Did You Know?
There are approximately 355,000 community title lots in 37,880 bodies corporate in Queensland.
The value of strata titled property in Queensland is larger than $100 billion.
Approximately $355 million in body corporate levies are collected each year.
There is upwards of 93 different State and Commonwealth legislative requirements that effect Community Title Schemes in Queensland.
Getting advice from a general practitioner solicitor is not the same as getting advice from a solicitor that specialises in body corporate law. We can recommend to our bodies corporate a respected and knowledgeable body corporate lawyer to assist with legal advice.
What is a Body Corporate?
A Body Corporate (Strata Entity in Western Australia) is a legal entity which arranges and conducts the affairs of a unit or town house complex using Body Corporate fees paid by individual owners. The solicitor for the builder/developer submits documents to the Department of Natural Resources for registration of the Body Corporate, which is how it is initially formed.
Body Corporates were developed to manage the costs associated with operating a large complex of units, which were associated with the whole block rather than an individual unit. The costs are borne by the landlord of which there are many in a large complex. To this end, they were developed to manage the sharing of these costs and oversee the overall management of the complex, with legislation governing their conduct and operation.
QLD Model to be used in Dubai!
Queensland is the most regulated state for Body Corporate Management. This does make it difficult for out of state investors to sometimes navigate the challenges of the difference in legislation, which is an area Club Body Corporate pride themselves on.
Did you know that the Queensland model of Body Corporate Management is so highly regarded it is being adopted to manage the world class mixed use developments in Dubai and the UAE? Because Club Body Corporate meets this high standard we emulate this in all states and through our investor educational series, not just in Queensland.
Did you know that over 85% of all the stock sold through The Investors Club in the last 12 months were strata titled?
The predicted population of South East Queensland (SEQ) by 2031 is over 4 million. Around 735,000 additional dwellings will be required to accommodate for this growth. This, combined with a land shortage, will mean that developers and builders will need to look at medium to high density living.
As the population increases and property prices rise, combined with people wanting to be closer to the cities, our living spaces are becoming smaller and smaller, however the downside is many people are not used to living in a Strata Titled complex and having neighbours not only on each side but also upstairs, downstairs and in some cases directly behind them. Others are used to being able to do what they like when they like. And others thought that having federal law and council laws was bad enough - and now they have By Laws that they have to adhere to?!
In most cases the 3 to 7 Committee members are the ones who end up making most of the decisions for the Body Corporate, but these are just volunteers who own lots in the Scheme and many work full-time. They are not Body Corporate experts, nor have the time or desire to read the appropriate Acts, Regulations and Modules but yet it is them who have the responsibility of ensuring that their Scheme complies, so a Body Corporate Manager is appointed.