What to Know Before Buying Property in Queensland

Queensland’s property market, spanning Brisbane, the Gold Coast and the Sunshine Coast, remains one of the most active in Australia. But a good location doesn’t guarantee a good purchase. Every year, buyers run into problems that a bit of preparation could have avoided: unclear title boundaries, undisclosed body corporate levies, structural defects, or contracts with unfavourable conditions.

Knowing what to know before buying property in Queensland starts with understanding that Queensland has traditionally operated on a buyer-beware (caveat emptor) basis. This changed significantly with the introduction of the Property Law Act 2023 (Qld), which commenced on 1 August 2025 and introduced a formal Seller Disclosure Scheme.

Sellers must now provide buyers with a disclosure statement and prescribed certificates before the contract is signed, and if they fail to do so accurately, buyers may have the right to terminate.

Learn more about the conveyancing process

The Property Buying Process: Step by Step

The property buying process in Queensland generally follows eight key stages:

1. Get your finances ready
2. Understand transfer duty (stamp duty) obligations
3. Research the market
4. Inspect the property
5. Clarify inclusions and exclusions
6. Decide on and make your offer
7. Engage a conveyancing solicitor and progress to settlement
8. Settlement day and beyond

Let’s look at each step in detail, including what to consider at each stage before buying property.

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Get Your Finances Ready

Before you start attending open homes, work out what you can genuinely afford. Lenders assess borrowing capacity based on your income, expenses, existing debts and a serviceability buffer, not simply your savings.

Things to sort out early include:

• Home loan pre-approval (usually valid for around three months)
• Your deposit amount and its source
• Ongoing costs such as council rates, insurance & body corporate fees

A common question we hear is, “is $40,000 enough for a house deposit?”

The honest answer is: it depends on the purchase price and your lender’s requirements. Most lenders prefer a 20% deposit to avoid Lenders Mortgage Insurance (LMI), though government schemes such as the First Home Guarantee can allow eligible buyers to purchase with a much smaller deposit.

A $40,000 deposit may comfortably fund a purchase price in the low-to-mid $400,000s under a low-deposit scheme, but would represent a smaller percentage of the purchase price on a higher-value Brisbane or Gold Coast property.

Buying property with superannuation is also possible in limited circumstances, typically through a Self-Managed Super Fund (SMSF) purchasing an investment property under strict borrowing and compliance rules set by the ATO. This is a complex area and should always be discussed with your financial adviser and solicitor before signing anything.

Understand Transfer Duty (Stamp Duty)

Transfer duty (commonly still called stamp duty) is charged under the Duties Act 2001 (Qld) and administered by the Queensland Revenue Office. It’s one of the highest upfront costs of buying property, calculated on a sliding scale based on the property’s dutiable value.

Queensland currently offers generous concessions for first home buyers:

• Established homes valued under $700,000 attract a full transfer duty exemption for eligible first home buyers, with a sliding scale concession applying up to $800,000.
• New homes and vacant land purchased under contracts dated on or after 1 May 2025 can receive a full transfer duty exemption with no value cap, provided the eligibility criteria are met.
• The First Home Owner Grant currently provides $30,000 for new homes valued under $750,000, reverting to $15,000 for contracts signed after 30 June 2026.

Because these concessions carry strict conditions, including move-in timeframes and residency requirements, it’s worth having your conveyancing solicitor confirm your eligibility before you commit to a contract.

Research the Market

Before buying property, research the suburb, not just the house. Whether you’re searching for property to buy near me in Brisbane’s inner north, a Gold Coast waterfront unit, or a Sunshine Coast acreage block, consider:

• Recent comparable sales in the area
• Flood zone mapping and overlays
• Proximity to schools, transport and amenities
• Body corporate fees, if applicable
• Future zoning or development plans that could affect value

Property Inspection Before Buying

A thorough property inspection before buying is one of the most important steps in learning how to check a property before buying and avoiding expensive surprises down the track.

Inside the Property

• Check for damp, mould, or water staining on walls and ceilings
• Test taps, drainage and water pressure
• Check all light switches, power points and visible wiring
• Look for cracks or structural movement

Outside the Property

• Inspect fences, retaining walls and drainage
• Look for roof damage, blocked gutters or water pooling
• Check large trees for root systems near the foundations
• If there’s a pool, confirm its fencing complies with Queensland pool safety requirements

A licensed building and pest inspection (typically $400-$600 for building, $250-$400 for pest) is a small cost compared to the tens of thousands a hidden structural or termite issue could cost you later.

Queensland Land Tax Rates (Individual Owners)

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Clarify Inclusions: What’s Included in the Sale

Knowing what to ask before buying property includes clarifying exactly what stays with the home. Fixed items fixed, screwed, glued or plumbed into the property are generally included automatically. Common examples of fixtures included are:

• Stoves and built-in cooktops
• Hot water systems
• Fixed carpets and blinds
• Ceiling fans and built-in air conditioning
• Clotheslines and letterboxes

Chattels (freestanding items such as furniture, potted plants, or a spa) must be listed separately in the contract. Always clarify this in writing; verbal promises from an agent or seller are not enforceable.

Deciding on Your Offer

When deciding what to consider before buying property in terms of price, look at recent comparable sales, get an independent valuation if possible, and factor in the cost of any repairs identified during inspection. Keep in mind that real estate agents represent the seller’s interests, not the buyer’s.

If you’re planning to buy property before auction, be aware that in Queensland, there’s no cooling-off period for auction purchases, and building and pest inspections must be arranged and completed before auction day, not after.

Making an Offer

Pay a Deposit: Deposits are typically 5-10% of the total purchase price and are due when contracts are exchanged. If the deposit exceeds 10%, the contract may be classified as an “instalment contract” under the Property Law Act 2023 (Qld), which now includes specific safeguards to prevent instalment contracts from being created unintentionally.

Conditions: Most Queensland residential contracts include standard conditions such as:

• Subject to finance (usually 14-21 days)
• Subject to a satisfactory building & pest inspection
• A 5-business-day cooling-off period (subject to a 0.25% termination penalty), which does not apply to auction sales

If you’re unsure whether a condition protects you adequately, this is exactly the kind of question your solicitor should review before you sign.

What Does a Conveyancing Solicitor Do?

This is one of the most common questions Queensland buyers ask, and for good reason: a good conveyancing solicitor is your legal safeguard throughout the entire purchase.

A conveyancing solicitor will typically:

• Review the Contract of Sale and Seller Disclosure Statement before you sign
• Conduct title searches under the Land Title Act 1994 (Qld) to confirm ownership, easements, caveats and encumbrances
• Check body corporate records where relevant, under the Body Corporate and Community Management Act 1997 (Qld)
• Calculate and confirm your transfer duty position with the Queensland Revenue Office
• Liaise with your lender and the seller’s solicitor to prepare for settlement
• Manage the electronic settlement process through PEXA, in line with Queensland’s e-conveyancing framework

Buying Property Before a Divorce Is Finalised

Buying property before a divorce or separation is legally finalised is a situation we see regularly, and it needs careful handling. Property purchased during a relationship breakdown, even in one party’s sole name, can potentially be treated as part of the matrimonial property pool under the Family Law Act 1975 (Cth).

Before signing a contract in these circumstances, it’s essential to get combined property and family law advice, which is precisely where Aylward Game Solicitors dual expertise in conveyancing and family law puts our clients ahead.

Settlement Day

Settlement usually occurs electronically through PEXA under Queensland’s e-conveyancing system, generally within 1 to 6 weeks after the contract becomes unconditional. On settlement day:

• Your lender releases the loan funds to your solicitor
• Transfer duty is paid to the Queensland Revenue Office
• The seller’s solicitor confirms receipt of funds
• The title is registered in your name at Titles Queensland
• The real estate agent releases the keys once both solicitors confirm the settlement

After Settlement

Once you’re the legal owner, remember to:

• Connect electricity, gas, water and internet in your name
• Update your address with the electoral roll, banks and insurers
• Confirm your home and contents insurance starts from the contract date, not the settlement date
• Meet any ongoing obligations tied to first home buyer concessions, such as moving in within 12 months

Your Complete First Home Buyers Guide: QLD Checklist

• Get finance pre-approval
• Confirm your deposit and check transfer duty concession eligibility
• Check First Home Owner Grant eligibility
• Research the suburb and comparable sales
• Check flood zone and body corporate records
• Shortlist properties matching your budget
• Engage a conveyancing solicitor before signing
• Review the Seller Disclosure Statement
• Confirm subject-to-finance and inspection conditions
• Arrange a building and pest inspection
• Clarify fixtures and chattels in writing
• Review contract conditions with your solicitor
• Finalise mortgage documentation
• Arrange home insurance from the contract date
• Confirm settlement date and attend to post-settlement tasks

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Trust Aylward Game Solicitors to Navigate Your Legal Challenges

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Call Us (1800) 217 217

Frequently Asked Questions Before Buying Property

What to look for before buying a property?

Check the property’s structural condition, water damage, pest activity, title details, body corporate records (if applicable), and confirm all fixtures and inclusions are listed in the contract before you sign.

How much do you need to earn for a $700,000 mortgage?

Most lenders require a household income of roughly $150,000-$180,000 per year for a $700,000 loan, depending on your deposit, existing debts and the lender’s serviceability assessment.

Is $40,000 enough for a house deposit?

It depends on the purchase price and loan type. Under standard lending, $40,000 typically suits properties in the low-to-mid $400,000s; low-deposit government schemes may allow a higher purchase price.

What are the biggest first-time home buyer mistakes?

Common mistakes include skipping a building and pest inspection, not reading the contract conditions, underestimating settlement costs, and signing before getting legal advice from a conveyancing solicitor.

What should you not tell your mortgage lender?

Never provide inaccurate income, employment or debt information. Lenders require full, honest disclosure; misrepresenting your financial position can affect loan approval and may constitute loan fraud.

What are red flags on a mortgage application?

Red flags include inconsistent income documentation, undisclosed debts, recent large unexplained deposits, and multiple recent credit applications, all of which can raise concerns during a lender’s assessment.

What does a conveyancing solicitor do?

A conveyancing solicitor reviews your contract, conducts title and property searches, manages transfer duty, liaises with your lender, and coordinates settlement to legally protect your interests as a buyer.

Do I need a solicitor if I’m buying property before my divorce is finalised?

Yes. Property bought during separation can affect the family law property pool. Combined family law and conveyancing advice helps protect your interests and avoid disputes later.

Can I buy property using my superannuation?

In limited cases, yes, usually through a Self-Managed Super Fund, purchasing an investment property under strict borrowing rules. Specialist financial and legal advice is essential before proceeding.

What happens if I skip the building and pest inspection?

You risk buying a property with undisclosed structural damage or termite activity, which can cost tens of thousands of dollars to repair & may not be covered under the contract once settlement occurs.

Talk to Aylward Game Solicitors Before You Buy

Whatever stage of the property buying process you’re at, getting legal advice early is the single best way to protect yourself. Mark Game and conveyancer Josie Stokes at Aylward Game Solicitors have helped buyers across Brisbane, the Gold Coast and Sunshine Coast navigate contracts, transfer duty, inspections and settlement with confidence.

Before you sign anything, call Aylward Game Solicitors on 07 3236 0001 or speak with our property law and conveyancing team.