Date set for start of Seller's Disclosure Regime

The Queensland Government has announced the Property Law Act 2023 will take effect on 1 August 2025, signalling the countdown to the highly anticipated uniform statutory Seller's Disclosure Regime.

This legislation marks the most significant overhaul of property law in Queensland in 50 years, replacing the outdated Property Law Act 1974.

REIQ CEO Antonia Mercorella said the REIQ had worked hard to ensure a balanced and practical approach was taken during a decade of advocacy and extensive consultation.

“The Seller's Disclosure Regime equips and empowers buyers with the essential information they need to make informed decisions,” Ms Mercorella said.

“Our relentless advocacy over the years have been instrumental in bringing this legislation to life with practical foresight.

“The REIQ has engaged in extensive consultations, including contributing 13 written submissions, attending the Committee Hearing and participating in the Property Law Working Group as key stakeholders.

“Our advocacy has focused on ensuring that buyers have easy access to appropriate information while keeping costs and requirements reasonable for sellers.

“Our success with this fair and balanced approach, has brought us one step closer to creating a consistent, informed and accessible housing market for all Queenslanders.”

However, Ms Mercorella emphasised that further action is needed before it commences to ensure its effectiveness across Queensland.

“We urge the Government to develop the necessary infrastructure to support the regime, similar to what has been established in states like Victoria, New South Wales, and South Australia,” she said.

“Without this, sellers, particularly in rural and regional areas, may struggle to obtain vital information within the required timeframes or at little or no cost.

“We will be keeping a close eye on the impact of the regime on the buying and selling experience in Queensland to ensure that it remains as smooth and efficient as possible for all.”

To assist its members, the REIQ is providing comprehensive factsheets detailing the upcoming changes and their implications for Queensland real estate professionals.

The REIQ remains committed to preparing the profession with the resources and education necessary to comply with the new legislation as the implementation date approaches.

ENDS

Media enquiries:
Claire Ryan, Media and Stakeholder Relations Manager, The Real Estate Institute of Queensland
M: 0417 623 723 E: media@reiq.com.au

Read another media release from the REIQ: Take rent controls off the table.

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