Property Law Review submission
The Property Council has again put forward the case for strata reform in Queensland, this time through a submission to the Queensland Government in response to the independent Property Law Review’s recommendations on body corporate governance issues.
In responding to the 29 recommendations put forward to the Government by the Property Law Review, undertaken by QUT, the Property Council outlined the need for a reasonable and balanced consent threshold for the termination of a strata scheme.
The Property Council supports the prescribed procedure for scheme termination that QUT has recommended be included in the Body Corporate and Community Management Act 1997. This includes a lowering of the consent threshold to 75% support to terminate a scheme when an ‘economic reason’ has been established.
A similar approach was also recommended by Griffith University, who were commissioned by the Property Council last year to produce its own report into Queensland’s strata laws.
Current requirements to achieve the unanimous consent of all lot owners to terminate a community title scheme places significant financial and safety risks on lot owners and is not compatible with a fair and equitable legislative framework.