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Property News

QLD changes 'could cut down on red tape'

January 25, 2012

New changes that could come into effect as early as next month may significantly cut down the red tape associated with residential property purchases in Queensland, premier Anna Bligh has asserted.

Under the proposed changes, the number of documents required for a residential property sale could be streamlined down to one single contract.

Currently, real estate agents and conveyance lawyers are among those who are faced with the mammoth task of preparing and evaluating documents for property sales, which can include pool safety declarations, sustainability declarations, information sheets, warning statements and disclosure statements, as well as the actual sale documents.

Reducing red tape, explained Bligh, would provide a welcome boost to the state's property market.

She said: "We intend to rid the industry of unnecessary complications making it easier to buy and sell a home in Queensland."

The news comes as two separate reports highlighted the strength of Queensland's growing economy this week.

Publications from Deloitte Access Economics and CommSec highlighted the state's anticipated high levels of growth for the coming year.

However, state treasurer Andrew Fraser noted that more should be done to support the state's property sector in the coming months, pointing to the extension of Queensland's Building Boost scheme as a good example of the type of action that is needed.

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