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Researching Demographic and Economic Breakdowns

It is essential when setting out to find a property to do your research. Sure a Buyers Agent and Buyers Advocate should have the majority of information on tap for the suburbs and cities they focus on, however to yield the best results it pays to do your own research and identify some key suburbs/towns you would like to explore further. Don’t fall risk to staying focused on the area you live in just because you are comfortable living there, your potential renter pool may not feel quite so strongly and this will be reflected in your rental income.
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Are there potential risks to negatively gearing your investment property?

Important things to remember if you are planning to negative gear an investment

In short, yes. But they can be mitigated.

Negative gearing of property is an investment strategy that has been used widely over the past few decades. A plethora of promoters and naysayers have given their opinion on the practise since its inception, so with this post we will try to bring some balance to the discussion around the potential risks that you can be exposed to when negatively gearing your property. We will also provide some insights regarding how buyer’s agents may be able to help mitigate the potential downside, particularly in light of current property market conditions.  (more…)

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Body Corporate and Community Management and Other Legislation Amendment Act 2010 (Queensland)

Body Corporate and Community Management and Other Legislation Amendment Act 2010 was passed on the 6 April 2011 with commencement beginning from the 14 April 2011. Changes to the disclosure regime under the Body Corporate and Community Management Act 1997 (Queensland) (BCCM Act) apply to contracts both issued after 14 April 2011 and to contracts already issued to proposed buyers, but not yet signed by both parties by 14 April 2011. The changes relating to lot entitlements also takes effect from the 14 April 2011, whilst changes relating to two-lot schemes will commence on a later date to be fixed by proclamation.
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What formal requirements are there to be a Buyers Agent

It is essential before engaging the services of a Buyers Agent to confirm they are licensed or authorised to deal in property.
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Giving your Buyers Agent a Letter of Authority or Power of Attorney to bid at auction

Typically Buyers Agents will offer their services to bid on a client’s behalf at auction.

There is a multitude of rationales why a client would use these services from simply being unable to physically attend the auction, inexperience with auction bidding and wanting to remove emotion from the decision, to a bidding strategy where anonymity is beneficial i.e. the client may already own 3 apartments in a complex, and wishes to purchase the 4th and final apartment.
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Property Agents and Motor Dealers and Other Legislation Amendment Bill 2010 (Queensland)

The Property Agents and Motor Dealers and Other Legislation Amendment Bill 2010 (the PAMD Bill) was introduced to Queensland Parliament on 24 March 2010 and passed on 17 August 2010. The bill was to come into effect from the 1 October 2010. Its purpose was primarily to make amendments (particularly within Chapter 11) to the Property Agents and Motor Dealers Act 2000 (PAMD Act) and the Body Corporate and Community Management Act 1997 (BCCM Act).

Amendments to the PAMD Act are intended to clarify and simplify property transactions for real estate agents, sellers and buyers, particularly regarding the presentation and delivery of residential property contracts. Previously minor breaches in presentation or delivery of a contract, for example faxing pages out of correct order, allowed buyers to void the contract. (more…)