Unit buy back bill sees frightening unintended consequences

By Noel Whittaker
Updated December 13 2018 - 10:45am, first published 9:00am
ISSUE: If this bill passes into legislation things will change from next May - no longer will it be just the owner’s problem if a unit is hard to sell — it will now be every owner’s problem.
ISSUE: If this bill passes into legislation things will change from next May - no longer will it be just the owner’s problem if a unit is hard to sell — it will now be every owner’s problem.

In a move that could spell the death of many strata-title retirement villages in Queensland, a bill was submitted to the Queensland Parliament last month that would require operators of strata-title villages to “buy back” unsold units after 18 months. While it’s called a “buy-back”, many operators of strata-title villages never owned the units in the first place, so it would be more of a “compulsory acquisition”.

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