Australia’s leading property body has welcomed certainty around body corporate fees following the passing of legislation in the Queensland Parliament on Wednesday, 6 April 2011.
Queensland Executive Director of the Property Council of Australia Kathy Mac Dermott said the Queensland Government had provided certainty around body corporate fees by introducing a new lot entitlements system.
“The legislation delivers clarity and equity.
“Retrospective changes to the user-pays system following a successful 2004 court challenge had disastrous consequences for pensioners and low income earners who faced much higher levies and a significant enormous loss in the value of their unit, due to the imposition of those higher levies.
“At the same time developers were unable to incorporate a mix of affordable and high-end apartments in the same scheme.
“The legislative changes to the Body Corporate Community Management Act will provide a good outcome for the Queensland property industry and unit owners alike. It will enable developers to include affordable housing product in their project schemes, and a fairer system for fees and levies.
Unit owners who have previously been prejudiced through so called “penthouse owners” achieving levy reductions as a result of the 2004 court challenge will be able to return to the cost sharing arrangements which were disclosed to all unit owners when they purchased their lots.
“The Property Council thanks Deputy Premier Paul Lucas and former Minister Peter Lawlor for addressing this situation and for ensuring that we now have greater certainty.
“This legislative initiative delivers certainty and transparency for the property industry, which will help restore investor confidence.”