Saturday, December 31, 2022
Sunday, November 20, 2022
Wednesday, November 2, 2022
Friday, October 28, 2022
Thursday, October 27, 2022
Tuesday, October 25, 2022
Thursday, October 20, 2022
Growth Conditions across Brisbane 20-10-2022
No question that rising interest rates have played a major part in taking the heat out of the real estate market during the course of 2022. People have been shocked at how frequent and how much the interest rate rises have been. One of the quickest upswings in interest rates in history. Of course, this has been driven by the outbreak of inflation, but from my experience, it’s also because the Reserve Bank left it too late to put some more modest increases in interest rates late last year.
So, for many, the sudden and sharp rise in interest rates spooked them. A big question was, where to from here? It caused many buyers to simply park their buying interest and to sit on the sidelines, however many buyers are starting to read the tea leaves with some signs that the three primary drivers of the sharp increase in inflation are starting to be brought under control, and by the very fact that the Reserve Bank had a lower increase in their latest upward move in interest rates. After several months of over half percent rises, it was only a quarter percent.
Anyone who looks closely at the money markets is also seeing that the market is reading that interest rates will peak somewhere within the next 6 months, based on all the information that we have at hand. No question that there is going to be some pain for current borrowers who borrowed to their maximum 12 months ago and did not factor in interest rate rises. Anyone borrowing today, they can borrow less, but with some comfort in knowing that we must be getting close to the top of the current interest rate cycle and that perhaps a year or eighteen months from now interest rates will start coming down.
Many buyers have been simply assessing the lay of the land, and with increasing confidence that they can read what is happening with interest rates they are now back out believing that this is a good time to buy before lower interest rates bring more buyers back into the market. Most people know there is an underlying supply problem, and that will continue to have an underlining strengthening of the market over time, and certainly until there is some meaningful increase in the supply of properties to buy.
The key thing to watch in terms of the future directions of the real estate market is the inflation figure and how quickly it responds to higher interest rates.
https://wordpress.com/post/ljgillandrealestate.wordpress.com/146750
Growth Conditions across Brisbane 20-10-2022 https://ljgillandrealestate.wordpress.com/2022/10/20/growth-conditions-across-brisbane-20-10-2022/ via @GillandDebello
Saturday, October 15, 2022
Tuesday, October 11, 2022
Thursday, October 6, 2022
Friday, September 16, 2022
Monday, September 12, 2022
Wednesday, August 31, 2022
Tuesday, August 30, 2022
Sunday, August 28, 2022
Marsden Vendor Rate My Agent 5 Stars Review 27-8-22
Extensive knowledge of sales process.
Sal and I thoroughly recommend Linda and Carlos as agents to sell your property. They took the time to explain in detail the sales process. They went above and beyond when it came to preparing the house for sale. They followed up all open house visitors and gave us a report after each open house. We were very pleased with all aspects of the way they handled the sales process. Thanks Carlos and Linda.
Review submitted by Joy & Sallianne Pohlner (Vendor) on 27 Aug 2022
https://www.ratemyagent.com.au/real-estate-agent/linda-debello/reviews/7-rasmussen-ave-marsden-ab392c
Friday, August 26, 2022
Thursday, August 11, 2022
Tuesday, August 2, 2022
Monday, July 25, 2022
Monday, July 18, 2022
While growth conditions in Brisbane remain positive, signs of easing are evident Ms Ezzy said with 11.6% markets recording a quarterly fall in values. Of the suburbs analysed, 120 (35.7%) recorded a median house value in excess of $1 million, up from 33.2% in the March quarter.
Australia’s housing market downturn is gathering momentum as consecutive rate hikes, rising inflation and weaker consumer confidence places additional pressure on values.
CoreLogic’s interactive Mapping the Market tool, updated today, shows 41.9% of house and unit markets analysed in the June quarter declined in value, a significant increase on Q1, when 23.6% of markets recorded a fall in values.
Using the CoreLogic Home Value Index, a methodology widely used by economists and institutions nationally, 3,085 capital city house and unit markets were analysed to provide a national overview of quarterly and annual changes to median values.
CoreLogic Economist Kaytlin Ezzy said the updated data showed a significant uptick in the proportion of declining markets compared to March, when values were falling predominantly in Sydney and Melbourne markets.
“This analysis captures two of the three recent rate hikes so it’s not surprising to see the added downward pressure has had a broader impact on the housing market,” she said.
“Signs of a slowdown and falls in value were already evident before the rate rises, but are now becoming more widespread across Sydney and Melbourne, and beginning to impact the more expensive areas of Brisbane, Canberra and Hobart. Historically, premium suburbs are more volatile than the more affordable areas, values shoot up much faster during an upturn, but are among the first to fall during a declining market.”
The CoreLogic Home Value Index, showed national dwelling values declined -0.2% over the June quarter, with every capital city and broad rest of state region well past their peak rate of growth.
Growth conditions across Sydney weakened significantly over the period, with house values falling -3.0%. Although 81.1% of house markets analysed recorded a fall in values over the three months to June, three out of four suburbs still have a median house value of more than $1 million with no house markets under $500,000.
Ms Ezzy said due to relative affordability, Sydney’s unit market was slightly more resilient than its house market, with unit values declining -2.1% over the quarter.
Almost two thirds of the Sydney unit markets analysed had a median value of between $500,000 and $1 million, while 30.6% recorded a median above $1 million. Only 19 areas recorded a median value below $500,000.
The slowdown previously seen across Melbourne’s inner east has become more wide spread, with 80.0% of the city’s house markets falling in value over the quarter while almost 60% of unit markets recorded a fall, Ms Ezzy said.
“Units nationally have proven to be slightly more resilient than house markets, which largely comes down to affordability. While units in some of those more expensive inner-city areas are starting to decline nationally, fewer unit markets fell over the quarter than houses.”
While growth conditions in Brisbane remain positive, signs of easing are evident Ms Ezzy said with 11.6% markets recording a quarterly fall in values. Of the suburbs analysed, 120 (35.7%) recorded a median house value in excess of $1 million, up from 33.2% in the March quarter.
Only 10 of Brisbane’s 180 unit markets declined in value over the quarter, with four suburbs in the Logan-Beaudesert region are among the country’s most affordable, recording median values below $250,000.
Adelaide had the strongest quarterly growth in house values amongst the capitals at 5.1%.Henley Beach South house values, down -1.0%, was the only house market to decline during the quarter.
“Adelaide has recorded the strongest growth in the past quarter, but has shown an easing in the quarterly rate of growth since February this year,” Ms Ezzy said.
“A quarter of Adelaide’s house markets are recording a median of $1 million or more, yet despite its recent growth, it also remains relatively affordable with a number of unit and house markets still recording a median of less than $500,000.”
After WA’s state border opened in March, Perth’s house values surged 2.2% over the three months to June, with fewer than 20 markets recording a decline in values in the June quarter. Perth housing values remain the lowest of any capital city.
Hobart’s median house value declined -0.5% to $796,863 in the June quarter with more than half the markets analysed recording quarterly falls, while only three unit markets fell in value over the same period.
In Darwin, house values increased by 3.0% in the June quarter taking the city’s median value to $588,928, with only two suburbs recording a quarterly decline in house values. Unit values increased 1.0% for the same period, taking the median unit value to $378,325.
Canberra’s median house value increased by 1.2% in the June quarter to $1,065,317, leaving only two of the 83 suburbs analysed with a median house value less than $750,000. Although values have softened in a handful of house and unit markets in the last quarter, there have been no annual falls recorded. Canberra’s median unit value increased 2.6% over the quarter to $629,531 in June.
Saturday, July 2, 2022
https://ljgillandrealestate.wordpress.com/2022/07/02/australian-property-market-1-7-22/
Australian property growth rates have peaked, with June values down -0.6% nationally, led by falls in Sydney, Melbourne and Hobart. https://ljgillandrealestate.wordpress.com/2022/07/02/australian-property-market-1-7-22/
Wednesday, June 22, 2022
Tuesday, June 21, 2022
Wednesday, June 15, 2022
Brisbane council cracks down on investors operating ‘pseudo hotels’
A crack down on short-term rentals will see Brisbane property owners pay substantially higher council rates to operate holiday homes, with the local mayor lamenting ‘different tenants coming and going’.
Brisbane’s lord mayor, Adrian Schrinner, unveiled the Queensland capital’s budget on 15 June, which included a steep rate hike for property owners trying to make money off the short-term accommodation marketplace. They will now pay 50 per cent higher rates than those who rent out their properties on a long-term basis.
Acknowledging the pressing housing crisis facing the city during a speech introducing the new budget, he zeroed in on the rental market as an area in need of intervention.
“With the rental vacancy rate now at record lows, it’s incredibly hard for tenants to find affordable places to live with six or twelve month leases. Short-term rentals may be convenient for tourists and visitors to Brisbane, but they throw up a minefield of issues,” Mr Schrinner said.
“The short-term rental trend, facilitated by well-known booking apps, removes homes from the long-term rental market. To be clear – this contributes to supply shortages and increasing housing costs”.He said the 50 per cent increase in council rates would bring the levies imposed on those operating holiday rentals closer in line with what is charged to commercial operators.
It will apply to whole properties (but not single room rentals) where the dwelling is available for short term stays more than 60 days of the year.
The rate hike will involve the introduction of new rating categories for transitory accommodation. A property on the minimum rating level, for example, will be subject to a hike of almost $600 extra a year.
Acknowledging that some might find the increase hard to take, he characterised it as a requirement for owners to “pay their fair share”.
And he noted that while owners will initially be encouraged to self-identify, the council will increasingly use public reporting and its own online research to pinpoint who should be paying the increased rates.
Mr Schrinner made it clear that the ultimate goal of the plan was not to rake in more money, but to encourage property owners to return their investment properties to the long-term market.
“Residential streets were not meant to be home to pseudo hotels, with different tenants coming and going every weekend,” he commented.
The council’s move comes just a few months after the Real Estate Institute of Queensland (REIQ) implored investors across the state to release their homes onto the long-term market, after the flooding pinched rental vacancy rates even further.
“Displaced tenants and owner-occupiers are now hitting the market, desperate for alternative accommodation, adding to the already unprecedented demand for long-term rental accommodation. It is difficult to see any way that this wave of demand can be met without the support of property owners moving their properties to the long-term rental market,” Ms Mercorella commented at the time.
In addition to the city’s crackdown on short-term rentals, Brisbane will also embark on a project of identifying new areas that can be unlocked to create residential and mixed-use communities.
Called “Suburban Renewal Precincts,” it will look to expand the city’s residential footprint into areas that may have previously had a commercial or light industry use, according to Mr Schrinner.
T
Tuesday, June 14, 2022
Monday, June 13, 2022
Google to pay $118 million to settle gender discrimination lawsuit The class-action suit covers about 15,500 women
Google is set to pay $118 million to settle a class-action gender discrimination lawsuit that includes around 15,500 women (via Bloomberg). As noted in the settlement’s press release, Google is also required to have an independent labor economist evaluate its hiring practices and pay equity studies.
The lawsuit first emerged in 2017 after three women filed a complaint accusing the company of underpaying female workers in violation of California’s Equal Pay Act, citing a wage gap of around $17,000. The complaint also alleges Google locks women into lower career tracks, leading to less pay and lower bonuses when compared to their male counterparts. The plaintiffs won class-action status last year.
Google’s treatment of workers has been the target of scrutiny more than once. Last year, Google agreed to pay $2.5 million to settle a lawsuit that claimed the company underpaid female engineers and overlooked Asian job applicants. California’s Department of Fair Employment and Housing (DFEH) is also investigating the company over complaints of potential harassment and discrimination against Black female employees.
A NUMBER OF SIMILAR LAWSUITS TARGETING PAY GAPS HAVE SURFACED WITHIN THE LAST DECADE
“As a woman who’s spent her entire career in the tech industry, I’m optimistic that the actions Google has agreed to take as part of this settlement will ensure more equity for women,” Holly Pease, a plaintiff in the case, said in a statement. “Google, since its founding, has led the tech industry. They also have an opportunity to lead the charge to ensure inclusion and equity for women in tech.”
The terms of the settlement still need to be approved by a judge in a hearing that will take place on June 21st. “While we strongly believe in the equity of our policies and practices, after nearly five years of litigation, both sides agreed that resolution of the matter, without any admission or findings, was in the best interest of everyone, and we’re very pleased to reach this agreement,” Google said In a statement to The Verge. The company added that it’s “absolutely committed to paying, hiring and leveling all employees fairly and equally,” and that it makes “upward adjustments” if it finds a pay disparity between male and female employees.
A number of similar lawsuits targeting pay gaps have surfaced within the last decade, with class-action gender discrimination suits against Microsoft and Twitter failing to gain traction. Oracle is also facing a class-action lawsuit alleging unequal pay, but according to Bloomberg Law, the group of women suing the company will likely lose class-action status after a judge said a class with 3,000 employees and 125 job classifications would be “unmanageable to proceed to trial.” Other tech companies, like Apple and Riot Games, have also faced accusations of pay inequality.
Update June 12th, 12:39PM ET: Updated to add a statement from Google.
Tuesday, June 7, 2022
Sunday, May 15, 2022
Housing Affordability Crashes!
The latest report on Housing Affordability from ANZ and Corelogic underscores the pressures on Households, and mirrors findings from our own Stress Surveys.
On every metric, affordability has crashed, but then what do you expect from 20+ years of bad policy, ultra low rates and Government incentives? And, no, the answer to all this is not just of offer more incentives to drag people into the market at these high multiples!
Today's post is brought to you by Ribbon Property Consultants.
If you are buying your home in Sydney’s contentious market, you do not need to stand alone. This is the time you need to have Edwin from Ribbon Property Consultants standing along side you.
Buying property, is both challenging and adversarial. The vendor has a professional on their side.
Emotions run high - price discovery and price transparency are hard to find – then there is the wasted time and financial investment you make.
Wednesday, May 11, 2022
Monday, May 9, 2022
Interest rate rises and the property market, my two cents.
The RBA has increased rates for the first time in more than 11 years. That’s significant because as the RBA says itself, many households have never experienced rising interest rates. They’re also going to go up further, likely in the next few months. Before we panic though, let’s get some context.
As a guide, if you have a $500,000 principal and interest home loan at a rate of 2.29% p.a. on a 30-year loan term, your repayments were $1,922 a month.
When the bank passes on this 0.25% increase, you’ll pay $1,987 a month. If we tweak it all the way to a 0.75% rate increase, it’s $2,119 a month. To put it another way, the homeowner will need to find another $197 a month or say $46 bucks a week.
I say context, because for most people it’s a manageable increase that’s well within their ability to negotiate with tweaks to discretional spending.
The RBA are beginning “the process of normalising monetary conditions.” That should be a reminder that interest rates are currently not normal, they’re historically low.
I don’t doubt that this new trajectory for rates will spook property buyers and cool some of the demand, but for those with capacity willing to ignore the herd, I believe there will be plenty of opportunities to buy well in the next 12 months and see capital growth.
Rates are going up because the economy is doing well. That’s a positive thing. Sticking with the positive narrative, many mortgage holders will have continued to pay the same interest rate as rates were dropping over the last few years. On top of this, and according to the AFR in late April, residential property borrowers have squirrelled away a record $232 billion in offset accounts – an increase of nearly 15 per cent, or $30 billion – in the past 12 months to reduce their interest payments and shorten loan terms.
The main driver of higher inflation has been global interruptions to supply chains and Russia’s invasion of Ukraine has resulted in sharp increases in the prices of oil and gas, base metals and many agricultural commodities. The outcome of this conflict and the economic impacts are hard to predict.
Nationally, strong demand is putting pressure on capacity and firms are struggling to hire and retain workers. These increases in costs are resulting in price increases being passed onto consumers.
Interest rate rises will likely be slow and measured over the next 12-24 months in my view. There’s no desperate desire to be back within the 2-3 per cent target band within the next few months. The RBA expects inflation to start moderating as some of the supply disruptions are resolved and/or as prices settle at a higher level. They state that for inflation to stay high, prices need to keep increasing at a fast rate, not only settle at a high level.
I feel for the households that will struggle with another kick to their cost-of-living pressures, but most people are not over-extended, and their serviceability has been tested well over and above where we’re likely to land. Despite what may be presented in the media, there’s not going to be a property price crash and the 4 horsemen of the apocalypse will have another gap year.
Tuesday, May 3, 2022
Northlakes Landlord and Vendor Five Star Review
#five #star #landlord 爱你的#vendor #热播的An Excellent Family Business
As a landlord I have had Linda and Carlos manage my investment properties since 2003. The fact that I have stayed with them so long is testimony to the great service they have provided me over this 19 year period. During the recent sale of my property at North Lakes the service and support both Linda and Carlos provided me was typical of the high standard I was use to - achieving an excellent sales result in the process. I have found both Linda and Carlos to be honest, straight talking with a high degree of integrity which are traits very rarely found with realestate agents I have dealt with in the past. Due to my long association with Linda and Carlos I have found that I am treated more like an extended family member than a client and I feel privileged to be associated with them. https://www.ratemyagent.com.au/real-estate-agent/linda-debello/reviews/7-samson-street-north-lakes-ab1y75
Thursday, April 28, 2022
SOLD IN NORTH LAKES
7 Samson Street, NORTH LAKES, QLD 4509 https://www.realty.com.au/property/house-7-samson-street-north-lakes-qld-4509-1851630
Friday, April 15, 2022
Saturday, April 9, 2022
Friday, April 8, 2022
Thursday, April 7, 2022
Sunday, April 3, 2022
Thursday, March 31, 2022
Growth standouts over the past year have been Brisbane (27.02%), regional NSW (26.85%), and the ACT (26.4%), with regional Queensland (23.35%) also performing strongly.
Australia’s rampant home price growth slowed further in March, lifting by 0.34%, the slowest pace of growth since May 2020, according to the PropTrack Home Price Index.
The PropTrack Home Price Index is an Australia-first monthly revised residential property price index just launched by REA Group’s data business, PropTrack, to deliver timely insights on home prices and market trends.
The report found monthly price growth was highest in South Australia (1.03%), with Adelaide (0.84%) the top performer of the capital cities. Prices fell slightly in Melbourne (-0.02%) while larger falls have been recorded in Perth (-0.11%) and the Northern Territory (-0.13%).
Findings also showed that regional areas continue to outperform the capitals in the post-pandemic market, with prices rising 25% in the past year in regional areas, compared to only 16% in the capitals.
Growth standouts over the past year have been Brisbane (27.02%), regional NSW (26.85%), and the ACT (26.4%), with regional Queensland (23.35%) also performing strongly.
“Home price growth has slowed considerably in 2022,” said Paul Ryan, PropTrack economist and report author. “The increase in prices across the country in March 2022 was at the slowest pace since May 2020, after national pandemic lockdowns. While price growth has slowed dramatically, it is comparing to an exceptional period – 2021 saw the fastest growth in over 30 years. In March, regional areas continued to benefit from relative affordability and preference shifts towards lifestyle locations. Regional areas in all states outperformed their capital city region.”
Ryan said the easing in price growth reflects the reduced influence of lower interest rates. And with fixed mortgage rates expected to rise further as RBA increases the cash rate, probably later in the year, “the outlook for price growth remains subdued, with the speed of official interest rate hikes the big unknown for the market in 2022.”
Source Broker News
Best
Most Recent Sale Brisbane Wide:-
#VENDOR FIVE STAR REVIEW RECEIVED 10TH MARCH 2022
⭐️⭐️⭐️⭐️⭐️
Excellent - above & beyond expectations
Linda and her team have managed our investment property from Day 1. They have been totally organized, prompt and responsive to any requests during the rental period. Excellent vetting of tenants, with proactive management of the property. 12 months ago we were ready to sell, however Linda's guidance and advice suggested we should wait - which we did. Recently we decided to sell - that advice gained us an additional, yes additional, 60% over what we would have achieved previously. Very happy with her professionalism, knowledge & guidance.
⭐️⭐️⭐️⭐️⭐️
Carlos and I are very appreciative and thankful for your kind words. As a team, LJ Gilland Real Estate were privileged to look after your Investment Property, treating it as if it was our own. Please stay in touch with us for many more years as our relationship is more than just the long term business, it's a loyal trusting friendship. Thank you.
https://www.ratemyagent.com.au/real-estate-agency/lj-gilland-real-estate/property-listings/26-daryl-reinhardt-st-redbank-plains-afxszs
#BUYER FIVE STAR REVIEW FOR 26 DARYL REINHARDT ST, REDBANK PLAINS RECEIVED 19TH MARCH 2022
We certainly are happy customers
Carlos and his wife were very helpful. I bombarded them with lots of questions and they had excellent knowledge of the property we were interested in. I am sure I was quite a complicated client . I had no experience in buying a property. Carlos is a great communicator, kept in regular touch by phone or internet and guided me through. We are very happy with the property and the process. Thank you !!
Verified by RateMyAgent
https://www.ratemyagent.com.au/real-estate-agent/linda-debello/reviews/26-daryl-reinhardt-st-redbank-plains-ab1eip
Tuesday, March 29, 2022
Friday, March 25, 2022
⭐️⭐️⭐️⭐️⭐️
Excellent - above & beyond expectations
Linda and her team have managed our investment property from Day 1. They have been totally organized, prompt and responsive to any requests during the rental period. Excellent vetting of tenants, with proactive management of the property. 12 months ago we were ready to sell, however Linda's guidance and advice suggested we should wait - which we did. Recently we decided to sell - that advice gained us an additional, yes additional, 60% over what we would have achieved previously. Very happy with her professionalism, knowledge & guidance.
⭐️⭐️⭐️⭐️⭐️
Carlos and I are very appreciative and thankful for your kind words. As a team, LJ Gilland Real Estate were privileged to look after your Investment Property, treating it as if it was our own. Please stay in touch with us for many more years as our relationship is more than just the long term business, it's a loyal trusting friendship. Thank you.
https://www.ratemyagent.com.au/real-estate-agency/lj-gilland-real-estate/property-listings/26-daryl-reinhardt-st-redbank-plains-afxszs
#buy #buy #buy #affordable #housing #the-great #southeast #brisbane-wide #property #professionals #ljgrealestate
Please check out this #great #buy in #redbank #plains
http://ljgrealestate.com.au/property/26-daryl-reinhardt-street-redbank-plains-qld-4301/
#testimonials #property-investors #valued #landlords #referrals over 22 years #word-of-mouth #family #realestate
Rental house property management and sale.
Vendor Review - Recommended by HowardJeanelyTatters
15 Feb 2017
Ten years we had our rental property, L.J Gilland managed it, in all that time we never had a bad renter in our house because the applicants were carefully chosen. When it came time to sell, we had L J Gilland to handle the sale, they did low cost advertising because they have a large data base of investors who they contacted about our house which gave us a quick sale and at a price we were very happy with.
No hassle agency
Buyer Review - Recommended by AbidRasheed
22 Feb 2017
Very responsive, prompt and easy to deal with. Don't try try to overdo things and quite
11 Reynolds Cl, Redbank Plains, QLD, 4301
https://www.ratemyagent.com.au/real-estate-agent/lj-gilland-real-estate/reviews/11-reynolds-cl-redbank-plains-aafwtr
https://www.ratemyagent.com.au/real-estate-agent/lj-gilland-real-estate/reviews/11-reynolds-cl-redbank-plains-aafu86
Wednesday, March 23, 2022
Tuesday, March 22, 2022
Monday, March 21, 2022
Queensland Rental Laws
Queensland
Budget 2021-2022 update outlines proposed land tax changes for interstate asset holders
The Queensland Treasurer has indicated in his 2021-2022 budget update that the State Government will seek to reform the current land tax system to take into account a landowner's total national taxable land value when determining the appropriate tax rate to apply to the Queensland proportion of the value of the individual or entity's landholdings.
Currently Queensland land tax rates are based on landholdings in Queensland. Under the proposal landowners with significant holdings in other States may be required to pay higher rates of land tax.
The existing exemptions will continue to apply, including principal place of residence and primary production landholdings.
These reforms are currently only a proposal and commencement will be subject to the State Government passing the appropriate legislative amendments.
QLD: Update to the REIQ residential contracts
On 20 January 2022, the REIQ released a new version of the:
- Contract for Houses and Residential Land (17th ed); and
- Contract for Residential Lots in a Community Title Scheme (13th ed).
Key changes to the REIQ Contracts include:
- the inclusion of a settlement extension regime which permits either party to extend the Settlement Date by up to 5 Business Days without requiring the other parties agreement;
- a requirement for the Seller to have compliant smoke alarms installed, failing which the Buyer can withhold 0.15% of the Purchase Price at Settlement; and
- the amendment to the definition of "Business Day" to exclude a date where both the Sydney and Melbourne offices of the Reserve Bank of Australia are closed
A detailed Insights article on the changes will be published shortly.
QLD: Housing Legislation Amendment Act 2021: remaining provisions proclaimed to commence on 1 October 2022
The Housing Legislation Amendment Act 2021 passed in October 2021 provided for a phased introduction of changes to the Residential Tenancies and Rooming Accommodation Act 2008 (RTRA).
The reforms were introduced with the intent of improving safety, security and certainty for the Queensland rental market and amended the RTRA to provide for:
- early termination options for people experiencing domestic and family violence;
- a framework for parties to negotiate renting with pets;
- changes to the grounds under which a party may end a tenancy; and
- the inclusions of minimum housing standards.
The provisions enabling early termination for persons experience domestic and family violence commenced on 20 October 2021.
The balance provisions have now been proclaimed to come into effect on 1 October 2022, excluding the minimum housing standard which will apply to new leases entered into from 1 September 2023 and all tenancies from 1 September 2024. In the interim, strengthened repair and maintenance obligations will commence from 1 October 2022.
Sunday, March 20, 2022
Thursday, March 17, 2022
Monday, February 28, 2022
Hello Valued Clients, Friends and Associates,
**Flooded property under contract – what are your rights?**
Many Queenslanders will once again have to deal with the tragic outcomes of the floods and many will be wondering what to do when they’re in the process of buying or selling their homes.
The standard REIQ residential contract provides that risk in the property (and by inference any included chattels) passes to the buyer at 5pm on the first business day after the contract date. The intention here is to allow the buyer some time to obtain insurance. Risk includes the risk of flooding.
Conditional contracts
Buyers who have the benefit of a cooling off period (usually 5 business days from receiving the signed contract unless sold at auction or waived by the buyer) may be able to terminate a contract for any reason with only a small cooling off penalty of 0.25% of the price.
If the contract is still subject to a building inspection and the inspection occurs after the flood and the buyer is not satisfied with the report then the buyer has the right to terminate the contract.
Unconditional contracts
If the contract is unconditional then the buyer may have no right to terminate the contract unless they can rely on section 64 of the Property Law Act 1974 (Qld) which allows a buyer to terminate the contract if a “dwelling house” (defined to include a unit) is damaged or destroyed to such an extent that it is unfit for occupation as a dwelling.
Whether a dwelling is unfit for occupation will depend on the facts and will therefore vary from case to case. It would be prudent for sellers seeking to enforce a contract to obtain an independent building inspection report that addresses this issue and concludes that the dwelling is fit to be occupied.
There will be other cases where flood damage has occurred but does not render the property unfit for occupation.
Another matter of concern for buyers who have already satisfied a finance condition and are relying on finance to settle is whether their lender will require a fresh valuation for a flood affected property and if the new valuation doesn't stack up whether the lender will withdraw their offer of finance putting the buyer in a position where they cannot settle.
Insurance
If as recommended by their lawyers buyers have arranged insurance after signing a contract then they should check with their insurance brokers to ascertain whether they are covered for loss through flooding.
Many properties damaged by the flooding will not be covered for damages caused by flooding as it has been the practice of most insurance companies not to offer flood insurance for dwellings in known flood areas.
For those that are covered but where the buyer has not effected insurance then the buyer may have some protection if they can rely on section 50 of the Insurance Contracts Act 1984 (Cth) which deems that the buyer is insured under the sellers insurance policy until the earlier of possession or settlement. However this is limited to whatever current insurance the seller has which may be insufficient or ineffective.
Buyers may find themselves in a situation where (if they have to proceed with the contract) they will have a substantial repair bill for the damage to the dwelling.
We look forward to your instructions.
Best Regards,
Linda 姬琳达珍 and Carlos Debello (LREA)
LJ Gilland Real Estate Pty Ltd
电话：07 3263 6085
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手机号码: 0409 995 578 & 0400 833 800
http://ljgrealestate.com.au/testimonials/
linda@ljgrealestate.com.au
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PO Box 19 Zillmere QLD 4034
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**Flooded property under contract – what are your rights?**
Many Queenslanders will once again have to deal with the tragic outcomes of the floods and many will be wondering what to do when they’re in the process of buying or selling their homes.
The standard REIQ residential contract provides that risk in the property (and by inference any included chattels) passes to the buyer at 5pm on the first business day after the contract date. The intention here is to allow the buyer some time to obtain insurance. Risk includes the risk of flooding.
Conditional contracts
Buyers who have the benefit of a cooling off period (usually 5 business days from receiving the signed contract unless sold at auction or waived by the buyer) may be able to terminate a contract for any reason with only a small cooling off penalty of 0.25% of the price.
If the contract is still subject to a building inspection and the inspection occurs after the flood and the buyer is not satisfied with the report then the buyer has the right to terminate the contract.
Unconditional contracts
If the contract is unconditional then the buyer may have no right to terminate the contract unless they can rely on section 64 of the Property Law Act 1974 (Qld) which allows a buyer to terminate the contract if a “dwelling house” (defined to include a unit) is damaged or destroyed to such an extent that it is unfit for occupation as a dwelling.
Whether a dwelling is unfit for occupation will depend on the facts and will therefore vary from case to case. It would be prudent for sellers seeking to enforce a contract to obtain an independent building inspection report that addresses this issue and concludes that the dwelling is fit to be occupied.
There will be other cases where flood damage has occurred but does not render the property unfit for occupation.
Another matter of concern for buyers who have already satisfied a finance condition and are relying on finance to settle is whether their lender will require a fresh valuation for a flood affected property and if the new valuation doesn't stack up whether the lender will withdraw their offer of finance putting the buyer in a position where they cannot settle.
Insurance
If as recommended by their lawyers buyers have arranged insurance after signing a contract then they should check with their insurance brokers to ascertain whether they are covered for loss through flooding.
Many properties damaged by the flooding will not be covered for damages caused by flooding as it has been the practice of most insurance companies not to offer flood insurance for dwellings in known flood areas.
For those that are covered but where the buyer has not effected insurance then the buyer may have some protection if they can rely on section 50 of the Insurance Contracts Act 1984 (Cth) which deems that the buyer is insured under the sellers insurance policy until the earlier of possession or settlement. However this is limited to whatever current insurance the seller has which may be insufficient or ineffective.
Buyers may find themselves in a situation where (if they have to proceed with the contract) they will have a substantial repair bill for the damage to the dwelling.
We look forward to your instructions.
Best Regards,
Linda 姬琳达珍 and Carlos Debello (LREA)
LJ Gilland Real Estate Pty Ltd
电话：07 3263 6085
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手机号码: 0409 995 578 & 0400 833 800
http://ljgrealestate.com.au/te
linda@ljgrealestate.com.au
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PO Box 19 Zillmere QLD 4034
https://www.ratemyagent.com.au
https://www.ratemyagent.com.au
https://www.ratemyagent.com.au
http://ljgrealestate.com.au/co
Post a review to our Google Business profile as this is another portal for which we help spread the word and promote rental and sale listings to help our Clients i.e. https://g.page/ljgrealestate/r
The information in this message is intended for the recipient named on this email. If you are not that recipient, please do not read, copy, distribute or act upon the message as the information it contains may be privileged and confidential. If you have received this message in error, please notify us immediately by return email. Thank you for your co-operation c Please consider the environment before printing this email
Saturday, February 26, 2022
Thursday, February 24, 2022
Saturday, February 19, 2022
Friday, February 18, 2022
Wednesday, February 16, 2022
Saturday, February 12, 2022
Friday, February 11, 2022
Thursday, February 3, 2022
Tuesday, February 1, 2022
Sunday, January 30, 2022
Xin Nian qui la 2022
Best wishes to all our family & friends who will be celebrating the 2022 Lunar New Year tomorrow. May the Year of the Tiger roars and ushers in a year of prosperity & good health to you and your family …….. 向明天将庆祝 2022 年农历新年的所有家人和朋友致以最美好的祝愿。 愿虎年为您和您的家人带来繁荣和健康的一年……..
Thursday, January 27, 2022
Sunday, January 16, 2022
Sunday, January 9, 2022
Thursday, January 6, 2022
🙏✅ Excellent Realtor
Linda is a dedicated and honest real estate agent with a high level of attention to detail. Linda helped me throughout the way with the whole buying process. She followed up on her promises and assisted in ensuring the buying process was problem free. She has a significant level of industry experience and would recommend her to anyone for the sale and purchase of a property.
Verified by RateMyAgent #property #property #realestateagent #experience #propertymaintenance #propertyinvestment #property #propertymanagement #brisbanewide #referrals #wordofmouthmarketing #est1996 #ljgrealestate Linda J.姬琳达珍 Gilland (Debello) LindaandCarlos Debello Linda-Jane 姬琳达珍 Gilland(Debello) #realtor
https://www.ratemyagent.com.au/real-estate-agent/linda-debello/reviews/21-hansford-st-north-lakes-ab0l5x
Tuesday, January 4, 2022
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