The Property Council has welcomed today's announcement by the State Government to reduce the unanimous termination threshold for financially unviable strata schemes to 75 per cent.
The announcement follows years of advocacy from the Property Council who have championed these reforms as an essential step in solving the State's ongoing housing crisis.
Queensland Deputy Executive Director of the Property Council, Jess Caire, said the reforms reducing the thresholds are a welcome step and will assist in facilitating the redevelopment of old apartment buildings.
"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," Ms Caire said.
"In Queensland, in particular areas like the Gold Coast there are countless unit blocks that are in dire need of redevelopment, they are small, underutilized and some are beyond repair, posing safety issues for the residents.
"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.
"This will do much to address the current housing crisis and will facilitate urban infill and ensure sites are utilized to their full potential.
"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.
"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," Ms Caire said.
This reform will mean 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.
A review of the unanimous termination threshold was a commitment from the Outcomes Report tabled after the landmark housing Summit held in October and will see Queensland in step with NSW who reduced their own strata termination thresholds to 75 per cent in 2015, resulting in increased supply whilst ensuring safeguards remain for consumers.
