More interstate investors are eyeing off the Sunshine State because of its affordability but buying in Queensland is different than elsewhere.
Differing rules and regulations around the country means that buying and selling property is not the same in each State or Territory.
In fact, Queensland has plenty of property quirks that interstate buyers must understand to prevent an investment blunder.
Real Estate Institute of Queensland CEO Antonia Mercorella says the state's property laws differed to New South Wales and Victoria, which could stymie the uneducated buyer.
"Unlike New South Wales and Victoria, in Queensland when a property is going to auction, the agent cannot give potential buyers or auction attendees any guidance on the price," she says.
"This is a measure that has been designed to eliminate the risk of underquoting and largely the measure has been successful.
"Another Queensland property quirk is that there is no statutory vendor disclosure regime, but there is a five-day cooling off period for residential buyers - apart from at auction.
"Unlike other states, we have a five-day cooling off period, which will allow a buyer to extricate themselves from the purchase of the property," she says.
"This will potentially incur the loss of the deposit, depending on the terms of the contract.
"While there a number of legal differences, there is market intel that interstate buyers should also understand if they want to buy well.
Bryce Holdaway, co-host of Location Location Location Australia and Empower Wealth partner, has been buying Queensland properties for his buyers' agency clients for years.
He says there is one non-negotiable if buying in Brisbane: flood zones.
"Under no circumstances will we put a client into a property that has been under in 1974 or 2011 - no matter how it stacks up," he says.
"I've seen people who were up to the roof during the (2011) flood and they'd only bought it the year before and they never expected it. For us, flood zones are our first check."
Interstate buyers also must understand the unique lifestyle in Queensland, he says, which means embracing the hills because of breezes and not buying an investment property that didn't have air conditioning.
"Don't think about buying a property in Queensland without a having air conditioning in it as an investor because your tenants won't like it," he says.
The size of the Brisbane City Council - the largest council in Australia - was also an advantage, Holdaway says.
One single council meant that neighbouring suburbs didn't have radically different rules, unlike in Sydney and Melbourne.
"Having that one big council is an advantage, particularly for those people who want to potentially add value to their property in some way... you can get precedent across the city," he says.
Six things that interstate buyers must understand about Queensland
1. No auction price guides or price estimates
2. No statutory vendor disclosure regime
3. Five-day cooling off period (unless sold by auction)
4. Flood zones
5. Air conditioning is non-negotiable
6. One big council can be advantageous
Sources: Antonia Mercorella and Bryce Holdaway
