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Has the 75% proposed change become law in NSW?
My daughter owns a one-bedroom unit, one of 8, where because the strata managers have been very lax the place is in need of some costly repairs.
She has been living and working o/s for the past 7 years and when she is here she urges the managers to get work done – to little or no avail. Last time she was here in Sydney she spoke to some owners about themselves organising repairs and they were in agreement, also in agreement as to the lack of support by the strata managers.
Now she finds that a developer has approached the other owners, who want to sell to the developer because the cost of the required renovation/repairs is so high. Can she be forced to sell?
She will lose a lot of money for CGT, not having lived in the property herself for a several years, and after payment of that tax she will not have enough left to be able to get back into the Sydney market, in any suburb let alone this one. She wants to return to live here in a couple of years.
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