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Hello,
Been looking for a while for an apartment in Sydney’s east.
We’ve finally located the perfect place for us, only to find a big potential hitch when we read the strata report.
A number of the owners have got together and submitted a formal proposal for a collective sale.
The strata committee has “opted in” to the process and formed a strata renewal committee to investigate further. (So they are up to #3 in the process, as outlined at the Fair Trading web site: https://www.fairtrading.nsw.gov.au/housing-and-property/strata-and-community-living/strata-schemes/collective-sale-and-renewal)
We are wondering if it would be wise/unwise to buy into a building when this process is underway, but as yet undecided.
The real estate agent is hard-selling us on the potential of a “huge” windfall if the collective sale goes ahead, but we would probably lose at least some of this – because we would not be able to live in the apartment straight away. It has tenants in place until May net year, so I guess if there was an eventual sale, we would lose some of that in capital gains tax.
Anyway . . . it’s all sounding a bit too complicated for us, but I would certainly welcome your thoughts. I am sure there are people here who know far more about this than me!
Cheers.