JustOverseas - Australian Property Guide: Buy in Queensland

The Australian state of Queensland occupies the north-eastern corner of the country and is bordered by the Northern territory, New South Wales and South Australia. It is also bordered by two bodies of water, the Pacific Ocean and the Coral Sea.

Queensland was first colonised around 50,000 years ago by Indigenous Australians and Torres Strait Islanders. It was made a British Crown Colony on June 6th, 1859, which is now celebrated as Queensland Day. The state is named after Queen Victoria, who signed the declaration separating it from New South Wales.

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Covering more than 715,000 square miles it is the second biggest state in Australia and the third most populous, with over four million residents.

It is nicknamed the Sunshine State as much of Queensland is in the tropics, thus it enjoys warm, sunny weather for long periods of the year. The locals also have nicknames: Banana Benders or Canetoads. The former is thought to be a reference to the banana plantations of the tropics, while the latter seems to draw on the importation of the cane toad to the state to get rid of the cane beetles ruining the sugar cane fields.

Pros and Cons to Buying Property in Queensland

Queensland is, perhaps unsurprisingly, extremely popular with tourists and second homeowners.

There are numerous gorgeous beaches in this attractive destination, including those on the Sunshine Coast and the Gold Coast. In addition, there are other areas of splendid natural beauty, including the Bunya Mountains, Hitchingbrook Island and the Great Dividing Range.

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What's more, there are five World Heritage sites located in Queensland, including the Great Barrier Reef and the Central Eastern Rainforest Reserves.

The state's economy has seriously benefited from the tourist industry, as well as the mining industry, during the last two decades. GSP for Queensland grew by an average of five per cent every year between 1992 and 2002, higher than any other state in Australia.

Tourists and homebuyers are drawn to Queensland for many reasons, which of course include the fabulous weather. There are also several fantastic theme parks, such as Sea World and Movie World, as well as some great wildlife parks, including Australia Zoo.

Property prices vary in the Sunshine State, from AU$300,000 to over AU$1 million. The average cost of property per square metre is AU$7,085 according to the Global Property Guide, while rental yields average at 5.85 per cent.

What you need to know when buying property in Australia

When purchasing a property in Queensland, there are several things to take into consideration.

As noted by the state's department of housing: "Home lending in Australia has changed a lot in recent years. Interest rates and the types of loans available can change rapidly. It is important to know what products are available when you think about buying a home.

"There are many options. The department's home loan products may not provide the best assistance for everyone."

In addition, those people considering buying residential property will be subject to approval by the Foreign Investment Review Board (FIRB). However, as noted by the Global Property Guide this does not apply to foreign nationals who are buying a home with their Australian spouse.

It is advisable to refrain from signing a contract until this approval is obtained. Contracts and transfer forms are sent to the Office of State Revenue, where it can be stamped and duties are settled.