The timeline below summarises relevant legislative and industry changes affecting body corporate stakeholders in #insert state#. It includes helpful links and further reading to help you understand QLD legislative changes.
As part of the 2024 Property Revaluation Program announced by the Valuer-General in September 2023, several local government areas in Queensland will undergo property valuation.
Given the escalating property market, a considerable valuation increase is anticipated. Areas included in this program span South East Queensland, encompassing Gold Coast, Moreton Bay, Redlands, Somerset, and Sunshine Coast. In addition, numerous regional areas such as Banana, Barcoo, Bulloo, Bundaberg, Central Highlands, Cook, Diamantina, Fraser Coast, Goondiwindi, Isaac, Livingstone, Longreach, Torres, Whitsunday, and Winton.
Since the previous valuation, assessors from the State Valuation Service will undertake the appraisal process, including field surveys, desktop assessments, and property sales analysis.
These assessments will mirror land values as of 1 October 2023 and will be formalised by 31 March 2024, with the new valuations taking effect from 30 June 2024.
Upon receipt of this notice, the body corporate must evaluate the justifiability of the increase and consider lodging an objection within 60 days if there’s a disagreement with the new valuations.
These annual land valuation notices play a role in determining potential land tax liabilities under the Land Tax Act 2010 (Qld) and facilitating local government rates. Therefore, body corporates are encouraged to diligently track their new and prior site valuations and raise concerns if significant discrepancies are identified.
Read on to explore essential information to help understand these areas’ upcoming 2024 land valuations.
On 14 November, the Queensland Government passed the Body Corporate and Community Management and Other Legislation Amendment Bill 2023, marking a significant shift in body corporate laws aimed at boosting confidence and protection for residents and buyers. These reforms provide legislative changes safeguarding owners and buyers across several vital areas:
New provisions make terminating an uneconomical or dilapidated community title scheme easier by reducing the unanimous termination requirement from 100% to 75% when the body corporate determines that maintaining or repairing the scheme isn’t economically viable.
Body corporates can now enforce new by-laws to prohibit smoking, including vaping, on common property or outdoor areas such as balconies.
Body corporates are now prevented from creating by-laws that impose a blanket ban on pets within community title schemes.
Clarity and power have been granted to body corporates to enable the timely towing of vehicles from common property.
Under the previous legislation, developers could utilise sunset clauses to terminate an ‘off the plan’ land purchase agreement if the settlement didn’t occur within a defined period. The new laws restrict developers’ ability to invoke these clauses, offering enhanced protection and confidence to prospective buyers.
This reform empowers an adjudicator to sanction alternative insurance for a body corporate when it cannot meet the required level of insurance for specific buildings.
These changes signify a significant stride towards enhancing the living experience in body corporate communities throughout Queensland. Click the link for insights into the Body Corporate and Community Management and Other Legislation Amendment Bill reforms.
We are delighted to announce that BCS Strata Queensland team member’s commitment to industry excellence has been recognised with four nominations and won two prestigious awards at the 2023 Strata Community Association (Qld) Awards for Excellence held on 10 November.
Our distinguished award recipients are as follows:
Our noteworthy finalists who represented PICA Group at the awards with commendable dignity include:
These accolades are a testament to our team’s unwavering dedication and exceptional service to the strata industry and to the BCS Strata.
We extend our heartfelt congratulations to all our winners and finalists for their outstanding achievements. Their recognition rightly showcases our ongoing pursuit of delivering services that enhance the local communities that we manage. Our warmest congratulations go out to all, and we look forward to continued success in our endeavours.
Follow the link below to view our team’s achievements and award wins.
A major legislative milestone has been achieved in Queensland as the new property laws replace The Property Law 1974. Passed in Parliament, this signals a shift in the state’s property sector and offers a more streamlined and modern transaction framework.
The newly enacted laws include introducing a compulsory seller disclosure scheme designed to help home buyers receive all essential property information before deciding on freehold land.
Under the new legislation, it will be obligatory for sellers to provide buyers with a disclosure statement along with any relevant prescribed certificates, such as a body corporate certificate (if applicable).
In addition, the Property Law Bill addresses areas of uncertainty that have cropped up over the years. It introduces updates and improvements to existing property laws, including:
Read more about the new property laws set to replace the Property Law Act 1974 by following the link below.
In a landmark move to tackle housing shortage issues, Australia’s first short-term rental levy was introduced by the Victorian state government, declaring a 7.5% levy from 2025 on all revenue from short-stay accommodation platforms, such as Airbnb.
This move has quickly become the central point of discussion across Australia and could signify a paradigm shift in the management and pricing strategies for short-term rentals. As states consider various approaches to address the housing crisis, the Victorian-style Airbnb tax is emerging as a topic of interest and a potential solution for the housing crisis.
The Queensland government is mulling over mirroring this state-wide levy on short-stay accommodation providers, such as Airbnb and Stayz, to re-examine its short-term rental sector regulations.
Since Airbnb’s Australian launch in 2012, it has only been in recent years that government bodies nationwide have started investigating its impact, along with other similar platforms. The growing scrutiny stems from a shift in use from spare room sharing to professional whole-property management, escalating concerns over housing availability and affordability.
Housing Minister Meaghan Scanlon expressed interest in the Victorian plan and pointed out that Queensland is already implementing several measures included in the plan. However, she described the situation with developers holding over 60,000 approved but not yet marketed lots in south-east Queensland as a “complex issue”. She acknowledged that construction and supply-chain constraints are putting pressure on the development industry and suggested that any interventions must consider the total economic context.
The newly proposed levy and its possible implications will undoubtedly play a significant role in the evolution of the short-term rental landscape in Queensland.