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Property law amendments face opposition in NSW

Plans to allow developers to purchase buildings when a majority of owners are in agreement could face significant opposition.

An amendment to the law regarding the sale of apartment towers to developers is likely to receive significant opposition in New South Wales (NSW), it has been claimed.

Australian Property Investor reports NSW shadow minister for fair trading Tania Mihailuk believes plans to allow companies to take over the management and ownership of developments when a majority of those living there are in agreement could be a real sticking point in the coming months.

"Developers who want to buy an entire building would only need the agreement of [the majority] of owners, but everyone else would be forced to sell," Ms Mihailuk commented. "You could lose your home without having any say in the matter."

She added that the present system requires the consent of all owners, but the amendment would see this limit reduced to just 75 per cent.

Her comments follow the recent announcement that six new residential tower blocks are to be built in Brisbane by Metro Property Development at a cost of AU$450 million.

Posted by Steve Douglas

- property, building, law

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