Most strata schemes i have lived in have approx 75% of owners living offsite as landlords. A forced sale hits an on site owner in a completely different way. e.g. The live-on-site owner has no tax deductions and has most likely taken possession of the property planning to only pay stamp duty, legal fees, real estate fees once.
The person standing next to you at a meeting is most likely viewing the sale of their property as not very different to simply buying or selling shares. ( Of which I have 30 years exp ).
The live-on-site owner has most likely initially spent a long time and a lot of hard work to buy their
own home (unit) and organized their super so that hopefully they are not a financial burden to anybody.
I have spoken with a lot of unit owners and they seem indifferent to the fact that this new legislation may be viewed as actually reducing your right to own your property. What’s next – houses?
I understand that nothing in life is secure, however I do think people need a goal to work for that has some kind of sensible percentage of security attached to it. Isn’t that why you get out of bed in the morning?
Will this new law affect how the mortgage lenders view your property? Will there be a whole bunch of real estate investors who actually walk away from long term real estate investments because the
concept of it over the long term has been destabilized.
What if you are the unwilling victim of the 75% meeting vote and are settling into your new unit, half the size of your last one, in a 9 floor block, and then are informed that the local council has just happened to have rezoned your new building as 25 floors above ground. Here come the developers again.