Welcome to 2025! It’s shaping up to be an exciting year for property sales on Russell Island and across the Bay Islands, with anticipated price growth and major legislative updates. I’m Chris McGregor, founder and principal of Bay Islands Property. In this blog, I’ll break down key changes to property sales laws and share practical advice to help you navigate these updates smoothly.
Whether you’re selling your family home or investment property, understanding these changes will ensure you’re prepared to make the most of the evolving market.
Changes to ATO Clearance Certificates
Starting 1 January 2025, ATO clearance certificates are now required for all property sellers, no matter your residency status or the sale price. This change means every property transaction—residential or commercial—must have a clearance certificate.
Failing to provide one allows the Office of State Revenue to withhold 15% of the sale price at settlement. While residents can reclaim the withheld amount during their next tax return, it’s far simpler to handle this upfront and avoid delays.
What to Do:
- Apply early: Clearance certificates can take anywhere from a few days to 28 days to process. Start as soon as you decide to sell.
- Get help: Use your MyGov account or consult with your real estate agent or conveyancer to ensure you meet the requirements.
Major Legislative Changes from August 2025
On 1 August 2025, the Property Law Act will undergo its biggest overhaul in Queensland in over 50 years, introducing new seller disclosure requirements. These changes aim to increase transparency and reduce disputes during the selling process.
What Sellers Need to Know About Disclosure Requirements
From August, sellers must provide buyers with a detailed disclosure statement before any contracts can be signed. The statement must include:
- A title search and property survey
- Disclosure of property defects
- Notices from council or environmental authorities
- Information about outstanding rates or incomplete building certifications
Failing to provide a complete disclosure statement can allow buyers to rescind contracts right up until settlement, even if they’re days away from finalising the sale.
Pro Tip:
Investing in a building and pest inspection upfront can save time and streamline the process, ensuring buyers have all the information they need to make confident decisions.
How These Changes Affect Property Sales
In Queensland, it’s traditionally been quick and easy to move from buyer interest to contract signing. However, the new disclosure requirements mean sellers will need to prepare documentation before listing their property.
While this adds an extra step for sellers, it benefits buyers by fostering trust and reducing the likelihood of mid-process withdrawals due to hidden issues.
What This Means for You:
- Be proactive: Prepare your disclosure statement early.
- Work with experts: Your agent and conveyancer will be key in navigating these changes.
What This Means for Russell Island Sellers
On Russell Island, these legislative changes, coupled with our growing property market, mean preparation is more important than ever. With property prices expected to increase by 5-10% this year, early planning could help you capitalise on this momentum.
At Bay Islands Property, we’re committed to staying ahead of these changes. Our team is undergoing extensive training to ensure we can guide you through the new processes seamlessly.
Final Thoughts
While these updates may seem daunting, they present an opportunity for informed sellers to stand out in the market. With proper planning and guidance, you can turn these changes into an advantage.
If you’re considering selling in 2025, reach out to Bay Islands Property on 0420 555 997. We’re here to help you navigate the new regulations, optimise your sale, and achieve the best possible price for your property.
Let’s make 2025 a successful year for your property journey.
Thank you for reading! Stay tuned for more updates tailored to Russell Island’s unique property market.
