Last weekend saw the Liberal National Party turn around almost a decade of Labour leadership in QLD
Last weekend saw the Liberal National Party turn around almost a decade of Labour leadership in QLD, with crime and housing two of the hottest topics swaying voters this time around.
I will leave crime to wiser heads in that field, but in property, we have seen huge changes to policy and legislation over Labour’s tenure – some well received, others that might not have seen the same degree of appreciation thus far.
The Act governing property sales and leasing had a complete revision at the end of the LNP’s last tenure with the introduction of the Property Occupations Act 2014. Separating real estate agents and motor dealers and simplifying (mostly) the paperwork surrounding both contracts and the appointment of an agent, a number of forms were removed or streamlined, with things as simple as the correct placement of a staple between pages no longer enough to potentially terminate a contract (whew!).
This simplification is now facing a reversal however, with a new disclosure regime (seller to buyer) slated to kick off in 2025 and much higher requirements for information to be provided to a buyer before a contract can be formed.
The rules around employment of agents saw a similar shake up, with the eligibility to be employed on a commission-only basis changed in 2020 to require a minimum income threshold be met to qualify. The biggest impact of this was on the employment of “lifestyle agents” that might have only completed a few sales per year working on a part-time or casual basis and earning less than a full time salary accordingly. This saw a lot of this style of agent pushed out of the industry as agencies could no longer offer the same flexibility to agents without incurring significant upfront costs. Coinciding with the onset of COVID restrictions, this saw a lot of the local faces change as businesses adjusted.
Of more importance to the average person, ongoing rental reforms have introduced minimum housing standard, smoke alarm safety and a general re-set of the balance of power between landlord and tenant, with tenants receiving additional rights and landlords take on further responsibility. All very well meaning in concept, though we are starting to see unintended consequences, particularly around rentals.
With an ongoing housing crisis, and no solution beyond “more supply”, our new State Government will have their hands full moving forward. Lets hope they have some practical solutions in their pockets.