API Online

December 14, 2015

You can sell or redevelop a strata building in NSW even if some owners don’t agree


Proposed new strata legislation will make it possible for developers to access older strata buildings even where some lot owners are opposed.

BY DAVID BANNERMAN

Currently, such opposition is usually fatal to such a project. The new legislation may change that, where 75 per cent approval of lot owners can be achieved. We’re already seeing developers pursuing this, purchasing lots and engaging in negotiations with lot owners in buildings identified as suitable for such projects.

Read more →

December 8, 2015

Renovating strata units – new laws, new opportunities


Owners of investment properties will, from time to time, carry out renovations. In fact, an investment property owner may even have acquired the property with a view to carrying out renovations and making a gain on sale of the property. At the least, an investment property owner will want to maintain the condition of the property to comply with obligations under tenancy laws and to maximise the rental value of the property.

BY DAVID BANNERMAN

Where the investment property is a strata unit, renovations can be complicated. Apart from the potential need for council approval, it may be necessary to obtain the approval of the owners corporation for the strata scheme. Even if approval is not required, there may still be restrictions and/or notice requirements.

Read more →

May 22, 2010

How will NSW’s new property tax affect investors?


Property industry groups have slammed the New South Wales Government’s decision to introduce a new tax on property transactions, but what impact will it really have on the market?

BY MATTHEW LIDDY

In the shadow of the Federal Budget last week, the NSW Government announced it was introducing a new transaction charge of 0.2 per cent for properties valued at $500,000 and above, or 0.25 per cent above $1 million. The decision to introduce what’s become known as the ‘ad valorem’ levy (ad valorem is Latin for ‘according to value’) brought a furious response from the property industry.

Read more →

Subscribe to API eNewsletter

X