Property Law Review Submission
The Property Council has provided a submission to the independent property law review being undertaken by the Commercial and Property Law Research Centre of the Queensland University of Technology (QUT).
In responding to the latest discussion paper on procedural issues under the Body Corporate and Community Management Act 1997, the Property Council recommended the adoption of a 75 per cent majority threshold for the termination of strata title schemes in Queensland, similar to the recent reforms adopted in NSW.
The current need to achieve unanimous consent from all lot holders to terminate a scheme places significant financial and safety risks on lot owners and is not compatible with a fair and equitable legislative framework.
It is imperative that Queensland keeps pace with the strata reform occurring in other jurisdictions.
Through the adoption of 21st century property laws, Queensland stands to significantly benefit from the economic opportunity of reactivating our older building stock.
The Property Council’s submission to the discussion paper can be viewed below.
The Queensland Government has committed to consider the recommendations made by the ongoing QUT review.