It appears that the laws governing Strata Title dwellings are set to change, after much lobbying by the industry bodies associated with the issues, including the Strata Community Association, the Real Estate Institute of Queensland and the Property Council.
What this will mean for owners, is more flexibility in developing and instituting bylaws, in relation to their own specifications. Communities will be able to tailor their bylaws to suit their needs and preferences.
Examples of amendments under consideration include: allowing a more relaxed stance on smoking areas, pets & Air bnb, or short term letting arrangements.
Administration changes are also set to happen if the new laws are passed. For example: Body Corporate notifications could happen electronically, which would ultimately bring savings to the owners.
There are more than 45,000 community titles schemes with in excess of 467,000 communities titled lots in Queensland. That number is set to rise, with the increase of strata title communities coming online in South East Queensland and more families transitioning to inner city urban living.
Another very important issue for Unit holders in Cairns is the high levels of insurance now required for buildings. The increased premiums are due to several large cyclones that have ravaged the area in the last 10 years causing over $5billion in payouts.
The local Strata Title and business sector have been lobbying the Federal Government to look into insurance levels for the region, which have been of great detriment to business confidence and investment.
The insurance industry however, believes government emphasis should be placed on helping communities adapt to extreme weather conditions, rather than interfering in the industry.
Strata Title communities can try to reduce their insurance costs by seeking exclusions on policies if they don’t consider something a risk. They can examine the amount of excess, which can affect the annual premium payable, as well as mitigate potential future damage, by having regular maintenance and tree lopping management plans in place.
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