The Property Law Act 2023 (QLD), a significant legislative update, passed Parliament late last year, receiving assent on 2 November 2023. It promised to bring transformative changes to property transactions in Queensland and is due to commence ‘on a date to be proclaimed’.

Among its key provisions is the introduction of a new seller disclosure regime, designed to enhance transparency and provide buyers with vital information upfront in the sale process.

According to section 15DA(2) of the Acts Interpretation Act 1954, legislation that does not commence on the day of assent will automatically take effect the day after one year lapses, or 3 November 2024.

However, the Property Law (Postponement) Regulation 2024, made by the Governor in Council on 15 August 2024, has extended this period, allowing the commencement date to be delayed by up to another year, now setting the latest possible start date to 2 November 2025.

The purpose of this postponement is to enable the Queensland Law Society to continue its critical engagement with the Department of Justice and Attorney-General. The focus of this ongoing consultation is to finalise the regulations and prescribed forms that will underpin the seller disclosure framework, ensuring it is robust and effective upon implementation.

While the extension allows more time for these necessary preparations, it has sparked disappointment among legal practitioners. Many in the field are eager to see the new transparency measures come into effect, believing they would significantly improve the sale process for buyers by ensuring that essential information is disclosed by sellers from the outset.

The delay, therefore, represents a setback for those advocating for greater openness in property transactions in Queensland.

Practitioners must now wait longer for the anticipated benefits of the Property Law Act 2023 to be realised, while the finalisation of the supporting regulations and forms remains a work in progress. A seemingly unnecessary delay given that the consultation underpinning the changes commenced as far back as 2013.

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