Moving to Brisbane? Buying a house in Brisbane, QueenslandThe most important thing you can do before you purchase a property is to check that you are not paying too much. Look at plenty of homes in the areas you are interested in and make a list of asking price and what they sold for. Check land size, special features, which direction they faced, what school zone they were in, proximity to transport and the other homes in the street. Once you have selected a property which you feel is the sort of home you would like to live in then for a nominal fee you can get valuable data about other properties in the area from:
You might wish to employ a professional valuer who will check for you whether there is anything in planning or any history which may affect the price of your property as well as comparing data which will give an indication of the true worth of the property. You should be able to find a registered valuer on the database of the the Valuers Registration Board or the Australian Property Institute.
Once you have a feeling for how much you will need to spend you will need to get the necessary finance. You must make sure that you have enough for the deposit as well as enough to pay the mortgage.
The auction process is very popular but you must be sure of what you are doing as thee is no cooling off period as there is for a purchase through private sale. Once you have won the auction you can not then find a reason for not proceeding: you must proceed. Make sure that you have asked the agent for the contract of sale and that you ask a solicitor to check this for you if you are serious. At the beginning of the auction the auctioneer will read the terms of the auction. If you want to bid then you MUST register with the auctioneer before the auction begins. Sometimes the auctioneer will start with a vendor bid which is a bid he makes, below the reserve price in order to start or improve the auction. If the auction does not reach the reserve price but you were the highest bidder then you will be able to negotiate with the agent. In this situation you will then have a five day cooling off period if you agree to the contract. If you win the auction or negotiate afterwards you will be asked to provide a deposit which can be paid by bank cheque or personal cheque . The deposit will depend on the price of the house.
If you are choosing a home which is to be sold by private sale then there is a different process. You make an offer by signing a contract of sale which is a simple document showing your offer, when you will pay your deposit and when you decide to settle. You may also be asked to pay a part deposit which is returned if the vendors do not agree to your offer. The contract of sale becomes a legally binding document when both you and the vendors sign the contract. You must then pay your deposit within two or three days.
Settlement day is usually between 30 and 90 days and this is when you will pay everything in full.
See the Gold Coast guide we wrote for Australia and New Zealand magazine here
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