Property Purchase Costs

There are five main costs associated with purchasing residential property in Queensland:

1. Price of the Property itself

Sellers may choose to sell their property by private treaty, public auction or tender. A purchaser may submit an offer to purchase a property at anytime during a selling campaign and the sellers' agent is legally obliged to present that offer to the owner. It is at the owners' discretion to accept the offer, reject the offer or counter sign at a higher price.

2. Transfer Duty

The Office of State Revenue in Queensland charge the buyer transfer duty when they purchase a property. The rate applicable is dependent on the purchase price, whether the purchaser plans to live in the property or rent it out as an investment. Some consessions are available.

3. Legal costs and searches

In Queensland, conveyancing begins after the contract of sale is formed.

4. Pest and building inspection reports

Buyer's can make their Contract of Sale conditional on the basis of a satisfactory building and pest inspection report from a licensed building inspector.

5. Moving

Including the cost of moving yourself, your family, your pets, your vehicle and your furniture.

6. Other Costs

Other costs that you may incur include the termination penalty if you change your mind and terminate the contract within 5 days, valuations, bank fees and new furniture if your old furniture does not fit into your new house. Also consider ongoing costs such as body corporate levies, council rates, land tax and maintenance.

For more information about purchasing property, Contact us today on 1300 726 604.