Strata reform welcome step in boosting housing supply

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Strata reform welcome step in boosting housing supply

The Property Council has welcomed today’s introduction of legislation that would reduce the current termination threshold for financially unviable strata schemes in Queensland from unanimous owner agreement, to 75 per cent owner agreement.

The announcement follows years of advocacy from the Property Council and brings Queensland in line with other jurisdictions nationally and internationally.

Queensland Executive Director of the Property Council Jen Williams said reducing the current unanimous threshold is an important step towards removing barriers to the redevelopment of older apartment buildings and delivering increased housing supply in locations well-serviced by infrastructure.

“Given the drastic undersupply of housing and the pace of growth in Queensland, reforms such as these are urgently needed to unlock development in our urban core,” explained Ms Williams.

“In Queensland, and particularly in areas like the Gold Coast where there is a high proportion of apartments, there are countless existing and future unit owners who would benefit from these reforms.

“Many of the older unit blocks on the Gold Coast include only a small number of apartments yet are situated on large parcels of land. Most are located adjacent to major transport infrastructure and are surrounded by high density developments.

“Importantly too, given the age of these apartments, many are beyond repair, posing safety issues for the residents.

“These reforms will mean that by a 75 per cent majority vote, owners seeking to terminate a strata scheme will no longer be held captive by a single ‘hold out’, who may be seeking a higher sale price.

“These sensible reforms will go a long way in achieving the housing targets articulated in the draft South East Queensland Regional Plan, and ensure new homes are being delivered in close proximity to existing infrastructure and amenity.

“Progressing this legislation is an important outcome from the landmark Housing Summit last October, and the Property Council congratulates the Queensland Government for moving forward with this reform,” Ms Williams said.

ENDS