Queensland election to confuse strata reform
According to one expert, the upcoming election in Queensland will not make things clear for investors with properties in a strata who are waiting for a reform of the 20-year-old Body Corporate and Community Management Act.
Archers The Strata Professionals director Andrew Staehr said that reports estimate half of the state’s population is expected to be living in apartments, units or town houses by 2030.
He said that with strata living becoming the preferred residential choice for Queenslanders, and given that a review of the act had been underway for the past four years already, strata owners should encourage prioritisation of body corporate law reform.
“Because we are seeing the long-term capital gains on strata properties increasing at the same rate as houses, investors are paying more attention to apartments,” Mr Staehr said.
Mr Staehr added that completion of the 2013 Property Law Review was overdue.
He also said that reforms needed to protect strata owners’ investments to build stronger strata communities.
“We know strata owners would like to see which of the Queensland political parties is more committed to supporting legislative reform in this sector,” Mr Staehr said.
The final 64 recommendations for body corporate law reform, put forward by the Queensland University of Technology, highlighted areas in dire need of change.
Mr Staehr said that some reforms could see a modernised administrative process, allowing strata title holders to be present electronically as well as enabling these communities to better self-govern.
The director said: “While there are some recommendations that are particularly contentious — such as the ability to adjust lot entitlements or be able to force the sale of strata properties for economic reasons — whoever is in government after the election may decide to address some recommendations but not others.
“More and more strata professionals want major political parties to ensure [that] body corporate law reform is squarely in the spotlight.
“As this is the last election before fixed four-year parliamentary terms take effect, we want to see change that betters the strata industry for everyone.”
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