributed By: Claire Ryan on

The Real Estate Institute of Queensland (REIQ) is welcoming the Federal Treasurer’s move to improve access to home loans for young Australians with student debt and finance for small developers falling short of a perfect, 100 per cent pre-sales uptake. REIQ CEO Antonia Mercorella welcomed the new APRA/ASIC guidance which would exclude HECS/HELP debts from bank’s mortgage serviceability assessments in certain circumstances, while still maintaining strict responsible lending protections. “We support this reform which will boost the borrowing capacity of Australians with student loan debt and trust that it will aid first home buyers in taking that crucial first step onto the property ladder,” MsRead More →

In: REIQ

Contributed By: Claire Ryan on

The Real Estate Institute of Queensland (REIQ) stands in solidarity with the residents, businesses and communities of North Queensland as they face devastating flooding. While the situation is still unfolding, the REIQ is anticipating extensive resources could be required for property assessments and helping those displaced from their homes. REIQ CEO Antonia Mercorella said that in the aftermath of flooding, there were often many questions as to how to address the immediate and longer-term needs relating to housing. “Real estate professionals will be focused on helping their clients and community through this disaster,” Ms Mercorella said. “Sales agents and property managers in the affected regionsRead More →

In: REIQ

Contributed By: Jane Garcia on

The Real Estate Institute of Queensland (REIQ) will throw its support behind a legislative change that will remove restrictions for homeowners wanting to rent out rooms without risk to their concessions or grants at a public hearing next week. REIQ CEO Antonia Mercorella said the move to change eligibility requirements to allow homeowners to rent out empty rooms within the first 12 months of purchase without penalty to their concession or grant was the brainchild of the REIQs. “This initiative is a win-win for both homeowners and renters in Queensland, and we are proud to have instigated this common-sense change,” Ms Mercorella said. “It alignsRead More →

In: REIQ

Contributed By: Claire Ryan on

The Real Estate Institute of Queensland (REIQ) is welcoming a Bill before Parliament today that will abolish stamp duty on new builds and land for eligible first home buyers from 1 January 2025. REIQ Acting CEO Kat Beavon said this was a positive step towards removing significant financial hurdles and helping thousands of first home buyers off the starting blocks in Queensland. “With Queensland’s home ownership rate sitting at 63.5%, the lowest of any state in the nation, this is a welcome measure to help more people achieve the Great Australian Dream,” Ms Beavon said. “First home buyers in Queensland in particular face additional challenges,Read More →

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