News

LNP to streamline property sales

CUTTING bureaucratic red tape is forecast to breathe life back into the real estate industry and act as a stimulus for future homeowners.

This week Premier Campbell Newman announced he would abolish sustainability declaration forms with an aim to start streamlining property sale contracts.

The forms require sellers to identify their property's environmental and social sustainability features in the areas of energy, water, access and safety.

The forms were modified during Labor's reign after outcry over whether the level of detail in questions was completely necessary and the pressure posed by the threat of hefty fine for not completing the mandatory forms.

After years of pushing for changes to industry regulations, Real Estate Industry Queensland confirmed it was refreshing to have a government listen to them.

REIQ chief executive officer Anton Kardash said the decision to scrap the forms was an "excellent step forward."

"Work needs to be done to streamline the process for sale of real estate," he said.

"This has been on the agenda for the past five years and we did not get a response but now we have had a level outcome."

Mr Kardash said REIQ still wanted to see changes in the disclosure regime so all relevant information is exchanged at the beginning of the property sale process.

Mr Newman also announced he would reintroduce principal place of residence stamp duty, which would "save Queenslanders up to $7000 when they purchase an average family home."

Mr Newman said there was a "whole raft of measures to come into place to try and get the property industry going".
Mr Anton predicted the changes would act as a "stimulus" to the industry.

Topics:  campbell newman, lnp, property



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