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Queensland buyers win grace period

From this week, Queensland’s property buyers will no longer automatically lose their deposit if the settlement deadline falls through.

Under a controversial rule, Queensland was the only Australian state that didn’t grant a two-week grace period if a deadline fell through – meaning that the vendor was legally entitled to pocket the buyer’s deposit, despite any mitigating circumstances.

The change came into effect on January 20.

About Adam Nobel

Principal
M. Bus, Grad Dip Adv, B.Int Bus, LREA

adam@hugoalexander.com.au

0417 007 001

Adam is the founder and Principal of Hugo Alexander Property Group. With a previous career in advertising, 20 years experience in property investment, and 14 years in Brisbane real estate, he knows the market inside out to ensure his clients grow their wealth faster.

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