Property Boom!

Australia is currently experiencing a property boom which is led by the booming property market in South East Queensland. In this short article we highlight some of the statistics gathered by PEXA about the Queensland property market.

According to the PEXA Property and Mortgage Insights report, Queensland is leading the property boom on the east coast of Australia. Some interesting statistics include:

• From July 2020 to June 2021 Queensland recorded more than 203,000 property sale settlements (which is up 37% from the previous year) with a value more than $106 billion (44% increase from the past year)
• Greater Brisbane matched the state’s regional property market – bucking recent historical trends.

As you can see from these statistics, the Queensland property market has performed particularly well during the COVID-19 pandemic and it continues to do so.

PEXA’s Senior Research Manager, Mike Gill states, “the Sunshine State has had an incredible year in property, with Greater Brisbane jumping more than 50% on last year’s figures, and the rest of Queensland delivering significant year-on-year gains”.

If you are thinking of selling or buying property during this property boom, it is important to know your legal rights.

As a guide:

• If you are a seller, before you formally engage a real estate agent (by signing a Form 6) contact us for a review of this document;
• Before you choose to sell or buy at auction get advice regarding the draft contract; and most importantly
• Before you sign a contract get our expert lawyers to provide you with a pre-signing advice.

Our Property Law Team is dedicated to providing you with clear and detailed advice before you sign any documents. If you are planning on entering into any agreement to sell or buy property (commercial or residential), we suggest you contact our lawyers to obtain advice before you sign your life away!

Our team can be contacted on 07 3808 7777 or business@mclaughlinlawyers.com.au.