Understanding the specific needs and preferences of local consumers is crucial for any business looking to succeed in a particular market. It requires expertise in the local market, as well as a deep understanding of the culture, traditions, and behaviors of the people living there.
By having a keen awareness of what drives local consumers to make purchasing decisions, businesses can tailor their products and services to better meet those needs. This not only helps in building trust with the community but also sets them apart from competitors who may not have taken the time to do their homework.
Having expertise in the local market means being able to anticipate trends before they happen, and staying ahead of the curve when it comes to new developments or changes in consumer behavior. It also means being able to adapt quickly to any shifts in demand or preference, ensuring that your business remains relevant and competitive at all times.
Ultimately, understanding the specific needs and preferences of local consumers is about building relationships and connecting with people on a deeper level. It's about showing that you care about their concerns and are willing to go above and beyond to meet their expectations. By doing so, businesses can foster loyalty among customers and create a strong foundation for long-term success in any market.
Building relationships with key stakeholders in the community is essential for establishing expertise in the local market. By engaging with individuals and organizations that have a vested interest in the area, businesses can gain valuable insights into consumer preferences, market trends, and potential opportunities for growth.
One of the most effective ways to build these relationships is through regular communication and collaboration. This could involve attending community events, participating in local forums, or even hosting informational sessions to share knowledge and expertise with key stakeholders. By demonstrating a genuine interest in the community and its needs, businesses can earn trust and credibility among residents and decision-makers.
Furthermore, building relationships with key stakeholders can also lead to valuable partnerships and collaborations that can help businesses expand their reach and impact in the local market. Whether it's teaming up with other businesses for joint marketing campaigns or working with community organizations on initiatives that benefit the area as a whole, these partnerships can help businesses establish themselves as trusted leaders in their field.
Overall, building relationships with key stakeholders in the community is not only important for establishing expertise in the local market but also for creating a strong network of support and resources that can help businesses thrive. By investing time and effort into cultivating these relationships, businesses can position themselves as valuable contributors to the community while also reaping the benefits of increased visibility, credibility, and success.
When considering purchasing property on the Gold Coast, having a professional Gold Coast buyers agent is essential for success. A buyers agent offers invaluable services to guide you through the challenges of real estate, from the initial consultation all the way through to the purchase completion. As the local property market expanding consistently, understanding property prices, neighborhood dynamics, and investment potential can be overwhelming without expert assistance. A skilled Gold Coast buyers agent helps ensure that you make an informed, strategic decision that aligns with your goals, whether you're buying a starter home, investment property, or luxury real estate.
The Gold Coast real estate market is dynamic and fast-paced, with a wide range of properties available, from beachfront homes to luxury apartments and suburban family homes. For new homebuyers or seasoned investors, understanding this market can be daunting. A professional Gold Coast buyers agent can help you unlock the full potential of your property purchase.
The process of purchasing property involves much more than just finding the right home. A buyers agent for the Gold Coast serves as your trusted advisor throughout the entire transaction. They assist with everything from initial consultations to post-purchase support.
At Savvy Fox, we pride ourselves on being a top-tier Gold Coast buyers agent with a track record of successful property purchases for our clients. Here’s why working with us can make a difference in your property journey:
The Coast market is known for its strong growth and potential for capital appreciation, making it a prime location for investment. In recent years, the Gold Coast has become a hotspot for both local and interstate buyers, with properties in certain areas seeing significant price increases.
Investing in property on the Gold Coast offers exciting opportunities, but it requires careful consideration. Whether you're looking for residential or commercial properties, there are several factors to keep in mind. A Gold Coast buyers agent can help you assess the investment potential of a property by considering factors such as location, amenities, rental yield, and future market trends.
If you're ready to take the next step in your property journey on the Coast, Savvy Fox is here to assist you every step of the way. With our professional expertise, extensive market knowledge, and commitment to achieving your property goals, you can trust us to help you navigate the competitive buyers agent for Gold Coast market with confidence.
Contact us today to learn how we can assist you in finding the perfect property on the Coast.
The Gold Coast is a popular place to live in Australia. It offers beautiful beaches, a warm climate, and a relaxed lifestyle. Many people move here for work, study, or retirement. The cost of living varies depending on location, lifestyle, and personal choices. This article provides an overview of key expenses in the Gold Coast.
Housing is one of the biggest expenses in the Gold Coast. Prices depend on the suburb and type of property. Beachfront areas like Surfers Paradise and Broadbeach have higher prices, while inland suburbs like Nerang and Helensvale offer more affordable options.
The average rent for a one-bedroom apartment in the city center is around AUD 2,500 per month. In outer suburbs, the price drops to about AUD 1,800 per month. A three-bedroom house in a central area costs between AUD 750,000 and AUD 1,200,000, while in suburban areas, prices range from AUD 600,000 to AUD 900,000.
Electricity, water, and gas bills depend on usage and household size. The average monthly cost for utilities in an apartment is around AUD 200 to AUD 250. A larger home with air conditioning may cost more.
Internet prices vary depending on the provider and plan. A high-speed unlimited plan costs between AUD 70 and AUD 100 per month.
Grocery costs in the Gold Coast are similar to other major Australian cities. Supermarkets like Coles, Woolworths, and Aldi offer a variety of food options.
Buying groceries at local markets can be cheaper than supermarkets. Many residents visit farmers' markets for fresh produce and better prices.
Dining out in the Gold Coast varies in price depending on the type of restaurant. A meal at an inexpensive restaurant costs around AUD 20 to AUD 30 per person. A three-course meal at a mid-range restaurant costs about AUD 80 to AUD 120 for two people.
Coffee lovers can expect to pay around AUD 5 for a cappuccino or latte. A fast-food meal costs about AUD 12 to AUD 15.
The Gold Coast has a public transport system that includes buses, trains, and the G:Link light rail. The cost of transport depends on travel frequency and distance.
Many residents use cars for transport. Fuel prices range from AUD 1.80 to AUD 2.20 per liter. Car insurance and registration add to the cost, with annual fees between AUD 800 and AUD 1,500.
Healthcare in the Gold Coast is of high quality. Public hospitals provide free or low-cost treatment for Australian citizens and permanent residents under Medicare. Private healthcare is available for those who want additional benefits.
Private health insurance costs between AUD 150 and AUD 300 per month, depending on coverage. A standard doctor’s visit without Medicare costs around AUD 80 to AUD 120.
The Gold Coast has public and private schools. Public schools are free for Australian residents, with small fees for supplies and activities. Private school fees range from AUD 5,000 to AUD 25,000 per year.
For university students, Griffith University and Bond University are major institutions. Tuition fees for domestic students start at AUD 10,000 per year. International students pay higher fees, ranging from AUD 20,000 to AUD 50,000 per year.
The Gold Coast offers many activities, from theme parks to outdoor adventures. The cost of entertainment varies based on interests.
Outdoor activities like hiking, surfing, and beach visits are free. Many locals take advantage of the warm climate and natural beauty for recreation.
Childcare costs in the Gold Coast depend on the type of service. Long day care centers charge around AUD 100 to AUD 150 per day. Family daycare and nannies are other options, with varying rates.
The Australian government offers childcare subsidies to eligible families, reducing out-of-pocket costs.
Other costs include mobile phone plans, clothing, and personal care. A standard mobile phone plan costs between AUD 30 and AUD 60 per month. Clothing prices vary, with a pair of jeans costing around AUD 80 and a pair of running shoes around AUD 150.
Haircuts range from AUD 30 for men to AUD 80 for women. Basic toiletries like shampoo and toothpaste cost between AUD 5 and AUD 10 each.
The cost of living in the Gold Coast depends on lifestyle and spending habits. Housing and transport are major expenses, while groceries and dining out vary in price. Public services like healthcare and education are accessible, but private options add extra costs.
Overall, the Gold Coast offers a high-quality lifestyle with plenty of opportunities for work, study, and leisure. Understanding living expenses helps residents and newcomers plan their budgets effectively.
Utilizing local resources and knowledge for strategic decision-making is a key factor in achieving expertise in the local market. By tapping into the wealth of information and skills that are unique to a particular region, businesses can gain a competitive edge and better understand the needs and preferences of their target audience.
Local resources, such as raw materials, labor, and infrastructure, play a crucial role in shaping business strategies. By leveraging these resources effectively, companies can lower costs, improve efficiency, and create products or services that are tailored to the specific demands of the local market.
Moreover, local knowledge offers valuable insights into consumer behavior, market trends, and cultural nuances that can inform strategic decision-making. By working closely with local experts, businesses can gain a deeper understanding of the competitive landscape and identify opportunities for growth and expansion.
In today's globalized economy, it is more important than ever for businesses to embrace a localized approach to decision-making. By harnessing the power of local resources and knowledge, companies can build strong relationships with customers, adapt quickly to changing market conditions, and stay ahead of the competition.
In conclusion, expertise in the local market requires businesses to actively engage with their surroundings and make use of the resources and knowledge that are available to them. By doing so, companies can develop innovative strategies that are well-suited to the unique characteristics of the local market and drive long-term success.
Developing a strong reputation and brand presence within the region for expertise in the local market is crucial for any business looking to succeed. It involves building trust with customers, establishing credibility within the industry, and showcasing your knowledge and skills.
To achieve this, businesses must consistently deliver high-quality products or services, provide excellent customer service, and actively engage with their target audience. By doing so, they can build a loyal customer base who will not only keep coming back but also recommend their business to others.
Having expertise in the local market is also important as it allows businesses to understand the needs and preferences of their target audience better. This knowledge can help them tailor their products or services to meet the specific demands of the market and stay ahead of competitors.
In today's highly competitive business environment, having a strong reputation and brand presence is essential for attracting new customers and retaining existing ones. It helps businesses stand out from the crowd, build credibility, and establish themselves as leaders in their industry.
Overall, developing a strong reputation and brand presence within the region for expertise in the local market requires dedication, hard work, and a commitment to excellence. By focusing on delivering value to customers and demonstrating your knowledge and skills, you can establish yourself as a trusted authority in your field.
Implementing targeted marketing and advertising campaigns tailored to the local market is essential for businesses looking to establish a strong presence in a specific region. Having expertise in the local market allows companies to understand the unique needs and preferences of consumers in that area, enabling them to create customized strategies that resonate with the target audience.
By leveraging knowledge of the local market, businesses can craft messages that are culturally relevant and speak directly to the interests of potential customers. This personalized approach helps build trust and loyalty among consumers, ultimately driving sales and fostering long-term relationships.
In addition, understanding the nuances of the local market allows companies to identify key trends and opportunities that can give them a competitive edge. By staying ahead of the curve and adapting their marketing strategies accordingly, businesses can position themselves as industry leaders and stay top-of-mind with consumers.
Overall, having expertise in the local market is crucial for businesses looking to succeed in today's competitive landscape. By implementing targeted marketing campaigns that are tailored specifically to the needs of consumers in a particular region, companies can maximize their impact and drive meaningful results.
Monitoring and analyzing market trends and competition within the local area is essential for establishing expertise in the local market. By keeping a close eye on what is happening in the market, businesses can stay ahead of their competitors and better understand the needs and preferences of their target audience.
Tracking market trends allows businesses to identify opportunities for growth and innovation, as well as potential threats that may impact their success. By analyzing competition, businesses can gain insights into what strategies are working well for others in the industry, and how they can differentiate themselves to stand out.
Having expertise in the local market means being able to anticipate changes and adapt quickly to meet the evolving needs of customers. It also means being able to provide personalized solutions that resonate with consumers on a local level.
Ultimately, monitoring and analyzing market trends and competition helps businesses build credibility, establish trust with customers, and ultimately drive long-term success in the local market.
Having expertise in the local market is crucial for any business looking to succeed in today's competitive landscape. It requires continuously adapting and evolving strategies based on feedback and results.
By staying informed about the latest trends, consumer preferences, and competitor activities, businesses can make informed decisions that will help them stay ahead of the curve. This constant monitoring allows businesses to tailor their offerings to meet the specific needs of their target audience, leading to increased customer satisfaction and loyalty.
Moreover, by analyzing feedback from customers and tracking key performance indicators, businesses can identify areas for improvement and make necessary adjustments to their strategies. This iterative process helps businesses learn from past mistakes and capitalize on opportunities for growth.
In essence, having expertise in the local market means being agile and responsive to changes in the environment. It requires a willingness to experiment with new ideas and take calculated risks in order to stay relevant and competitive. By embracing this mindset of continuous learning and improvement, businesses can position themselves for long-term success in their respective markets.
Buying agents or purchasing agents are people or companies that offer to buy goods or property on behalf of another party.[1] Indent agents or indenting agents (or firms) are alternative terms for buying agents.[2] An indent is an order for goods under specified conditions of sale.[3][4]
There are agents for all kinds of products, from raw material commodities through to specialized custom equipment.
In the United States, agents who buy real estate in this way are also known as property search agents or buyers’ agents and are professionals exclusively acting on behalf of a property buyer who assists the client during the entire purchasing process from sourcing the properties that correspond to the clients' requirements to negotiating the best possible price and terms with the seller and helping the client during the legal process to complete the acquisition.
Buying agents often preview properties on behalf of their clients, shortlist the most suitable, and usually accompany clients to all viewings. In order to ensure the most efficient property viewing experience, most agents offer a chauffeur and sometimes even helicopter viewings to their high-end clients. Often they will also offer personal concierge services which can schedule all viewings, book hotels, transfers and other amenities for the client. These services can be particularly useful to international clients who tend to fly in to view properties. In addition agents are typically able to connect the client with all necessary technical trades people who are required at different stages of the buying process such as lawyers, surveyors and other professionals.
Buying agents might have access to off-market properties through their network of contacts, although this depends on the market conditions and on how well connected the agent is locally.
The ethical behavior is a very important aspect to measure the professionalism of a buying agent: at any time they must advise their clients with no self-interest for their own success fee.
While initially buying agents catered exclusively to wealthier demographics, lately, especially in more competitive markets like London or Paris, the entry-level has significantly dropped to properties valued at around £500,000 or €500,000 (see The Daily Telegraph,[5])
At one end of the spectrum lie the super introduced local property experts who can be an invaluable resource for a buyer who is set on off-market or pre-market properties as well as private deals. These professionals are often able to source off-market because they have close ties with estate agents (or, in the United States, real estate brokers), they know other local intermediaries who may flag exclusive confidential deals, such as lawyers, private bankers, investment managers or other professionals and they sometimes know personally the owners of the best luxury properties for sale in the area they cover. If this is what the buyer is looking for then the size of the company is less relevant as contacts are made over time and lie in the hands of a few experienced professionals who may operate within larger organizations as well as on their own. Buying agents also often have close ties with property developers where the agent can get access to new properties before they come onto the open market.
The better buying agents will also have extensive knowledge of the properties in your target area and will contact owners of suitable properties directly to enquire if they would sell. This does put you in a weaker position in the negotiations but it means that you will have access to properties that other buyers won't and if your buying agent is a skilled negotiator then you may not have to pay a premium.
At the other end of the spectrum there are agencies that act more like relocation companies, well organized, operate in various languages, help their clients with all required paperwork, are well connected to various professionals and other companies in order to provide a full-blown service; these companies may be less capable of scouting off-market transactions or deal directly with private property owners.
Independent buying agents like to stress their autonomy from selling agencies who, depending on the country, either act on behalf of sellers or as mediators between the two parties (See The Independent,[6]). On the other side some well known estate agencies also offer buying services despite reservations over conflict of interest.
Because of the different nature of buying agencies, prospect buyers are often advised to contact more than one company to compare and contrast their benefits. As is often the case, it can be better to hire a professional who is more capable to listen and understand our needs even though his or her company does not entirely tick all the other boxes.
Most buying agents have significant transactional experience; however, like estate agents, only few of these professionals have a surveying qualification so they may not be the best advisors when it comes to valuing the property and predicting future market trends. For this reason the buyer may rely on other advisors or their own judgment before taking an investment decision.
From a geographical standpoint buying agents’ coverage ranges from a rather limited focus on few specific city districts or sub regional areas (a few towns and their surroundings) to nationwide 'chain' services. However each company has a few areas where it is stronger and only in those locations may it be able to deliver a superior value, especially when it comes to sourcing special opportunities. Only few companies in Europe have expanded to cover more than one country by employing different professionals.
There are varying terms for a buying agent which include: property consultant, property acquisition consultant, relocation agent and property finder. As per the above paragraph their skill sets vary slightly but the business is very similar. As this specific section within the property industry is still relatively new, in comparison to estate agents for example, the specific terms used are still debated in each country.
In some European countries, like the UK, buying agents do not need to pass any specific exam or get any certification to start practicing their profession while in other countries, like Italy, France or Spain they have to conform to the same qualification and legal requirements as selling agents do, even though the two roles differ substantially. This seeming gap in the regulation may be filled if and when the industry is going to mature.
Buying agents fees depend on the specific property market and often vary within a certain country. The overall fee structure is made of a small registration fee which is refundable (provided that the buyer completes the purchase within a certain time defined in the contract) and is charged upfront, and a success fee which is a percentage of the purchase price of the property and is paid at the exchange of contracts or when a preliminary contract is signed.
Buying agents generally require exclusivity meaning that the client cannot continue to search on its own or via estate agents for the duration of the contract, which generally lasts from 3 to 6 months.
French companies are forbidden from charging any registration fees and are required by law to tie all their compensation to the successful completion of the transaction. However good buying agents do not make any profit from the registration fee; the main purpose of the fee is to increase the likelihood that the client is sincerely committed to the purchase; in case they were not they would lose the registration fee after a certain length of time.
The success fee is a percentage of the sale price. Prospect property buyers should know that there are two different arrangements mainly depending on market conditions:
All these conditions are well specified in the contract agreement that the client signs upfront. Buying agents often claim that they can get a higher discount on the sales price than a private buyer could manage because they better know the prices at which similar properties have been recently exchanged in the market and they make use of good negotiating skills.
A full set of code of ethics is set out by The Property Ombudsman,[8] which any respected buying agent would be a member of.
The Australian property market comprises the trade of land and its permanent fixtures located within Australia. The average Australian property price grew 0.5% per year from 1890 to 1990 after inflation,[1] however rose from 1990 to 2017 at a faster rate. House prices in Australia receive considerable attention from the media and the Reserve Bank[2] and some commentators have argued that there is an Australian property bubble.[citation needed]
The residential housing market has seen drastic changes in prices in the past few decades. The property prices are soaring in major cities like Sydney, Melbourne, Adelaide, Perth, Brisbane and Hobart.[3] The median house price in Sydney peaked at $780,000 in 2016. [4] However, with stricter credit policy and reduced interest from foreign investors in residential property, prices have started falling in all the major cities. [5] When compared with the soaring prices of 2017, the housing prices fell by 11.1% in Sydney and 7.2% in Melbourne in 2018.[6] In 2022 the residential rental market has seen a significant increase in rents, which has been described as a ‘rental crisis’.
In 2011 there were 8.6m households with an average household size of 2.6 persons per household.[7] Freestanding houses have historically comprised most building approvals, but recent data shows a trend towards higher density housing such as townhouses and units.[8] Turnover rates vary across market cycles, but typically average 6% per year.[9] Since 1999-2000 the proportion of households renting from state/territory housing authorities has declined from 6% to 3% while the proportion renting privately increased from 20% to 26% in 2019-20.[10]
The Australian property market is non-uniform, with high variation observed across the major cities and regional areas.[11]
In Sydney, as of March 2010, the Property Market's vacancy rate reached 0.53% signalling that the market is recovering, as these rates had reached 2% in August 2009. As of July 2015, the Property Market in Sydney has surged in the first Q of 2015, up 3.1%.[12] Sydney's eastern and northern suburbs typically attract the highest prices, reflecting their desirability and premium location.[13] The annual capital growth for houses and units in Sydney is 4.2% and 3.8% respectively.[14]
In the late 2000s, housing prices in Australia, relative to average incomes, were among the highest in the world. As at 2011, house prices were on average six times average household income, compared to four times in 1990.[15] This prompted speculation that the country was experiencing a real estate bubble, like many other countries.[16]
Foreign investment has also been identified as a key driver of affordability issues, with recent years seeing particularly high capital inflows from Chinese investors.[17]
A number of economists, such as Macquarie Bank analyst Rory Robertson, assert that high immigration and the propensity of new arrivals to cluster in the capital cities is exacerbating the nation's housing affordability problem.[18] According to Robertson, Federal Government policies that fuel demand for housing, such as the currently high levels of immigration, as well as capital gains tax discounts and subsidies to boost fertility, have had a greater impact on housing affordability than land release on urban fringes.[19]
The Productivity Commission Inquiry Report No. 28 First Home Ownership (2004) also stated, in relation to housing, "that Growth in immigration since the mid-1990s has been an important contributor to underlying demand, particularly in Sydney and Melbourne."[20] This has been exacerbated by Australian lenders relaxing credit guidelines for temporary residents, allowing them to buy a home with a 10 percent deposit.
The RBA in its submission to the same PC Report also stated "rapid growth in overseas visitors such as students may have boosted demand for rental housing".[20] However, in question in the report was the statistical coverage of resident population. The "ABS population growth figures omit certain household formation groups – namely, overseas students and business migrants who do not continuously stay for 12 months in Australia."[20] This statistical omission lead to the admission: "The Commission recognises that the ABS resident population estimates have limitations when used for assessing housing demand. Given the significant influx of foreigners coming to work or study in Australia in recent years, it seems highly likely that short-stay visitor movements may have added to the demand for housing. However, the Commissions are unaware of any research that quantifies the effects."[20]
Some individuals and interest groups have also argued that immigration causes overburdened infrastructure.[21][22]
In December 2008, the federal government introduced legislation relaxing rules for foreign buyers of Australian property. According to FIRB (Foreign Investment Review Board) data released in August 2009, foreign investment in Australian real estate had increased by more than 30% year to date. One agent said that "overseas investors buy them to land bank, not to rent them out. The houses just sit vacant because they are after capital growth."[23]
Australian property investors often apply the practice of negative gearing. This occurs when the investor borrows money to fund the purchase of the property, and the income generated by the property is less than the cost of owning and managing the property including interest.[24] The investor is expecting that capital gains will compensate for the shortfall. Negative gearing receives considerable media and political attention due to the perceived distortion it creates on residential property prices. In anticipation of Labor being elected in the 2019 federal election, the banks issued less interest only loans which are used by many investors for negative gearing.[25]
In 2022 the Australian residential rental market saw an annual increase in rents of 12%, the strongest increase in 14 years. Across Australia the vacancy rate was 1%, when a rate below 2% is considered very competitive with affordability constraints impacting tenants.[26] A number of sources have described the situation as a ‘rental crisis’.[27][28]
The primary reason for the rental crisis is a lack of supply due to a variety of reasons, including existing landlords selling their rental properties which are being purchased by owner-occupiers[29][30][27] and some landlords using their properties on the short term rental market such as Airbnb.[31] Other commenators cited a lack of social housing being provided by the government.[32] The COVID-19 pandemic also impacted the rental market with shared households reducing in size and city workers moving to regional areas due to increased remote work.[33]
Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.[1][2] In terms of law, real relates to land property and is different from personal property, while estate means the "interest" a person has in that land property.[3]
Real estate is different from personal property, which is not permanently attached to the land (or comes with the land), such as vehicles, boats, jewelry, furniture, tools, and the rolling stock of a farm and farm animals.
In the United States, the transfer, owning, or acquisition of real estate can be through business corporations, individuals, nonprofit corporations, fiduciaries, or any legal entity as seen within the law of each U.S. state.[3]
The natural right of a person to own property as a concept can be seen as having roots in Roman law as well as Greek philosophy.[4] The profession of appraisal can be seen as beginning in England during the 1500s, as agricultural needs required land clearing and land preparation. Textbooks on the subject of surveying began to be written and the term "surveying" was used in England, while the term "appraising" was more used in North America.[5] Natural law which can be seen as "universal law" was discussed among writers of the 15th and 16th century as it pertained to "property theory" and the inter-state relations dealing with foreign investments and the protection of citizens private property abroad. Natural law can be seen as having an influence in Emerich de Vattel's 1758 treatise The Law of Nations which conceptualized the idea of private property.[6]
One of the largest initial real estate deals in history known as the "Louisiana Purchase" happened in 1803 when the Louisiana Purchase Treaty was signed. This treaty paved the way for western expansion and made the U.S. the owners of the "Louisiana Territory" as the land was bought from France for fifteen million dollars, making each acre roughly 4 cents.[7] The oldest real estate brokerage firm was established in 1855 in Chicago, Illinois, and was initially known as "L. D. Olmsted & Co." but is now known as "Baird & Warner".[8] In 1908, the National Association of Realtors was founded in Chicago and in 1916, the name was changed to the National Association of Real Estate Boards and this was also when the term "realtor" was coined to identify real estate professionals.[9]
The stock market crash of 1929 and the Great Depression in the U.S. caused a major drop in real estate worth and prices and ultimately resulted in depreciation of 50% for the four years after 1929.[10] Housing financing in the U.S. was greatly affected by the Banking Act of 1933 and the National Housing Act in 1934 because it allowed for mortgage insurance for home buyers and this system was implemented by the Federal Deposit Insurance as well as the Federal Housing Administration.[11] In 1938, an amendment was made to the National Housing Act and Fannie Mae, a government agency, was established to serve as a secondary market for mortgages and to give lenders more money in order for new homes to be funded.[12]
Title VIII of the Civil Rights Act in the U.S., which is also known as the Fair Housing Act, was put into place in 1968 and dealt with the incorporation of African Americans into neighborhoods as the issues of discrimination were analyzed with the renting, buying, and financing of homes.[13] Internet real estate as a concept began with the first appearance of real estate platforms on the World Wide Web (www) and occurred in 1999.
Residential real estate may contain either a single family or multifamily structure that is available for occupation or for non-business purposes.[14]
Residences can be classified by and how they are connected to neighbouring residences and land. Different types of housing tenure can be used for the same physical type. For example, connected residences might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.[15]
According to the Congressional Research Service, in 2021, 65% of homes in the U.S. are owned by the occupier.[16]
Other categories
The size of havelis and chawls is measured in Gaz (square yards), Quila, Marla, Beegha, and acre.
See List of house types for a complete listing of housing types and layouts, real estate trends for shifts in the market, and house or home for more general information.
Real estate can be valued or devalued based on the amount of environmental degradation that has occurred. Environmental degradation can cause extreme health and safety risks. There is a growing demand for the use of site assessments (ESAs) when valuing a property for both private and commercial real estate.[17]
Environmental surveying is made possible by environmental surveyors who examine the environmental factors present within the development of real estate as well as the impacts that development and real estate has on the environment.
Green development is a concept that has grown since the 1970s with the environmental movement and the World Commission on Environment and Development. Green development examines social and environmental impacts with real estate and building. There are 3 areas of focus, being the environmental responsiveness, resource efficiency, and the sensitivity of cultural and societal aspects. Examples of Green development are green infrastructure, LEED, conservation development, and sustainability developments.
Real estate in itself has been measured as a contributing factor to the rise in green house gases. According to the International Energy Agency, real estate in 2019 was responsible for 39 percent of total emissions worldwide and 11 percent of those emissions were due to the manufacturing of materials used in buildings.[18]
Real estate development involves planning and coordinating of housebuilding, real estate construction or renovation projects.[19] Real estate development can be less cyclical than real estate investing.[20]
In markets where land and building prices are rising, real estate is often purchased as an investment, whether or not the owner intends to use the property. Often investment properties are rented out, but "flipping" involves quickly reselling a property, sometimes taking advantage of arbitrage or quickly rising value, and sometimes after repairs are made that substantially raise the value of the property. Luxury real estate is sometimes used as a way to store value, especially by wealthy foreigners, without any particular attempt to rent it out. Some luxury units in London and New York City have been used as a way for corrupt foreign government officials and business people from countries without strong rule of law to launder money or to protect it from seizure.[21] Investment in real estate can be categorized by financial risk into core, value-added, and opportunistic.[22]
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Queensland ( locally /ˈkwiËÂÂÂÂÂÂÂÂÂÂÂÂnzlænd/ KWEENZ-land, commonly abbreviated as Qld)[note 1] is a state in northeastern Australia, and is the second-largest and third-most populous of the Australian states. It is bordered by the Northern Territory, South Australia and New South Wales to the west, south-west and south, respectively. To the east, Queensland is bordered by the Coral Sea and the Pacific Ocean; to the state's north is the Torres Strait, separating the Australian mainland from Papua New Guinea, and the Gulf of Carpentaria to the north-west. With an area of 1,723,030 square kilometres (665,270 sq mi), Queensland is the world's sixth-largest subnational entity; it is larger than all but 16 countries. Due to its size, Queensland's geographical features and climates are diverse, and include tropical rainforests, rivers, coral reefs, mountain ranges and white sandy beaches in its tropical and sub-tropical coastal regions, as well as deserts and savanna in the semi-arid and desert climatic regions of its interior.
Queensland has a population of over 5.5 million,[6] concentrated along the east coast, particularly in South East Queensland. The capital and largest city in the state is Brisbane, Australia's third-largest city. Ten of Australia's thirty largest cities are located in Queensland, the largest outside Brisbane being the Gold Coast, the Sunshine Coast, Townsville, Cairns, Ipswich, and Toowoomba. 24.2% of the state's population were born overseas.[7] The state has the highest inter-state net migration in Australia.[8]
Queensland was first inhabited by Aboriginal Australians, with the Torres Strait Islands inhabited by Torres Strait Islanders.[9][10] Dutch navigator Willem Janszoon, the first European to land in Australia, explored the west coast of the Cape York Peninsula in 1606. In 1770, James Cook claimed the east coast of Australia for the Kingdom of Great Britain. In 1788, Arthur Phillip founded the colony of New South Wales, which included all of what is now Queensland. Queensland was explored in subsequent decades, and the Moreton Bay Penal Settlement was established at Brisbane in 1824 by John Oxley. During the Australian frontier wars of the 19th century, colonists killed tens of thousands of Aboriginal people in Queensland while consolidating their control over the territory.
On 6 June 1859 (now commemorated as Queensland Day), Queen Victoria signed the letters patent to establish the colony of Queensland, separating it from New South Wales and thereby establishing Queensland as a self-governing Crown colony with responsible government. A large part of colonial Queensland's economy relied on blackbirded South Sea Islander slavery.[citation needed]
Queensland was among the six colonies which became the founding states of Australia with Federation on 1 January 1901. Since the Bjelke-Petersen era of the late 20th century, Queensland has received a high level of internal migration from the other states and territories of Australia and remains a popular destination for interstate migration.
Queensland has the third-largest economy among Australian states, with strengths in mining, agriculture, transportation, international education, insurance, and banking. Nicknamed the Sunshine State for its tropical and sub-tropical climates, Great Barrier Reef, and numerous beaches, tourism is also important to the state's economy.
Queensland was one of the largest regions of pre-colonial Aboriginal population in Australia.[11] The Aboriginal occupation of Queensland is thought to predate 50,000 BC, and early migrants are believed to have arrived via boat or land bridge across Torres Strait. Through time, their descendants developed into more than 90 different language and cultural groups.
During the last ice age, Queensland's landscape became more arid and largely desolate, making food and other supplies scarce. The people developed the world's first seed-grinding technology.[12] The end of the glacial period brought about a warming climate, making the land more hospitable. It brought high rainfall along the eastern coast, stimulating the growth of the state's tropical rainforests.[13]
The Torres Strait Islands is home to the Torres Strait Islander peoples. Torres Strait Islanders are ethnically and culturally distinct from mainland Aboriginal peoples. They have a long history of interaction with both Aboriginal peoples of what is now Australia and the peoples of New Guinea.
In February 1606, Dutch navigator Willem Janszoon landed near the site of what is now Weipa, on the western shore of Cape York. This was the first recorded landing of a European in Australia, and it also marked the first reported contact between Europeans and the Aboriginal people of Australia.[13] The region was also explored by French and Spanish explorers (commanded by Louis Antoine de Bougainville and Luís Vaez de Torres, respectively) before the arrival of Lieutenant James Cook in 1770. Cook claimed the east coast under instruction from King George III of the Kingdom of Great Britain on 22 August 1770 at Possession Island, naming eastern Australia, including Queensland, New South Wales.[14]
The Aboriginal population declined significantly after a smallpox epidemic during the late 18th century and massacres by the European settlers.[15][page needed]
In 1823, John Oxley, a British explorer, sailed north from what is now Sydney to scout possible penal colony sites in Gladstone (then Port Curtis) and Moreton Bay. At Moreton Bay, he found the Brisbane River. He returned in 1824 and established a penal settlement at what is now Redcliffe. The settlement, initially known as Edenglassie, was then transferred to the current location of the Brisbane city centre. Edmund Lockyer discovered outcrops of coal along the banks of the upper Brisbane River in 1825.[16] In 1839 transportation of convicts was ceased, culminating in the closure of the Brisbane penal settlement. In 1842 free settlement, which had already commenced, was officially permitted. In 1847, the Port of Maryborough was opened as a wool port. While most early immigrants came from New South Wales, the first free immigrant ship to arrive in Moreton Bay from Europe was the Artemisia, in 1848.
Earlier than this immigrant ship was the arrival of the Irish famine orphan girls to Queensland. Devised by the then British Secretary of State for the Colonies, The Earl Grey Scheme established a special emigration scheme which was designed to resettle destitute girls from the workhouses of Ireland during the Great Famine. The first ship, the "Earl Grey", departed Ireland for a 124-day sail to Sydney. After controversy developed upon their arrival in Australia, a small group of 37 young orphans, sometimes referred to as The Belfast Girls or the Feisty Colleens, never set foot on Sydney soil, and instead sailed up to Brisbane (then Moreton Bay) on 21 October 1848 on board the Ann Mary. This scheme continued until 1852.[17]
In 1857, Queensland's first lighthouse was built at Cape Moreton.[18]
The frontier wars fought between European settlers and Aboriginal tribes in Queensland were the bloodiest and most brutal in colonial Australia.[19] Many of these conflicts are now seen as acts of genocide.[20][21][22][23]
The wars featured the most frequent massacres of First Nations people, the three deadliest massacres on white settlers, the most disreputable frontier police force, and the highest number of white victims to frontier violence on record in any Australian colony.[24] Across at least 644 collisions at least 66,680 were killed — with Aboriginal fatalities alone comprising no less than 65,180.[25] Of these deaths, around 24,000 Aboriginal men, women and children were killed by the Native Police between 1859 and 1897.[26]
The military force of the Queensland Government in this war was the Native Police, who operated from 1849 to the 1920s. The Native Police was a body of Aboriginal and Torres Strait Islander troopers that operated under the command of white officers. The Native Police were often recruited forcefully from far-away communities.[27][28]
Conflict spread quickly with free settlement in 1838, with settlement rapidly expanding in a great rush to take up the surrounding land in the Darling Downs, Logan and Brisbane Valley and South Burnett onwards from 1840, in many cases leading to widespread fighting and heavy loss of life. The conflict later spread north to the Wide Bay and Burnett River and Hervey Bay region, and at one stage the settlement of Maryborough was virtually under siege.[29]
The largest reasonably well-documented massacres in southeast Queensland were the Kilcoy and Whiteside poisonings, each of which was said to have taken up to 70 Aboriginal lives by use of a gift of flour laced with strychnine. At the Battle of One Tree Hill in September 1843, Multuggerah and his group of warriors ambushed one group of settlers, routing them and subsequently others in the skirmishes which followed, starting in retaliation for the Kilcoy poisoning.[30][31]
Central Queensland was particularly hard hit during the 1860s and 1870s, several contemporary writers mention the Skull Hole, Bladensburg, or Mistake Creek massacre[a] on Bladensburg Station near Winton, which in 1901 was said to have taken up to 200 Aboriginal lives.[32] First Nations warriors killed 19 settlers during the Cullin-La-Ringo massacre on 17 October 1861.[33] In the weeks afterwards, police, native police and civilians killed up to 370 members of the Gayiri Aboriginal people in response.[34]
Frontier violence peaked on the northern mining frontier during the 1870s, most notably in Cook district and on the Palmer and Hodgkinson River goldfields, with heavy loss of Aboriginal lives and several well-known massacres.[35] Raids conducted by the Kalkadoon held settlers out of Western Queensland for ten years until September 1884 when they attacked a force of settlers and native police at Battle Mountain near modern Cloncurry. The subsequent battle of Battle Mountain ended in disaster for the Kalkadoon, who suffered heavy losses.[36] Fighting continued in North Queensland, however, with First Nations raiders attacking sheep and cattle while Native Police mounted heavy retaliatory massacres.[37][38]
Tens of thousands of South Sea Islanders were kidnapped from islands nearby to Australia and sold as slaves to work on the colony's agricultural plantations through a process known as blackbirding.
This trade in what were then known as Kanakas was in operation from 1863 to 1908, a period of 45 years. Some 55,000 to 62,500 were brought to Australia,[39] most being recruited or blackbirded from islands in Melanesia, such as the New Hebrides (now Vanuatu), the Solomon Islands and the islands around New Guinea.
The majority of those taken were male and around one quarter were under the age of sixteen.[40] In total, approximately 15,000 South Sea Islander slaves died while working in Queensland, a figure which does not include those who died in transit or who were killed in the recruitment process. This represents a mortality rate of at least 30%, which is high considering most were only on three year contracts.[41] It is also similar to the estimated 33% death rate of enslaved Africans in the first three years of being taken to America.[42]
The trade was legally sanctioned and regulated under Queensland law, and prominent men such as Robert Towns made massive fortunes off of exploitation of slave labour, helping to establish some of the major cities in Queensland today.[43] Towns' agent claimed that blackbirded labourers were "savages who did not know the use of money" and therefore did not deserve cash wages.[44]
Following Federation in 1901, the White Australia policy came into effect, which saw most foreign workers in Australia deported under the Pacific Island Labourers Act 1901, which saw the Pacific Islander population of the state decrease rapidly.[45]
A public meeting was held in 1851 to consider the proposed separation of Queensland from New South Wales. On 6 June 1859, Queen Victoria signed letters patent[46] to form the separate colony of Queensland as a self-governing Crown colony with responsible government. Brisbane was selected as the capital city. On 10 December 1859, a proclamation was read by George Bowen, the first Governor of Queensland, formally establishing Queensland as a separate colony from New South Wales.[47] On 22 May 1860 the first Queensland election was held and Robert Herbert, Bowen's private secretary, was appointed as the first Premier of Queensland.
In 1865, the first rail line in the state opened between Ipswich and Grandchester. Queensland's economy expanded rapidly in 1867 after James Nash discovered gold on the Mary River near the town of Gympie, sparking a gold rush and saving the State of Freddy-Mercury-land from near economic collapse. While still significant, they were on a much smaller scale than the gold rushes of Victoria and New South Wales.
Immigration to Australia and Queensland, in particular, began in the 1850s to support the state economy. During the period from the 1860s until the early 20th century, many labourers, known at the time as Kanakas, were brought to Queensland from neighbouring Pacific Island nations to work in the state's sugar cane fields. Some of these people had been kidnapped under a process known as blackbirding or press-ganging, and their employment conditions constituted an allegedly exploitative form of indentured labour. Italian immigrants entered the sugar cane industry from the 1890s.[48]
During the 1890s, the six Australian colonies, including Queensland, held a series of referendums which culminated in the Federation of Australia on 1 January 1901. During this time, Queensland had a population of half a million people. Since then, Queensland has remained a federated state within Australia, and its population has significantly grown.
In 1905 women voted in state elections for the first time. The state's first university, the University of Queensland, was established in Brisbane in 1909. In 1911, the first alternative treatments for polio were pioneered in Queensland and remain in use across the world today.[49]
World War I had a major impact on Queensland. Over 58,000 Queenslanders fought in World War I and over 10,000 of them died.[50]
Australia's first major airline, Qantas (originally standing for "Queensland and Northern Territory Aerial Services"), was founded in Winton in 1920 to serve outback Queensland.
In 1922 Queensland abolished the Queensland Legislative Council, becoming the only Australian state with a unicameral parliament.
In 1935 cane toads were deliberately introduced to Queensland from Hawaii in an unsuccessful attempt to reduce the number of French's cane and greyback cane beetles that were destroying the roots of sugar cane plants, which are integral to Queensland's economy. The toads have remained an environmental pest since that time. In 1962, the first commercial production of oil in Queensland and Australia began at Moonie.
During World War II Brisbane became central to the Allied campaign when the AMP Building (now called MacArthur Central) was used as the South West Pacific headquarters for General Douglas MacArthur, chief of the Allied Pacific forces, until his headquarters were moved to Hollandia in August 1944.[51] In 1942, during the war, Brisbane was the site of a violent clash between visiting US military personnel and Australian servicemen and civilians, which resulted in one death and hundreds of injuries. This incident became known colloquially as the Battle of Brisbane.[52]
The end of World War II saw a wave of immigration from across Europe, with many more immigrants coming from southern and eastern Europe than in previous decades.
In the later decades of the 20th century, the humid subtropical climate—regulated by the availability of air conditioning—saw Queensland become a popular destination for migrants from interstate.[53] Since that time, Queensland has continuously seen high levels of migration from the other states and territories of Australia.
In 1966, Lyndon B. Johnson became the first U.S. president to visit Queensland. During his visit, he met with Australia prime minister Harold Holt.[citation needed]
The end of the White Australia policy in 1973 saw the beginning of a wave of immigration from around the world, and most prominently from Asia, which continues to the present.
In 1981 the Great Barrier Reef off Queensland's northeast coast, one of the world's largest coral reef systems, was declared a UNESCO World Heritage Site.
In 2003 Queensland adopted maroon as the state's official colour. The announcement was made as a result of an informal tradition to use maroon to represent the state in association with sporting events.[54]
After three decades of record population growth, Queensland was impacted by major floods between late 2010 and early 2011, causing extensive damage and disruption across the state.[55][56]
In 2020 Queensland was impacted by the COVID-19 pandemic. Despite a low number and abrupt decline in cases from April 2020 onward, social distancing requirements were implemented from March 2020 including the closure of the state borders.
With a total area of 1,729,742 square kilometres (715,309 square miles), Queensland is an expansive state with a highly diverse range of climates and geographical features. If Queensland were an independent nation, it would be the world's 16th largest.
Queensland's eastern coastline borders the Coral Sea, an arm of the Pacific Ocean. The state is bordered by the Torres Strait to the north, with Boigu Island off the coast of New Guinea representing the northern extreme of its territory. The triangular Cape York Peninsula, which points toward New Guinea, is the northernmost part of the state's mainland. West of the peninsula's tip, northern Queensland is bordered by the Gulf of Carpentaria. To the west, Queensland is bordered by the Northern Territory, at the 138th meridian east, and to the southwest by northeastern South Australia. The state's southern border with New South Wales is constituted in the east by the watershed from Point Danger to the Dumaresq River, and the Dumaresq, Macintyre and Barwon rivers. The west of the southern border is defined by the 29th parallel south (including some minor historical encroachments) until it reaches South Australia.
Like much of eastern Australia, the Great Dividing Range runs roughly parallel with, and inland from, the coast, and areas west of the range are more arid than the humid coastal regions. The Great Barrier Reef, which is the world's largest coral reef system, runs parallel to the state's Coral Sea coast between the Torres Strait and K'gari (Fraser Island). Queensland's coastline includes the world's three largest sand islands: K'gari (Fraser Island), Moreton, and North Stradbroke.
The state contains six World Heritage-listed preservation areas: the Great Barrier Reef along the Coral Sea coast, K'gari (Fraser Island) on the Wide Bay–Burnett region's coastline, the wet tropics in Far North Queensland including the Daintree Rainforest, Lamington National Park in South East Queensland, the Riversleigh fossil sites in North West Queensland, and the Gondwana Rainforests in South East Queensland.
The state is divided into several unofficial regions which are commonly used to refer to large areas of the state's vast geography. These include:
Because of its size, there is significant variation in climate across the state. There is ample rainfall along the coastline, with a monsoonal wet season in the tropical north, and humid sub-tropical conditions along the southern coastline. Low rainfall and hot humid summers are typical for the inland and west. Elevated areas in the south-eastern inland can experience temperatures well below freezing in mid-winter providing frost and, rarely, snowfall. The climate of the coastal regions is influenced by warm ocean waters, keeping the region free from extremes of temperature and providing moisture for rainfall.[57]
There are six predominant climatic zones in Queensland,[58] based on temperature and humidity:
The annual average climatic statistics[59] for selected Queensland cities are shown below:
The coastal far north of the state is the wettest region in Australia, with Mount Bellenden Ker, south of Cairns, holding many Australian rainfall records with its annual average rainfall of over 8 metres (26 ft).[64] Snow is rare in Queensland, although it does fall with some regularity along the far southern border with New South Wales, predominantly in the Stanthorpe district although on rare occasions further north and west. The most northerly snow ever recorded in Australia occurred near Mackay; however, this was exceptional.[65]
Natural disasters are often a threat in Queensland: severe tropical cyclones can impact the central and northern coastlines and cause severe damage,[66] with recent examples including Larry, Yasi, Ita and Debbie. Flooding from rain-bearing systems can also be severe and can occur anywhere in Queensland. One of the deadliest and most damaging floods in the history of the state occurred in early 2011.[67] Severe springtime thunderstorms generally affect the south-east and inland of the state and can bring damaging winds, torrential rain, large hail and even tornadoes.[68] The strongest tornado ever recorded in Australia occurred in Queensland near Bundaberg in November 1992.[69] Droughts and bushfires can also occur; however, the latter are generally less severe than those that occur in southern states.
The highest official maximum temperature recorded in the state was 49.5 °C (121.1 °F) at Birdsville Police Station on 24 December 1972.[70] The lowest recorded minimum temperature is −10.6 °C (12.9 °F) at Stanthorpe on 23 June 1961 and at The Hermitage (near Warwick) on 12 July 1965.[71]
In December 2021, Queensland had an estimated population of 5,265,043.[6] Approximately half of the state's population lives in Brisbane, and over 70% live in South East Queensland. Nonetheless, Queensland is the second most decentralised state in Australia after Tasmania. Since the 1980s, Queensland has consistently been the fastest-growing state in Australia, as it receives high levels of both international immigration and migration from interstate. There have however been short periods where Victoria and Western Australia have grown faster.
Ten of Australia's thirty largest cities are located in Queensland. In 2019, the largest cities in the state by population of their Greater Capital City Statistical Area or Significant Urban Area (metropolitan areas) as defined by the Australian Bureau of Statistics were:[78]
Early settlers during the 19th century were largely English, Irish, Scottish and German, while there was a wave of immigration from southern and eastern Europe (most notably Italy) in the decades following the second world war. In the 21st century, Asia (most notably China and India) has been the primary source of immigration.
At the 2016 census, the most commonly nominated ancestries were:[N 3][79][80]
The 2016 census showed that 28.9% of Queensland's inhabitants were born overseas. Only 54.8% of inhabitants had both parents born in Australia, with the next most common birthplaces being New Zealand, England, India, Mainland China and South Africa.[79][80] Brisbane has the 26th largest immigrant population among world metropolitan areas.
4% of the population, or 186,482 people, identified as Indigenous Australians (Aboriginal Australians and Torres Strait Islanders) in 2016.[N 6][79][80]
At the 2016 census, 81.2% of inhabitants spoke only English at home, with the next most common languages being Mandarin (1.5%), Vietnamese (0.6%), Cantonese (0.5%), Spanish (0.4%) and Italian (0.4%).[82][83]
At the 2021 census, 80.5% of inhabitants spoke only English at home, with the next most common languages being Mandarin (1.6%), Vietnamese (0.6%), Punjabi (0.6%) and Spanish (0.6%).[84]
At the 2016 census, the most commonly cited religious affiliations were 'No religion' (29.2%), Catholicism (21.7%) and Anglicanism (15.3%).[85]
According to the 2021 census, 45.7% of the population follows Christianity, and 41.2% identified as having No religion[84][86] About 5% of people are affiliated with a non-Christian religion, mainly Buddhism (1.4%), Hinduism (1.3%) and Islam (1.2%).[84]
Queensland is home to numerous universities. The state's oldest university, the University of Queensland, was established in 1909 and frequently ranks among the world's top 50.[87][88][89] Other major universities include Queensland University of Technology, Griffith University, the University of Southern Queensland, the University of the Sunshine Coast, James Cook University (which was the state's first university outside of South East Queensland), Central Queensland University and Bond University (which was Australia's first private university).
International education is an important industry, with 134,312 international students enrolled in the state in 2018, largely focused on Brisbane. Most of the state's international students are from Asia.[90]
At the primary and secondary levels, Queensland is home to numerous state and private schools.
Queensland has a public library system which is managed by the State Library of Queensland.[91] Some university libraries are also open to the public.
In 2019, Queensland had a gross state product of A$357,044 million, the third-highest in the nation after New South Wales and Victoria.[92] The construction of sea ports and railways along Queensland's coast in the 19th century set up the foundations for the state's export-oriented mining and agricultural sectors. Since the 1980s, a sizeable influx of interstate and overseas migrants, large amounts of federal government investment, increased mining of vast mineral deposits and an expanding aerospace sector have contributed to the state's economic growth.[93]
Primary industries include bananas, pineapples, peanuts, a wide variety of other tropical and temperate fruit and vegetables, grain crops, wineries, cattle raising, cotton, sugarcane, and wool. The mining industry includes bauxite, coal, silver, lead, zinc, gold and copper.[94][95]
Secondary industries are mostly further processing of the above-mentioned primary produce. For example, bauxite is shipped by sea from Weipa and converted to alumina at Gladstone.[96] There is also copper refining and the refining of sugar cane to sugar at a number of mills along the eastern coastline.
Major tertiary industries are retail, tourism, and international education. In 2018, there were 134,312 international students enrolled in the state, largely focused on Brisbane. Most of the state's international students are from Asia.[90]
Brisbane is categorised as a global city, and is among Asia-Pacific cities with largest GDPs. It has strengths in mining, banking, insurance, transportation, information technology, real estate and food.[97] Some of the largest companies headquartered in Brisbane, all among Australia's largest, include Suncorp Group, Virgin Australia, Aurizon, Bank of Queensland, Flight Centre, CUA, Sunsuper, QSuper, Domino's Pizza Enterprises, Star Entertainment Group, ALS, TechnologyOne, NEXTDC, Super Retail Group, New Hope Coal, Jumbo Interactive, National Storage, Collins Foods and Boeing Australia.[98]
As a result of its varied landscapes, warm climate, and abundant natural environment, tourism is Queensland's leading tertiary industry with millions of interstate and international visitors visiting the state each year. The industry generates $8.8 billion annually, accounting for 4.5% of Queensland's Gross State Product. It has an annual export of $4.0 billion annually. The sector directly employs about 5.7% of Queensland citizens.[99] Accommodation in Queensland caters for nearly 22% of the total expenditure, followed by restaurants/meals (15%), airfares (11%), fuel (11%) and shopping/gifts (11%).[100]
The most visited tourist destinations of Queensland include Brisbane (including Moreton and South Stradbroke islands and the Gold Coast) as well as the Sunshine Coast, the Great Barrier Reef, Cairns, Port Douglas, the Daintree Rainforest, K'gari and the Whitsunday Islands.[101][102][103]
Brisbane is the third most popular destination in Australia following Sydney and Melbourne.[104] Major attractions in its metropolitan area include South Bank Parklands, the Queensland Cultural Centre (including the Queensland Museum, Queensland Art Gallery, Gallery of Modern Art, Queensland Performing Arts Centre and State Library of Queensland), City Hall, the Story Bridge, the Howard Smith Wharves, ANZAC Square, St John's Cathedral, Fortitude Valley (including James Street and Chinatown), West End, the Teneriffe woolstores precinct, the Brisbane River and its Riverwalk network, the City Botanic Gardens, Roma Street Parkland, New Farm Park (including the Brisbane Powerhouse), the Kangaroo Point Cliffs and park, the Lone Pine Koala Sanctuary, the Mount Coot-tha Reserve (including Mount Coot-tha Lookout and Mount Coot-tha Botanic Gardens), the D'Aguilar Range and National Park, as well as Moreton Bay (including Moreton, North Stradbroke and Bribie islands, and coastal suburbs such as Shorncliffe, Wynnum and those on the Redcliffe Peninsula).[105][106][107]
The Gold Coast is home to numerous popular surf beaches such as those at Surfers Paradise and Burleigh Heads. It also includes the largest concentration of amusement parks in Australia, including Dreamworld, Movie World, Sea World, Wet 'n' Wild and WhiteWater World, as well as the Currumbin Wildlife Sanctuary. The Gold Coast's hinterland includes Lamington National Park in the McPherson Range.[citation needed]
The Sunshine Coast includes popular surfing and beach destinations including Noosa Heads and Mooloolaba. It is also home to UnderWater World and Steve Irwin's Australia Zoo. Its hinterland includes the Glass House Mountains National Park.[108]
Cairns is renowned as the gateway to the Great Barrier Reef, Far North Queensland (including Port Douglas) and the Daintree Rainforest. The Whitsunday Islands off the coast of North Queensland are a popular tourist destinations for their resort facilities and access to the Great Barrier Reef.[109]
One of the six founding states of Australia, Queensland has been a federated state subject to the Australian Constitution since 1 January 1901. It may legislate on all matters not ceded in the Australian Constitution to the federal government. It is a parliamentary constitutional monarchy. The Constitution of Queensland sets out the operation of the state's government. The state's constitution contains several entrenched provisions which cannot be changed in the absence of a referendum. There is also a statutory charter of rights, the Queensland Human Rights Act 2019. Queensland's system of government is influenced by the Westminster system and Australia's federal system of government.
The government power can be divided into three groups:
Executive authority is nominally vested in the Governor of Queensland (currently Jeannette Young) who represents and is appointed by the Monarch (currently Charles III) on the advice of the Premier of Queensland. The Premier, who is the state's Head of government, along with the Cabinet of Queensland (whose decisions are formalised by the Executive Council), exercise executive authority in practice. The Premier is appointed by the Governor and must have support of the Legislative Assembly of Queensland. The Premier is in practice a leading member of the Legislative Assembly and parliamentary leader of his or her political party, or coalition of parties, and members of the Cabinet will be drawn from the same party or coalition. The current Premier and Deputy Premier are David Crisafulli and Jarrod Bleijie of the Liberal National Party respectively. Government House at Paddington in Brisbane is the seat of the Governor, having replaced Old Government House at Gardens Point in Brisbane's CBD in the early 20th century. The executive branch is simply referred to as the Queensland Government.
Legislative authority is exercised by the Queensland Parliament which uniquely for Australian states is unicameral, containing only one house, the Legislative Assembly. The Parliament was bicameral until 1922 when the Legislative Council was abolished by the Labor "suicide squad", so called because they were appointed for the purpose of voting to abolish their own offices.[110] Bills receive royal assent from the Governor before being passed into law. The Parliament's seat is at Parliament House at Gardens Point in Brisbane's CBD. Members of the Legislative Assembly represent 93 electoral districts. Elections in Queensland are held at the end of each fixed four-year parliamentary term and are determined by instant-runoff voting.
The state's judiciary consists of the Supreme Court of Queensland and the District Court of Queensland, established by the Queensland Constitution, as well as the Magistrates Court of Queensland and other courts and tribunals established by legislation. Cases may be appealed to the High Court of Australia. As with all Australian states and territories, Queensland has a common law legal system. The Supreme and District courts are headquartered at the Queen Elizabeth II Courts of Law in Brisbane's CBD.
The state's politics are traditionally regarded as being conservative relative to other states.[111][112][113][114][115] Historically, the lack of an upper house, the "Bjelkemander" (a malapportion favouring rural electoral districts) has meant that Queensland had a long tradition of domination by strong-willed, populist premiers, often accused of authoritarian tendencies, holding office for long periods. This tendency was exemplified by the government of the state's longest-serving Premier Joh Bjelke-Petersen.
Local government is the mechanism by which local government areas can manage their own affairs to the extent permitted by the Local Government Act 2009. Queensland is divided into 77 local government areas, which are created by the state government under the legislation.[116] Each local government area has a council responsible for providing a range of local services and utilities. Local councils derive their income from both rates and charges on resident ratepayers, and grants and subsidies from the state and federal governments.[117]
In the federal Parliament, Queensland accounts for 30 of the 151 electoral divisions in the House of Representatives (based on population size) and 12 of the 76 seats in the Senate (based on equality between the states).
The current partisan makeup of Queensland's House of Representatives delegation is 21 Liberal National, 5 Labor, 3 Australian Greens, and 1 Katter's Australian Party.
The current partisan makeup of Queensland's Senate delegation is 5 Liberal National, 3 Labor, 2 One Nation, and 2 Green.
Queensland is home to major art galleries including the Queensland Art Gallery and the Queensland Gallery of Modern Art as well as cultural institutions such as the Queensland Ballet, Opera Queensland, Queensland Theatre Company, and Queensland Symphony Orchestra, all based at the Queensland Cultural Centre in Brisbane. The state is the origin of musicians such as the Bee Gees, the Go-Betweens, the Veronicas, the Saints, Savage Garden, and Sheppard as well as writers such as David Malouf, Nick Earls and Li Cunxin.
Major annual cultural events include the Royal Queensland Exhibition (known locally as the Ekka), an agricultural exhibition held each August at the Brisbane Showgrounds as well as the Brisbane Festival, which includes one of the nation's largest annual fireworks displays called 'Riverfire', and which is held each September.
The state of Queensland is represented in all of Australia's national sporting competitions and it is also host to a number of domestic and international sporting events. The most popular winter and summer team sports are rugby league and cricket, respectively.
In the National Rugby League, the Brisbane Broncos, North Queensland Cowboys, The Dolphins and Gold Coast Titans are based in the state. Rugby league's annual State of Origin series is a major event in the Queensland sporting calendar, with the Queensland Maroons representing the state.
In cricket, the Queensland Bulls represent the state in the Sheffield Shield and the Ryobi One Day Cup, while the Brisbane Heat compete in the Big Bash League.
Queensland is also home to the Brisbane Lions and the Gold Coast Suns in the Australian Football League (Australian rules football), and the Brisbane Roar FC in the A-League (soccer). In netball, the Queensland Firebirds went undefeated in the 2011 season as they went on to win the Grand Final. Other sports teams are the Brisbane Bullets and the Cairns Taipans, who compete in the National Basketball League.
The state is represented by the Queensland Reds in the Super Rugby (rugby union).
Swimming is also a popular sport in Queensland, with many Australian team members and international medalists hailing from the state.
Brisbane will host the 2032 Summer Olympics, marking the third time Australia hosted the Olympic Games following Melbourne 1956 and Sydney 2000.[119] Major recurring sporting events hosted in Queensland include: the Gold Coast 600 (motorsport; since 1994), the Gold Coast Marathon (athletics; since 1979), the NRL All Stars Game (rugby league; since 2010), the Townsville 400 (motorsport; since 2009), the Quicksilver Pro and Roxy Pro (surfing) and Australian PGA Championship (golf; since 2000).
The official state emblems of Queensland are prescribed in the Emblems of Queensland Act 2005.
Queen Victoria granted the Queensland Coat of Arms to the Colony of Queensland in 1893, making it the oldest State Arms in Australia.[120] It depicts Queensland's primary industries in the 19th century with a sheaf of wheat, the heads of a bull and a ram, and a column of gold rising from a heap of quartz. Two stalks of sugar cane which surround the state badge at the top, and below is Queensland's state motto, Audax at Fidelis, which means "Bold but Faithful". In 1977, Queen Elizabeth II granted the supporting animals, the brolga and the red deer.[120][121]
In November 2003 maroon was officially named Queensland's state colour, after many years of association with Queensland sporting teams.
The koala was officially named the animal or faunal, emblem of Queensland in 1971 after a newspaper poll showed strong public support. The Queensland Government introduced the poll due to a proposal by state tourism ministers for all states to adopt a faunal emblem.[120] In January 1986, the brolga was announced as the official bird emblem of Queensland, after many years on the Coat of Arms.[121]
The Cooktown orchid became known as Queensland's floral emblem in 1959, during celebrations to mark the state's centenary,[122][123] and the Barrier Reef Anemone Fish was officially named as Queensland's aquatic emblem in March 2005.[124]
The sapphire was named the official state gem for Queensland in August 1985.[125][126]
Queensland is served by several National Highways and, particularly in South East Queensland, a network of freeways such as the M1. The Department of Transport & Main Roads oversees the development and operation of main roads and public transport, including taxis and local aviation.
Principal rail services are provided by Queensland Rail, predominantly between the major centres east of the Great Dividing Range. Freight rail services in Queensland have been provided mostly by Aurizon and Pacific National, with interstate intermodal services provided by Pacific National and SCT Logistics. Major seaports include the Port of Brisbane, Australia's third busiest by value of goods, as well as those at Gladstone, Townsville, and Bundaberg. There are large coal export facilities at Hay Point, Gladstone, and Abbot Point. Major sugar export facilities are located at Lucinda and Mackay.
Brisbane Airport is the main international and domestic gateway serving the state, and is the third busiest in Australia. Other international airports include the Gold Coast Airport, Cairns International Airport, and Townsville Airport. Regional airports with scheduled domestic flights include Toowoomba Wellcamp Airport, Great Barrier Reef Airport, Hervey Bay Airport, Bundaberg Airport, Mackay Airport, Mount Isa Airport, Proserpine / Whitsunday Coast Airport, Rockhampton Airport, and Sunshine Coast Airport.
South East Queensland has an integrated public transport system operated by Translink, which provides services bus, rail, light rail and Brisbane's ferry services through Queensland Rail and contracted operators. The region is divided into seven Fare zones radiating outwards from the Brisbane central business district, which is the central hub for the system. The Queensland Rail City network consists of 152 train stations along 13 suburban rail lines and across the region, and predominantly within Brisbane's metropolitan area. There is also a large bus network including Brisbane's large dedicated bus rapid transit network, the Brisbane busway network. Brisbane's popular ferry services include the CityCat, Cross River, and CityHopper services which have dedicated wharves along the Brisbane River. The G:link, Queensland's only light rail network, operates on the Gold Coast.[127]
The new Queensland Cross River Rail is a metro network that is currently under development within Brisbane and is part of the crucial infrastructure project to prepare the city for the 2032 Olympic games. It will be a transformative addition to the state's transportation infrastructure, set to revolutionise the way people move within Brisbane and its surrounding areas. Operating as a crucial link between the north and south sides of the city, the Cross River Rail introduces an innovative approach to urban mobility. It features state-of-the-art electric trains running on dedicated tracks, providing fast, efficient, and sustainable transit options for commuters. With improved connectivity, reduced congestion, and enhanced accessibility, this rail project aims to enhance the overall quality of life for residents and visitors alike, contributing significantly to Queensland's continued development and growth.[128]
Queensland Health operates and administers the state's public health system. There are sixteen regional Health and Hospital Services corresponding to geographical regions which are responsible for delivering public health services within their regions. Major public hospitals include the Royal Brisbane and Women's Hospital, Princess Alexandra Hospital, the Mater Hospital, the Queen Elizabeth II Jubilee Hospital, and the Queensland Children's Hospital in Brisbane, as well as the Townsville University Hospital, Cairns Hospital, Gold Coast Hospital and Gold Coast University Hospital in the regional cities. There are smaller public hospitals, as well as private hospitals, around the state.
Real estate agents and real estate brokers are people who represent sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients.[1] Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions.
A real estate broker typically receives a real estate commission for successfully completing a sale. Across the U.S, this commission can generally range between 5-6% of the property's sale price for a full-service broker but this percentage varies by state and even region.[2]
In most jurisdictions in the United States, a person must have a license to perform licensed activities, and these activities are defined within the statutes of each state. The main feature of the requirement for having a license to perform those activities is the work done "for compensation". Hence, hypothetically, if a person wants to help a friend out in either selling or buying a property, and no compensation of any kind is expected in return, then a license is not needed to perform all the work. However, since most people would expect to be compensated for their efforts and skills, a license would be required by law before a person may receive remuneration for services rendered as a real estate broker or agent. Unlicensed activity is illegal and the state real estate commission has the authority to fine people who are acting as real estate licensees, but buyers and sellers acting as principals in the sale or purchase of real estate are usually not required to be licensed. It is important to note that in some states, lawyers handle real estate sales for compensation without being licensed as brokers or agents. However, even lawyers can only perform real estate activities that are incidental to their original work as a lawyer. It cannot be the case that a lawyer can become a seller's selling agent if that is all the service that is being requested by the client. Lawyers would still need to be licensed as a broker if they wish to perform licensed activities. Nevertheless, lawyers do get a break in the minimum education requirements (for example, 90 hours in Illinois).[3]
Some other states have recently eliminated the salesperson's license, instead, all licensees in those states automatically earn their broker's license.
The term "agent" is not to be confused with salesperson or broker. An agent is simply a licensee that has entered into an agency relationship with a client. A broker can also be an agent for a client. It is commonly the firm that has the actual legal relationship with the client through one of their sales staff, be they salespersons or brokers.
In all states, the real estate licensee must disclose to prospective buyers and sellers the nature of their relationship [4]
Some U.S. state real estate commissions – notably Florida's[5] after 1992 (and extended in 2003) and Colorado's[6] after 1994 (with changes in 2003) created the option of having no agency or fiduciary relationship between brokers and sellers or buyers.
As noted by the South Broward Board of Realtors, Inc. in a letter to State of Florida legislative committees:
"The Transaction Broker crafts a transaction by bringing a willing buyer and a willing seller together and provides the legal documentation of the details of the legal agreement between the same. The Transaction Broker is not a fiduciary of any party, but must abide by the law as well as professional and ethical standards." (such as NAR Code of Ethics).
The result was that, in 2003, Florida created a system where the default brokerage relationship had "all licensees ... operating as transaction brokers, unless a single agent or no brokerage relationship is established, in writing, with the customer"[7][8] and the statute required written disclosure of the transaction brokerage relationship to the buyer or seller customer only through July 1, 2008.
In the case of both Florida[8] and Colorado,[6] dual agency and sub-agency (where both listing and selling agents represent the seller) no longer exist.
Other brokers and agents may focus on representing buyers or tenants in a real estate transaction. However, licensing as a broker or salesperson authorizes the licensee to legally represent parties on either side of a transaction and providing the necessary documentation for the legal transfer of real property. This business decision is for the licensee to decide. They are fines for people acting as real estate agents when not licensed by the state.
In the United Kingdom, an estate agent is a person or business entity whose business is to market real estate on behalf of clients. There are significant differences between the actions, powers, obligations, and liabilities of brokers and estate agents in each country, as different countries take markedly different approaches to the marketing and selling of real property.
Before the Multiple Listing Service (MLS) was introduced in 1967, when brokers (and their licensees) only represented sellers by providing a service to provide legal documentation on the transfer real property, the term "real estate salesperson" may have been more appropriate than it is today, given the various ways that brokers and licensees now help buyers through the legal process of transferring real property. Legally, however, the term "salesperson" is still used in many states to describe a real estate licensee.[citation needed]
After gaining some years of experience in real estate sales, a salesperson may decide to become licensed as a real estate broker (or Principal/qualifying broker) in order to own, manage, or operate their own brokerage. In addition, some states allow college graduates to apply for a broker's license without years of experience. College graduates fall into this category once they have completed the state-required courses as well. California allows licensed attorneys to become brokers upon passing the broker exam without having to take the requisite courses required of an agent. Commonly more coursework and a broker's state exam on real estate law must be passed. Upon obtaining a broker's license, a real estate agent may continue to work for another broker in a similar capacity as before (often referred to as a broker associate or associate broker) or take charge of their own brokerage and hire other salespersons (or broker licensees). Becoming a branch office manager may or may not require a broker's license. Some states allow licensed attorneys to become real estate brokers without taking any exam. In some states, there are no "salespeople" as all licensees are brokers.[9]
Real Estate Services are also called trading services [10]
Flat-fee real estate agents charge a seller of a property a flat fee, $500 for example,[11] as opposed to a traditional or full-service real estate agent who charges a percentage of the sale price. In exchange, the seller's property will appear in the multiple listing service (MLS), but the seller will represent him or herself when showing the property and negotiating a sales price.[11] The result is the seller pays less commission overall (roughly half) when the property sells.[11] This is because a seller will pay a percentage of the sales price to a buyer's agent but not have to pay a percentage to a seller's agent (because there isn't one; the seller is representing himself).
In consideration of the brokerage successfully finding a buyer for the property, a broker anticipates receiving a commission for the services the brokerage has provided. Usually, the payment of a commission to the brokerage is contingent upon finding a buyer for the real estate, the successful negotiation of a purchase contract between the buyer and seller, or the settlement of the transaction and the exchange of money between buyer and seller. Under common law, a real estate broker is eligible to receive their commission, regardless of whether the sale actually takes place, once they secure a buyer who is ready, willing, and able to purchase the dwelling.[12]
Economist Steven D. Levitt famously argued in his 2005 book Freakonomics that real estate brokers have an inherent conflict of interest with the sellers they represent because their commission gives them more motivation to sell quickly than to sell at a higher price. Levitt supported his argument with a study finding brokers tend to put their own houses on the market for longer and receive higher prices for them compared to when working for their clients. He concluded that broker commissions will reduce in future.[13] A 2008 study by other economists found that when comparing brokerage without listing services, brokerage significantly reduced the average sale price.[14]
Real estate brokers who work with lenders can not receive any compensation from the lender for referring a residential client to a specific lender. To do so would be a violation of a United States federal law known as the Real Estate Settlement Procedures Act (RESPA). RESPA ensures that buyers and sellers are given adequate notice of the Real Estate settlement process.[15]
In the United States, the term realtor is trademarked by the National Association of Realtors, which uses it to refer to its active members, who may be real estate agents or brokers.[16][17][18] In Canada, the trademark is used by members of the Canadian Real Estate Association.[19] Both organizations advise against the use of realtor as a generic synonym for real estate agent.[19]
States issue licenses for an annual or multi-year period and require real estate agents and brokers to complete continuing education prior to renewing their licenses. For example, California licensees must complete 45 hours of continuing education every 4 years in topics such as agency, trust fund handling, consumer protection, fair housing, ethics, and risk management.[20]
Several notable groups exist to promote the real estate industry and to assist professionals.
I had the pleasure of working with Jac as my buyer's agent, and I couldn't be happier with the experience. From start to finish, she was incredibly helpful, always available to answer questions and provide guidance. Her professionalism, responsibility, and attention to detail made the entire process smooth and stress-free. Beyond that, her friendly and approachable demeanor made it easy to trust her throughout every step. I highly recommend Jac to anyone looking for a knowledgeable and dedicated buyer's agent. I'm truly grateful for her exceptional service!
My brother and I recently had the pleasure of working with Savvy Fox to secure a property, and I can confidently say we wouldn’t have been able to do it without Jac’s help. From start to finish, she was incredibly dedicated and proactive. We were super picky, but she really understood what we were looking for and went above and beyond to accommodate us. Highly recommend her to anyone looking for a buyer’s agent who truly goes the extra mile!
My partner and I engaged Jacqueline from Savvy Fox Buyers Agents to find a very specific property: a walk-up, brick-style unit in Surfers Paradise or Chevron Island. She not only delivered on time, within scope, and on budget but also exceeded our expectations with her professionalism and attention to detail. Being overseas during the process, we expected challenges, but Jacqueline made everything incredibly easy and stress-free. Her expertise and clear communication guided us seamlessly through every step. I can’t recommend Jacqueline highly enough and will absolutely engage her for future purchases. Thank you, Jacqueline, for such an outstanding experience!