Protect your property from more than just the storms

Storm season has well and truly arrived in Queensland, and insurers are urging people to send in their insurance claims as soon as possible in order to arrange any assessments and repairs.

Multiple super-cell storms have brought with it heavy rain, wind and hail causing damage to vehicles and properties, although it is too early yet to estimate the cost of the storm damage.

If you are planning on buying properties during this period, we suggest you exercise extra caution.  With regard to the Queensland conveyancing process, to ensure that all legalities are in order, we recommend using a qualified Queensland conveyancer as they have all the essential safeguards in place to protect you from any problems during the transfer process. Bear in mind that conveyancing laws differ between states, and only solicitors registered in Queensland are allowed to practice in this state.

It is a standard practice for contracts of sale for property in Queensland to have conditions regarding the state of the building and potential pests. Buyers are able to hire qualified property and pest inspectors to attend the property and deliver written reports. Given the recent storms and those inevitably coming, there is an increased likelihood of structural damages caused by the heavy rains, and it would be wise to check if your property is affected by this.

If the reports reveal any such things, buyers can liaise with their surveyor and solicitor on the best way to proceed with the transaction.

Here are some recommendations that, as a buyer, you should consider during this process:

  • You are present during the property inspections in order to give you a better idea as to the state of the property and potential issues that could arise.
  • Arrange the inspections well in advance of the due dates, so as to allow time to produce the reports and for negotiations.
  • Always keep your conveyancer in the loop, and give them a lot of notice if you wish for them to negotiate on your behalf.

If you would like help or more information on the conveyancing process, feel free to contact us at MYG Legal and we will be happy to assist you.





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Effect on property market because of Commonwealth Games 2018

The preparations for commonwealth games have played a part in boosting property prices in places near improved framework and it is predicted to have a long-lasting aftereffect.

There has been $2.4 billion worth of new upgrades on framework on Gold Coast, and there will be a boost of tourism figures from the international and national publicity. This will help raise the average price of properties and transaction numbers according to the report from the 2018 Commonwealth Games Residential Property Impact Report and PRD Nationwide.

PRD’s national research manager Asti Mardiasmo said there was a “double effect” that helped the property market.
“You’re pretty much renewing the whole city … because you’re upgrading the roads, the infrastructure, you’re building new stadiums and generally cleaning up the place,” she said.

In the suburb of Ashmore, located inland from south ports and Surfers Paradise the light rail had been extended, with demand from southern buyers there was a price growth of 12.4% for houses and 4.9% for apartment/units.
In Coomera and other northern suburbs units have grown by a median of 33.5% giving light to the absence of new stock. The average price growth for the suburb was 6.8% annual.

After the 2006 Commonwealth Games hosted by Melbourne the suburb of Parkville that put up housing for the athletes was transformed into 1000 dwellings. A year after the 2006 Commonwealth Games sales transactions leaped 33% and the average house price climbed an 11.4%, the report said.

In Sydney after the 2000 Olympics, the athletes village that was built up to around 900 townhouses and around 700 apartments caused a boost in transaction numbers following years.

Ms Mardiasmo said the interstate examples showed an increase in transaction volumes as well as prices. “For that to happen two to three years after the Games, that is a pretty good track record,” she said.
Grocon has developed the $501 million Parklands Gold Coast Village as the athletes village, which will be re made into 1250 new ¬apartments for the Gold Coast.

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