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The Queensland government’s decision has been heralded as a step in the right direction for aiding the state’s housing crisis.
As previously reported by REB, a string of legislative reforms announced by the Queensland government last week resulted in changes to the state’s strata reforms, thereby reducing the unanimous termination threshold for financially viable strata schemes to 75 per cent of relevant lot owners where the body corporate has agreed it is more financially viable for the owners to terminate rather than maintain or remediate the scheme.
Under the reforms, lone apartment owners will be unable to obstruct the majority of owners from redeveloping an ageing and financially unviable apartment building into a newer, safer, and fit-for-purpose residency able to accommodate more Queenslanders in high amenity areas.
These reforms have been subsequently welcomed by the Property Council of Australia (PCA), which stated it has been advocating for such amendments for nearly a decade.
“The Property Council has championed this reform since 2016 and congratulates the state government on the urgent and immediate series of actions they are undertaking to resolve the housing crisis,” Queensland deputy executive director of the Property Council, Jess Caire, said.
She explained how many parts of the state would benefit from the reforms.
“In Queensland, in particular areas like the Gold Coast, there are countless unit blocks that are in dire need of redevelopment, they are small, underutilised, and some are beyond repair, posing safety issues for the residents,” she said.
Legislative changes can now facilitate a vast majority of residents wrapping up their strata schemes and “unlock[ing] the capital from their unit and access safe, fit-for-purpose housing”.
In Ms Caire’s estimation, “this will do much to address the current housing crisis and will facilitate urban infill and ensure sites are utilised to their full potential”.
“This is really 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,” she said.
The state’s momentous housing summit birthed a review of the unanimous termination threshold, with the legislative amendments bringing the Sunshine State into line with the NSW government, which itself reduced its strata termination thresholds to 75 per cent back in 2015, a shift that ultimately created a simultaneous increase in supply and ensured safeguards remained for consumers.
Ms Caire concluded, “other key actions arising out of the summit include investigating ways to progress build-to-rent as a way of diversifying Queensland’s current housing mix.”
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