Residential developers will soon find it easier to get large-scale projects off the ground as a result of proposed amendments to Queensland legislation governing off the plan sales.
Prepared in consultation with various peak bodies, the Land Sales and Other Legislation Amendment Bill 2014 (the Bill) was introduced into state parliament as part of the Attorney-General’s ongoing review and modernisation of Queensland property laws.
Gadens Brisbane Partner Matthew Raven, the Queensland Law Society Representative on the Departmental Reference Group established to consult on the Bill, said the legislative changes would not only cut unnecessary red tape, but also provide some certainty to banks when it comes to funding major projects.
“Increasing buyer deposits from 10 to 20 percent will help to drive development and cut financial risk for the developer should buyers fail to settle,” Mr Raven said.
“The flow on effect from these changes will provide confidence to the banks when it comes to project financing and assist large scale projects to come online faster.
“A number of anomalies with the present legislation, such as the inability of a developer to notify a buyer of a change to the lot before plan registration, will be fixed.
“Buyers in new housing estates will also benefit with developers now required to provide details of soil compaction and retaining walls as part of the pre-contract disclosure.
“The new laws will create a simpler and fairer system for buyers, avoid unnecessary settlement delays and provide developers and financiers with greater certainty.”