State of Markets - QLD June 2012

QUEENSLAND

Red tape reduction to boost property market

Queensland’s property industry is set to get a boost from the Newman government, which has targeted red tape as a legislative priority.

Laws to abandon the sustainability declaration forms currently required to be completed by property owners would be just the beginning of the changes, according to Deputy Premier Jeff Seeney.

These declarations were made mandatory on their introduction in 2010 as a way to combat climate change and attracted hefty $2,000 fines for vendors who failed to complete them.

“It was just about feel-good green preferences rather than any sort of outcome at all,” Mr Seeney claimed.

The Newman government has also promised to exercise efficient decision-making and aims to make sale contracts more streamlined and bring back the $7,000 residential stamp duty concession.

Brisbane high-end values down 20pc

The value of high-end properties in Brisbane, particularly acreage properties, is down by almost 20 per cent on four years ago, according to the latest results from independent auctioneering firm Jason Andrew Auctioneers.

Director Jason Andrew cited a 12-hectare property with a 4,470 square metre house that sold below expectations via a mortgagee in possession for $3,550,000.

Mr Andrew said the Rochedale property attracted a high level of interest throughout the marketing campaign handled by agent Mikki Finlay, particularly in comparison with current activity levels. 270 groups inspected the house, with 16 registered bidders resulting in four bidders actually making a bid. This compares with a market average for the week of 18 groups inspecting, 1.8 registered bidders per auction and less than one making a bid.

“We are seeing a number of prestige acreage properties selling for around 20 per cent less than market value of around four years ago,” Mr Andrew said. “Despite an extraordinary level of interest in this property and a number of very willing bidders, the eventual sale price was quite low.”