Buying

Buying Property in Queensland
Owning a piece of Queensland's beautiful coastline or nearby hinterland is a dream shared by many. Prime locations on the Gold and Sunshine Coasts have experienced impressive price gains and so have many coastal towns and cities further north. Email Tony V Real Estate for your list of hotspots and reveal a few well kept secrets.
How's the Brisbane property market really going?
Brisbane property investors are aware of the strong fundamentals sustaining real estate prices in their city - but this doesn't make them any less nervous as they've watched prices fall in parts of Sydney and Melbourne. Toni Case talks to Tony Velissariou and gets the low down on Queensland's biggest market.

Buying property with your mates
In times of spiraling property prices and lowered housing affordability many people, especially young people, get together with friends or relatives to buy a house or unit. But it may not be as straightforward as you think. Tony Velissariou explains what you need to know.
For  Queensland property information call Tony V Real Estate on 07 55351551 / 0418 202858  or email tonyv@tonyvrealestate.com.au
 
Information For Home Buyers
First Home Buyers
Congratulations on the decision to begin the process of purchasing a residential property.
Your first step should be identifying the type of property that you wish to purchase. As the Queensland property market is rapidly expanding offers a wide variety of residential options including Established Houses, Units/Townhouses, New Houses, Vacant Land and Multi-Unit Dwellings which include duplexes and flats.

After evaluating the type of property best suited to your needs, you will need to establish a price range and areas in which you wish to purchase. You can view a variety of properties as a sample in the Residential Sales section of this website. This will give you a rough idea of homes that fit your requirements.
First Home Buyers are also eligible for the First Home Owners Grant of $7,000 to assist you with the purchasing of your first home. To find out whether you are eligible to receive the FHOG click here and complete the eligibility checklist.
Finance
Now is the time to approach a financier who can assess your current financial position and advise of the amount that you can afford to borrow. Our Home Loan Calculator can be used as a guide to indicate the amount that you can borrow.
Generally you must have a deposit which has been saved totaling 5% of the purchase price in addition to any costs of purchase. Costs usually include stamp duty, loan costs, mortgage insurance and conveyance fees.
For a more accurate and personal assessment, whether you are looking to purchase a home or investment contact a representative of Your Bank and make an appointment after or during business hours in the comfort of you own home. This is a free service.
Legal’s
Legal property conveyance can be handled personally or by an appointed solicitor. We recommend that you engage the services of a solicitor who will represent your interests in the property transaction.
A quality legal representative will ensure that your property purchase is concluded with a minimum of fuss and stress and ensure that the property you are purchasing has no hidden problems. To ask any questions about conveyancing or obtain a quote on your conveyancing contact us now.
Property Inspections
When you enter into a contract to purchase a property you have the option of obtaining inspections on the property at your own expense. The standard contract has provision for a building inspection and pest inspection but other inspections can be obtained by asking your agent to include these in the special conditions of the contract. 

Making An Offer
Once you have decided on the property that you wish to purchase it is time to make an offer by signing a contract. With the assistance of your agent you must stipulate the conditions under which you wish to purchase the property (eg. subject to finance).
Then it is simply a matter of coming to an agreement with the owner of the property through negotiations. This will be completed with the assistance of your agent as your representative. Sample contracts of sale for houses/land and contract of sale for units and strata titled properties are available for your perusal.
Once the sale has been negotiated you must pay the specified deposit to the agent, for he/she to hold in a Trust Account until the date of settlement or the contract is terminated (eg. Finance declined).
You then usually have 7-to-14 days to obtain finance and the inspections and the total length of a contract is usually 30 days.
GST And Property
Residential property was left relatively unscathed by the introduction of GST on 30th June 2000. Unlike the cost of building a new home, there is no direct added cost to the buyer on the actual purchase price of an established residential dwelling.
Auctions
When a property is offered for sale by Auction there are special Auction conditions which are specified by the Vendor on the contract. The contract used however the standard REIQ contract is.
Basically buyers bid on the property in a previously nominated location by indicating to the Auctioneer the price which they are willing to pay for the property.
A sale under the hammer at Auction is "unconditional" and settlement will occur 30 days later unless otherwise specified by the Seller. Buyers must have finance arranged as well as carried out any inspections on the property prior to the Auction.
A deposit usually of 10% is to be paid by the buyer if they are the successful bidder.

OVERSEAS BUYERS Return to Buyer Services page

Overseas Buyers
The Australian Government's foreign investment policy has been developed to encourage investment in Australia and ensure that such investment is consistent with the needs of the Australian community. The Government recognises the important contribution offshore investment makes to the development of Australia's industry, resources and community.
Definition of Foreign Investment
A foreign interest is briefly described as:
   1. A person not ordinarily resident in Australia
   2. A corporation, business or trust in which a foreigner and any associates have 15% or more ownership or in which several foreigners have
       40% or more aggregate of the ownership.
There are various forms of investment and proposals with regard to foreign investment in Australia real estate. These include:
   1. Acquisition of developed commercial real estate valued at AUD$5 million or more.
   2. Acquisition of urban real estate - irrespective of size.
   3. Acquisition of urban real estate - irrespective of size - unless exempt under regulations.
Development
Proposed acquisition of real estate development (within 12 months) is normally approved unless it is contrary to national interest.
Residential
Proposed acquisition of residential real estate is exempt from examination in the case of Australian citizens living abroad who are holders of permanent visas or entitled to hold a 'special category' visa.
Foreign interests are usually given approval to buy vacant residential land on condition that construction of a dwelling is to commence within 12 months. Approval will also usually be granted to buy home units and townhouses off the plan, under construction or newly constructed (but never occupied), on condition that no more than half of the units in any one development are sold to foreign interests.
Other situations where approval is normally granted includes:
1. Foreign companies buying residences in Australia for their senior executives
2. Foreign nationals temporarily resident in Australia for more than 12 months buying for their own use as a principal place of residence subject to the sale of the property when they cease to reside in Australia.
3. Foreign nationals purchasing residential real estate as joint tenant with an Australian spouse.
Commercial
Proposed acquisitions of commercial development is normally approved unless it is contrary to the national interest. This is determined by the Government on a case by case basis.
For more information, visit www.firb.gov.au