From the CEO: 15th November 2023
Yesterday, the Queensland Government passed the Body Corporate and Community Management and Other Legislation Amendment Bill 2023 that makes changes to several acts regulating community titles schemes in Queensland. The passage of these laws will affect the termination of community titles schemes, second-hand smoke in community titles schemes, the keeping or bringing of animals on a lot or on common property, and the body corporate towing of vehicles. Changes have also been made to the Land Sales Act 1984 (Qld) impacting the operation of sunset clauses in off-the-plan land sale contracts. You can read a full summary of the changes and their impacts here.
The REIQ believes the housing challenges facing Queenslanders are as serious today as there were before the landmark Queensland Housing Summit staged a year ago. There are not enough new dwelling approvals, social housing remains static, the Housing Investment Fund has not built a single house and the rate of prefabricated housing being delivered has fallen short, among other issues. Avenues to support private investors, as the primary housing engine behind buying, building, renovating, and housing the state’s tenants, have been ignored. You can read more about our concerns and suggestions for solutions here.
Last week’s interest rate rise will be begrudgingly weathered by most mortgagees as savings buffers rebuild and purse strings are strained towards Christmas. While mortgaged households have largely adjusted their budgets to accommodate the fastest rising interest rates in a generation, the REIQ is concerned home ownership may be slipping further out of reach for first home buyers and new housing supply is struggling to get off the ground. We’ve noted first home buyer activity has dropped and building approvals are down. Find out more about the impact of interest rate hikes here.
Our partners at Carter Newell Lawyers have penned a must-read article about the use of electronic signatures in agencies. While the use of electronic signatures might seem to be fairly straightforward, the use of them brings a number of risks. These can include legal challenges regarding validity of documents, security infringements and identity theft issues. You can refresh yourself on the legislative requirements and receive best practice recommendations on the use of electronic signatures here.
Read more from Antonia Mercorella: From the CEO: 1st November 2023.
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