Strata industry to hit $100 billion under 30 year plan
The Queensland strata and community title sector – already representing Queensland property with a replacement cost of $80 billion – says the state government’s 30 year plan will see strata in Queensland grow to $100 billion plus over the next decade.
But the sector says it’s now more vital than ever to keep the “cowboys” out of the sector throughout Queensland and it wants the state government’s ongoing support.
The recently released Queensland Plan sets a roadmap for the future growth and prosperity of the state and has seen 80,000 Queenslanders contribute to a strategic plan and vision for the next 30 years. The plan includes a range of environmental protection measures including the limiting of outward city development and planning for safe, attractive and environmentally sustainable cities.
Strata Community Australia (Qld), welcomes the plan announcement that “cities will go up not out” and that best practice urban renewal will allow for “better access to transport and services and recreation and entertainment facilities”.
This announcement comes off the back of new statistics released by the Queensland Department of Justice and attorney-general, showing a 2.9 per cent growth in the last quarter for strata title lots across the state. There are now more than 43,000 community titles schemes with 405,000 community titled lots in Queensland.
With The Queensland Plan’s proposal for increased apartment and unit infrastructure within Queensland cities, the strata industry is expected to hit $100 billion in replacement value over the next decade.
“We are very optimistic that the 30 Year Queensland Plan will not only increase the prosperity and growth of urban regions but also solidify the growth of the strata industry into the future” said SCA (Qld) president Simon Barnard. “If planned correctly, higher density living can support better and cheaper public transport, promote greater energy efficiency in buildings, create more opportunities for mixed-tenure housing and engender greater social equality and community interaction”.
“With our members representing more than 70 per cent of the community titled lots in Queensland it will be our job to advocate for the government to support the boom in strata titled properties over the coming years ensuring best practice in the management of these facilities”.
Currently in Queensland there are no formal qualifications required to practice as a body corporate manager, yet these managers are entrusted with bodies’ corporate money and compliance within a complex legislation regime.
As the largest membership body for body corporate managers the attorney-general’s department and body corporate commissioners office rely on SCA (Qld) to bring professionalism and ethics to the industry and the introduction of the new accreditation pathway is helping with “getting the cowboys out of the strata industry”.
“We are looking to eliminate industry issues by introducing the accreditation. It will not only ensure body corporate managers are qualified and capable of managing strata properties but it will also provide the security, reassurance and trust that bodies corporate are looking for”.
