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As units represent an increasing number of development approvals in Queensland, investors have been urged to ensure inefficient building management is not damaging their ability to capitalise on market growth.
A Queensland-based strata management company is using a series of workshops next week to highlight the value-related risks unit investors are exposed to.
Archers: The Strata Professionals are holding the workshops, led by ‘industry experts’, in an attempt to instruct owners and investors on how to avoid common strata development pitfalls.
According to Archers director Andrew Staehr, some of the most common risks to strata property values in Queensland – due to the state's vulnerability to severe weather, such as cyclones – are insurance-related expenses.
“Insurance is a huge expense for bodies corporate so it’s important to ensure your building has the most effective policy and is not over- or under-insured – this is more common than many people think but it’s quite simple to fix,” he said.
Mr Staehr believes that maintaining efficient building management helps retain the value both of new and existing developments.
“As community living becomes more appealing, buyers are seeking properties that will give them maximum value and return with an eye to the long term. In new buildings this means location and facilities, but in existing buildings it means an efficient body corporate and cooperation from all unit owners,” Mr Staehr said.
According to the company, units currently make up more than 47 per cent of property approvals in Queensland, a trend Mr Staehr expects to continue.
“Research indicates that low interest rates are continuing to drive investors into the apartment market and it’s clear the trend towards community living is here to stay,” he said.