Qld stops lone wolf unit owners from holding buildings hostage
Rebel lone wolf apartment owners will no longer be able to hold the rest of their building hostage if they oppose plans for redevelopment, demolition or sale in Queensland.
The Qld government on Thursday announced the unanimous termination threshold for financially unviable strata schemes will be lowered to 75 per cent to allow redevelopment of ageing buildings.
The move was welcomed by the Property Council, which has been lobbying for the change for seven years, to bring the state in line with NSW where the change has been in place since 2015.
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Property Council Qld deputy executive director Jess Caire said the reforms were an essential step in solving the state’s ongoing housing crisis.
“In Queensland, in particular areas like the Gold Coast there are countless unit blocks that are in dire need of redevelopment, they are small, under-utilised and some are beyond repair, posing safety issues for the residents,” she said.
“These reforms will mean that the vast majority will now be able to wrap up their strata schemes and unlock the capital from their unit and access safe, fit-for- purpose housing.”
A Property Council statement said the reform meant “a lone apartment owner will no longer be able to obstruct the majority of owners from redeveloping an ageing and financially unviable apartment complex into a newer, safer, fit-for-purpose development that can accommodate more Queenslanders in high amenity areas”.
The review of the termination threshold was one of the measures promised by the Palaszczuk Government after the Qld Housing Summit in October.
“This will do much to address the current housing crisis and will facilitate urban infill and ensure sites are utilised to their full potential,” Ms Caire said.
“This really is a step in the right direction for Queensland as we strive to resolve the current housing crisis and the Property Council looks forward to working with Government to continue to build on the significant momentum generated since the landmark October housing summit.”