Changes are coming that could see unit owners forced to sell their homes against their will if 75 per cent of neighbours in their block agree.
This forced sale proposal is part of a plan to update the Body Corporate and Community Management Act which is the state law governing Queensland apartment blocks and community developments, Domain reports.
Currently the law only allows strata schemes to be terminated if 100 per cent of unit owners agree.
But a review by QUT, commissioned by the Queensland Government, has recommended lowering the threshold to the 75 per cent benchmark in place in New South Wales.
Why would anyone want to turf granny off her recliner if she doesn’t want to go?
The proposed changes would address concerns about older unit blocks which need expensive maintenance. When these unit blocks occupy prime spots, vendors can find themselves financially better off to sell the whole block to a developer.
In some cases in New South Wales vendors have received double the price for their whole block than if they’d sold the units individually.
So the changes would give some more bargaining power to unit owners who are ready to cash in.
Still worried about granny? You have until 5 May 2017 to have your say on the proposed laws.
Ready to upgrade from your daggy old unit? Book a valuation or talk to us about selling.
