In this week’s two minute property investment news video I talk about the new law that will cut the red tape for developers and buyers.
The Real Estate Institute of Queensland says the State Government has brought in legislative changes that will cut red tape for developers and buyers.
Some of the new rules include developers being able to sell reconfigured land prior to receiving development permits, and increased information for those buying off-the-plan.
The REIQ say the changes will create greater contractual freedom and are a win for all parties.
In other news, there continues to be concerns around first home buyer activity because data released suggests first home buyers are staying out of the market, and the Real Estate Institute of Australia says the trend is becoming entrenched.
President of the REISA, Peter Bushby, says a monthly fall of one per cent in the proportion of first timers participating in the market indicates the lowest rates since the data commenced in 1991.
He says while investors continue to increase their activity, the figures for first home buyers should be of concern.
Over the past few years, first homebuyer grants across many states and territories have been reduced or scrapped all together and some believe this has had a direct impact on first-timer property participation.