According to recent research by Professor Allan Curtis from Sturt University's Institute of Land, Water & Society (2008), rural communities can expect major changes in the next decade with nearly 50% of properties expected to change hands. This is double the sales and property transfers of the last ten years.
Factors that are driving this spate of property turn-overs include the increasing age of `baby-boomer' farmers, the drought, the dwindling numbers of children taking over family farms and the increase in the rise of absentee owners and rural property management groups. Also, there is a rapidly growing market for large properties that can be sub-divided, especially those lying within 200kms from major towns.
The potential for property development and innovative agriculture is enormous. With the maturity and improvement of crops such as olives, hazelnuts, viticulture and bush forestry, change is definitely on the rural horizon.
Rural contract management
This change means an increased demand for professional rural contract management. Whether you are a farmer dealing with a family property transfer or inheritance, a developer or an absentee owner, Quinn & Scattini bring specialised, up-to-date expertise to the table. This professionalism is vital in the recent climate of changing global markets and legislative change by Federal and State governments.
The areas of succession planning, which deals with transferring land to a successor, and estate planning, which deals with the transfer of assets can be particularly tricky. These facets of rural property law require an astute Property Law Team to deal with matters such as transferring property from a company to an individual, even if the family company is transferring land for inheritance purposes. Often legislation stipulates that land be sold at market value and requires formal valuations of the property. Matters of Income Tax, Capital Gains Tax, Stamp Duty and GST need to be taken into account.
Rural contracts can bring special challenges. Often informal partnerships exist with children or other family members, which can complicate work and ownership entitlements. Matters of fencing, easements, right of access and boundaries, which may have been informal and casual arrangements for generations, often need to be re-negotiated or formalised with neighbours, as the property is placed on the market.
Council regulations and by-laws need to be taken into account if a property is to be sold for sub-division. Rather than be daunted and confused by these matters, it is advisable to have an experienced Property Law Team working on your behalf. Quinn & Scattini offer a personal, confidential service, conducted with the utmost integrity and reliability. We understand that rural land and its produce underpin the booming economy that we now enjoy, and at the same time, changes in the rural property market are forging the State's future. In our way of thinking, the meticulous handling of rural property contracts is essential to Queensland's burgeoning economy.
If you would like to find out how Quinn & Scattini can help you, please call us on 1800 999 LAW (1800 999 529), or email us at email@example.com