Buying a property in Queensland can be overwhelming if you’re a first home buyer or someone who hasn’t purchased in a long while. It’s important to be well prepared, get the best conveyancer in your corner, and get an understanding of the buying process so you can be ready to buy.
Preparing to Buy (2-6 months before purchase)
1. Assess your financial position
The very first thing you need to do when you decide it’s time to start the home-buying process is to conduct a thorough assessment of your financial position, taking your assets and liabilities into account to get an understanding of what you can afford. Depending on the complexity of your financial situation and your experience with finances and real estate, you may want to see a qualified financial advisor to help with this assessment.
2. Review savings and expenses
After you’ve got a bird’s eye view of your finances, you will have a good idea of your big-picture, and that will indicate if you need to drill down into your day-to-day budget to make adjustments.
This is also the time when you can start to firm up your borrowing capacity. Understanding what you can realistically spend on a mortgage each month will be extremely valuable when you get your home loan pre-approval. It is common to be approved for more than what your budget will realistically accommodate on a month-to-month basis, so you can then use the pre-approval amount as well as your own budget to determine the price range that you’ll be working with when you start house-hunting.
Important to note when putting together your home budget is factoring in conveyancing, building and pest inspections, and ongoing costs like insurance and taxes. First-time buyers are often surprised at the hidden costs associated with purchasing a home, so it’s worth it to sit with professionals for this part of the process as well. Both financial advisors and conveyancing lawyers can help with this.
3. Research the market
Once you have your financing in order and you know what you can afford, you can start diving into the world of real estate. Building yourself a good foundation of research to understand what you are looking for and what state the market is in both now and into the future.
Location is probably the first thing that comes to your mind when thinking about research, and it is a critical piece of the puzzle. You want to look at which suburbs around the area you are looking at have the sort of house type you want at the price point you want. You’ll also want to look at the amenities that these suburbs offer, like public parks, libraries, proximity to public transport, and anything else that’s important to your lifestyle or will be attractive to tenants. Future growth is another aspect of location to look at here, as the future development of a suburb can supercharge your investment.
Broader trends in the market can also help you make an informed decision. If you can gain an understanding of market trends and median prices in your area, it will help you feel much more confident when you start to view homes and think about putting in offers.
One of the best ways to learn about the local real estate market is to dive in head first. Browse realestate.com and attend open homes and even auctions without putting too many expectations on them. Take them as an opportunity to assess what’s out there and learn about home value and the current market. You just need to make sure you don’t get too swept up.
4. Engaging professionals
As you start to research and figure out exactly what you’re looking for, you’ll also want to start getting the right team around you to help this process go smoothly. For a Queensland property settlement, there are some professionals that are essential to work with and some that are recommended in certain situations.
In Queensland, you are required to engage a conveyancer to facilitate the transfer of property ownership. The role of a conveyancer in home buying is to handle the legal aspects of the process and liaise with the seller’s conveyancer, negotiating any special conditions and ensuring the contract is in line with your needs.
If you will be using a mortgage to finance your home purchase, then you will also need to work with a mortgage broker, who will help you with securing a home loan and finding the best rates.
You also have the option to engage a buyer’s agent, which is not required in Queensland but may be beneficial depending on your circumstances. If you are a busy person without the time and energy to dedicate to the home-buying process, or you’re an investor with a large portfolio, the expertise and manpower of a buyers agent could be advantageous to have on your team.
The most important aspect of all of these working relationships is trust. You have to be able to trust that each of the members of your team is skilled at what they do, and that they have your best interests at heart at all times. It is for this reason that we advise engaging these services early, giving you the opportunity to build trust over time. Being selective about choosing the right people with expertise and prices that you are comfortable with is also critical.
Finding the Right Property (1-3 months)
5. Shortlisting properties
Once you’ve got the right team in your corner, and a strong foundation of knowledge around what you are looking for and what you can afford, then the real fun can finally start! But before you start mentally moving your furniture into every home you see, it’s a good idea to continue with a measured and systematic approach. Creating a shortlist of homes that you will consider is a great way to keep your options open, consider a range of possibilities, and ensure that you don’t get too attached to one option too quickly.
One key to creating this shortlist will be collecting legal information to check that the home will suit your needs and that you won’t run into any problems after putting an offer in. Here are the main checks you should be working with your conveyancer to collect:
Title Search
Your conveyancer can conduct a preliminary title check to look for easements, encumbrances, or caveats that may affect the property.
Zoning & Development Restrictions
Check council zoning maps to ensure the property suits your plans (e.g., renovations, dual occupancy, short-term rental).
Flood & Environmental Risks
Review Queensland Government flood maps and bushfire overlays to assess potential risks.
Body Corporate Records (for units and townhouses)
Request a Body Corporate Disclosure Statement from the agent. If serious concerns arise, a more detailed Body Corporate Records Search can be done.
If one of the homes you are considering is going to auction or any other sale type without a conditional contract stage, the home-buying timeline Queensland has to be adjusted a little bit here. In these cases, you may not have an opportunity to conduct building and pest inspections when the contract is conditional and you can take action based on the findings. You might then choose to conduct building and pest inspections prior to auction day. There is a cost associated with this so it’s a good question to work through with your conveyancer on a case-by-case basis.
Making an offer
At Bush to Beach Legal, we offer a free contract review as part of our Queensland conveyancing process, and it is a valuable step to take right before making an official offer because it will provide a bird’s-eye view of the contract and any potential delays, hidden costs, or abnormalities.
Once you’ve found a property you’re interested in and you’ve worked with your conveyancer to understand the contract and complete your due diligence checks, the next step is making an offer. In Queensland, the process varies depending on whether the sale is through a private treaty (private sale) or an auction. Understanding the differences and legal implications can help you make an informed decision.
In a private sale, buyers and sellers negotiate the price, usually through the real estate agent. This process allows for flexibility, as buyers can negotiate not only the purchase price but also contract conditions and settlement terms. One key advantage of a private sale is the cooling-off period, which lasts for five business days after signing the contract. If you decide to withdraw during this period, you will only incur a small penalty of 0.25% of the purchase price. Private sales also allow for conditional contracts, meaning buyers can include conditions such as finance approval or building and pest inspections, giving them added security before fully committing to the purchase.
By contrast, an auction operates differently. Instead of negotiating, potential buyers place bids, and the property is sold to the highest bidder once the reserve price is met. Unlike a private sale, auctions do not allow for a cooling-off period, meaning once the hammer falls, the contract is legally binding and unconditional. Buyers must ensure they have completed all due diligence—including securing finance and conducting building inspections—before participating. Auctions can be competitive and fast-paced, so buyers must be well-prepared to commit immediately if they win.
Buying a home in Queensland requires careful planning, especially when deciding between a private sale or auction and whether to make a conditional or unconditional offer. Engaging a conveyancer early ensures you understand your legal obligations and can proceed with confidence.
