Property laws around purchasing and regulation are undergoing an overhaul in Queensland, according to attorney general Jarrod Bleijie. However, investors can have their say first.
A review of current property laws in the state to create a more streamlined approach to buying, selling and managing property was announced by Mr Bleijie yesterday at the annual Living in Strata Body Corporate Trade Show on the Gold Coast.
Mr Bleijie said that property and construction industries have long been under a burden of “unnecessary regulation”.
“We are determined to change this by getting body corporate policy settings right and getting rid of red tape,” said Mr Bleijie, explaining that the review would help to unlock activity in these vital areas.
The Newman government’s review, in partnership with the Queensland University of Technology, will be independent and broad ranging, he noted, and “will be headed by highly-respected and experienced property law experts, Professor Bill Duncan, Professor Sharon Christensen and Dr Bill Dixon”.
This comes as a number of other changes have been made over the past year, including the removal of the requirement to provide sustainability declarations and the completion of a review of the Property Agents and Motor Dealers Act.
“Recently, we amended the BCCM Act by scrapping the requirement to provide a copy of a CMS with the purchase of a home, saving numerous pages in contract preparation,” he said.
Queensland investors will have the ability to comment prior to the finalising of the review, to help shape the changes.
The review will be concerning legislation in the Property Law Act 1974, Land Sales Act 1984 and the Body Corporate and Community Management Act 1997.
The first two issue papers based on seller disclosure requirements and body corporate lot entitlements will be released in early 2014.
Information pending submissions will be available on the Queensland government website.