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In: REIQ

Contributed By: Claire Ryan on

The Real Estate Institute of Queensland (REIQ) is strongly opposing the state’s new standardised tenancy application form, which the peak body says takes tenant privacy to the point of impracticality. From 1 May, the standardised rental application will be used for general tenancies. This reform is part of the former State Government’s stage two rental reforms, now carried forward by the LNP. The REIQ believes the form’s approach to verification of identity (VOI) could cause significant risk for property owners and their managers. The peak body is also warning the application form may undermine the prospects of success for applicants seeking to rent property inRead More →

In: REIQ

Contributed By: Claire Ryan on

The Real Estate Institute of Queensland (REIQ) has acknowledged today’s decision by the Reserve Bank of Australia (RBA) to keep the cash rate on hold at 4.1% in April, pending the release of the comprehensive March quarter CPI inflation data on 30 April. REIQ CEO Antonia Mercorella said it was widely expected that the RBA would hold in April, and it would have been a surprise if it had cut the cash rate[1], however now hopes were mounting for May’s decision. “After holding in April to gain more confidence inflation is under control, many home buying hopefuls and mortgage holders will be hoping the RBARead More →

In: REIQ

Contributed By: Claire Ryan on

The Real Estate Institute of Queensland (REIQ) is welcoming the housing initiatives in the Albanese’s Government’s pre-election budget, while calling for greater scale for impact. REIQ CEO Antonia Mercorella said this budget recognised that housing supply constraints remain a pressing issue, and homeownership remains out of reach for many. “The overwhelming constraint on housing affordability remains a lack of supply,” Ms Mercorella said. “Resolving housing supply constraint issues and promoting other housing supply alternatives, such as prefabricated homes, are the cornerstones for more affordable housing. “Queensland is well behind what is needed in terms of dwelling approvals – the 12-month building approvals to January 2025Read More →

In: Real Estate, REIQ

Contributed By: Claire Ryan on

The Real Estate Institute of Queensland (REIQ) is applauding the successful pilot of a domestic and family violence (DFV) rental prioritisation program and is calling on more property owners and property managers to get involved. The Priority Project (TPP) is an innovative program designed to provide safe, accessible and secure housing for women and children who have experienced DFV – prioritising survivors by offering them early or exclusive access to private rental properties. REIQ CEO Antonia Mercorella said with the support of the REIQ, this pilot program had already made a significant impact in Southeast Queensland with planning underway to expand and scale. “We are incrediblyRead More →

In: REIQ

Contributed By: Claire Ryan on

The Real Estate Institute of Queensland (REIQ) is welcoming the Crisafulli Government’s restoration of the Queensland Productivity Commission (QPC), as an important step towards tackling rising construction costs and improving housing affordability. Yesterday, the Queensland Productivity Commission 2024 Bill passed in Parliament allowing the QPC to be officially established and appointments to soon follow. REIQ CEO Antonia Mercorella said the establishment of the QPC will be instrumental in maximising productivity in the construction sector, which has long been on the decline. “Improving productivity in the construction sector is critical for reducing construction costs and ultimately, improving housing affordability for Queenslanders,” Ms Mercorella said. “The AustralianRead More →

In: Legal

Contributed By: Vanessa Sciortino of Quartz Legal on

Before you consider listing your business for sale, there are some key things you want to make sure are in order.Generally, many of the issues identified during a transaction can be resolved, however, checking everything beforelisting will assist your sale in proceeding far smoother. Below is a list of common things that ought to be considered: Are your letting appointments properly completed and signed? Missing or incorrectly completed letting appointments are not unusual but can be costly. At law, if you do not hold aletting authority properly signed by your owners, you cannot charge that owner any commissions. When the buyer’s accountant reviews the financialRead More →

In: Legal

Contributed By: Vanessa Sciortino of Quartz Legal on

Unlike other conveyancing transactions, management rights matters have more parties than people realise and can often cause confusion about: It is a pretty important paradigm to understand and one that is often misunderstood, even by experienced advisers. Let’s take a look… 1. Who is who? (a) The Seller This can either be a developer (if buying off the plan) or the owner of a business. Where there is a unit associated with the business, depending on how the agreements are structured, there may be: (b) Selling Agent/Broker This is the licensed real estate agent appointed by the seller to sell their business. There are agentsRead More →

In: Legal

Contributed By: Vanessa Sciortino of Quartz Legal on

Managers of management rights businesses have lots to do daily, weekly and monthly, not to mention all the additional requirements the past few years has brought about, so it’s easy to see how managers could overlook the key dates in their agreements. We are here to remind you, that it is time to grab your agreements and check all your key date and set some reminders. Key Date 1: Remuneration Reviews Some body corporate managers will automatically review a caretaker’s remuneration at the time stated in the agreement. Other body corporate managers will not. Managers seeking to ensure their remuneration is properly increased in accordanceRead More →

In: Legal

Contributed By: Vanessa Sciortino of Quartz Legal on

The final matter is the adjustment of the income from the letting business (i.e., letting commissions and other income). These adjustments are usually agreed upon between you and the Seller at the pre-settlement tuition. I do not have access to the books of the business, and as such, they remain your responsibility. As such, I advise you of your legal position as follows: You may wish to adjust each item individually or agree on a general figure based on the estimated monthly income of the business. Your desired method of adjustment is something that should be discussed with and agreed to with the Seller duringRead More →

In: REIQ

Contributed By: Claire Ryan on

The Real Estate Institute of Queensland (REIQ) is welcoming the Reserve Bank of Australia’s (RBA) highly anticipated decision to lower the official cash rate by 25 basis points to 4.10 per cent – improving borrowing capacity and providing mortgage relief. REIQ CEO Antonia Mercorella said the first rate cut in more than four years (since November 2020), may be modest but it was significant for consumer confidence in Queensland’s property market. “With affordability top of mind for many Queenslanders, any measure that reduces borrowing costs is a welcomed development,” Ms Mercorella said. “This cut will make it easier for prospective home buyers to service largerRead More →

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