More Apartment owners could be forced to sell properties under proposed strata law shakeup

Discussion in 'Property Management' started by JacM, 25th Jan, 2016.

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  1. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    JacM, 25th Jan, 2016
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  2. EN710

    EN710 Well-Known Member

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    On the upside, it can revamp the look of very old apartments, making the street better. I think the rules need to be made carefully to prevent developer from exploiting unit owners though.

    My street would have at least 3 new looking apartment complex coming up. The other side of the street is old apartments. Some revamp will make the street look more balanced
     
    EN710, 25th Jan, 2016
    #2
  3. wogitalia

    wogitalia Well-Known Member

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    I do agree with the point in the article that there should be rules in place to ensure that they have to increase the density of the building if they wish to use that rule. No point kicking people out of homes if you're not improving density, imo.
     
    wogitalia, 25th Jan, 2016
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  4. Russ

    Russ Well-Known Member

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    This article nicely summarises the key points of the UNSW paper, which makes a pretty plausible argument that the good intentions (renewal of ageing stock needing replacement) aren't so likely to come to fruition, but the downside risks (displacement of dissenting owners at 75% is a low threshhold compared to other jurisdictions) are very real.

    'Poor Sydney' to miss out on urban renewal
     
    Russ, 25th Jan, 2016
    #4