All your 2024 Property Related Questions Answered!
Below are answers to the frequently asked questions related to property transactions, particularly in Queensland, Australia:
Do house prices go down in a recession?
Historically, house prices can decline during a recession due to decreased demand, but this is not a rule, and local market conditions can vary.
Do I need a pool safety certificate in QLD?
Yes, in Queensland, a pool safety certificate is required when selling or leasing a property with a pool.
Do I need home and contents insurance for an apartment?
While not legally required, it’s wise to have home and contents insurance for an apartment to protect against potential losses. It may also be a requirement of your loan with your financer that you have adequate insurance.
Do I need public liability insurance for my home?
Public liability insurance is generally a part of home insurance policies and is recommended to protect against claims for injuries that occur on your property. This may also be a requirement of your loan with your financer.
Do I need to pay GST when buying or selling a residential property?
Generally, GST is not applicable for residential property transactions unless the property is new or substantially renovated. GST may be required to be paid on commerical contracts.
Do I pay stamp duty when selling a house?
The buyer is typically responsible for paying stamp duty, not the seller.
Do I pay tax on selling my house?
You may be subject to capital gains tax if the property is not your primary residence or if you haven’t owned it for a specific period.
Can I do conveyancing myself?
Yes, it’s possible to do your own conveyancing, but it’s risky if you’re not familiar with the legal requirements and processes.
Do pensioners pay capital gains tax on property?
Pensioners are not exempt from capital gains tax, but they may be eligible for discounts or concessions depending on their circumstances.
Do you have to pay stamp duty on land?
Yes, stamp duty is payable on land purchases in Queensland, with rates varying based on the land’s value.
Do you need a real estate agent to sell a house?
No, you can sell your house privately, but an agent can provide expertise and help with marketing and negotiations.
Do you need home insurance for an apartment?
While the building may be insured by the body corporate, you should have home insurance for the contents and for public liability within your apartment.
Do you need title insurance?
Title insurance is not mandatory but is recommended to protect against potential title defects.
Do you pay council rates on apartments?
Yes, apartment owners are generally required to pay council rates.
Do you pay land tax on an apartment?
Land tax is typically levied on the land value of the property, so apartment owners may pay land tax if the cumulative value of their property exceeds the threshold.
Do you pay land tax on your own home?
Your primary residence (principal place of residence) is usually exempt from land tax.
Do you pay rates on vacant land in QLD?
Yes, council rates are usually payable on vacant land.
Do you pay stamp duty on a commercial property?
Yes, stamp duty is applicable to commercial property transactions.
Do you pay stamp duty on new builds?
There may be concessions available, but stamp duty is typically payable on new builds.
Do you pay stamp duty when buying someone out of a property (e.g., in a divorce)?
Transfers of property due to divorce or separation may be exempt from stamp duty under certain conditions.
Do you pay stamp duty when you buy a house?
Yes, stamp duty is usually payable by the buyer when purchasing a house.
Do you pay tax when selling a house?
You may need to pay capital gains tax if the property sold is not your primary residence.
Why won’t the real estate conduct open homes on ANZAC day?
Because it is prohibited to conuduct the business of selling real estate on ANZAC day.
This is general advice, onlym for specific legal advice speak with your legal representative.
