Displaying items by tag: real estate

Strata laws to change

Anyone who has owned an apartment with a dysfunctional body corporate or a difficult co-owner will know how frustrating that can be. New strata laws just introduced by the NSW state government may change all that. It may even create new opportunities for unit owners as well as brighten up some old and dated architecture. 

Previously it required 100% agreement to implement any major changes through a body corporate. It is rare to ever get total agreement with any group of people so renovations or upgrades to apartment blocks were often put in the too-hard basket. Yes, there will be a downside for some elderly owners wishing to see out their days in the unit they have lived in for many days. An ombudsman service will still be available for certain cases.

As a result of a little known “renewal” clause in the imminent strata law changes that came into effect on November 30, it will be much easier for owners to organise to redevelop their buildings themselves, in partnership with a developer or financier, or to allow a developer to completely upgrade their blocks.

“This opens up so many possibilities for apartment owners,” says Sydney apartment owner and businesswoman Catherine Lezer, who is also a director of the independent not-for-profit Strata Community Australia. “It’s about proactively managing the value of your apartment asset. Before, it was difficult to organise and to finance. Now both are possible.”

“We’ve had some apartment owners talking about participating in the development themselves, for instance putting balconies on to their apartments or stripping out their old buildings and just rebuilding on the core,” says Lannock CEO Paul Morton. He has just finished negotiating finance to enable a number of new redevelopment plans to go ahead after November 30. Loans tend to range for $5000 to $5 million over the longest 10-year period.  “We’ve seen a spike in inquiries from apartment owners and strata managers seeking finance for strata renewal projects,” he says. “Their shabby ’70s unit is now a potential gold mine.”

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Bangalow Real Estate

Just 10 minutes inland from Byron Bay is the charming heritage town of Bangalow. Bangalow has had the good sense to retain all of its original colonial architecture. Its main street is lined by ornate wrought iron railings and interesting shops. It is popular with tourists who come for a drive, park shop and eat lunch at one of the many restaurants.

In the rolling green hills surrounding Bangalow are interesting and sought after hamelts where people like to buy rural properties and settle down and enjoy life. Places like Possum Creek, Coopers Shoot, Fernleigh, Eureka and Federal.

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Suffolk Park real estate

Suffolk Park is a suburb a few minutes south of Byron Bay. Over the last decade it has seen some expansion and development. It contains a wide diversity of property: from economical units and family homes of Byron Hills to the multi million dollar beachside homes of Alkorn Avenue. It has its own shops area with coffee shop and pizza parlour and tavern with a restaurant.

Many people like its proximity to Broken Head. This is a very beautiful part of the shire with stunning beaches including the clothes optional Kings Beach as well as private Bray's Beach. This is the perfect spot for a quite picnic with friends. 

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Ballina Shire Real Estate

Ballina is a growing regional centre popular for young families and retirees. This is one area where northern rivers real estate is less expensive than Byron Bay real estate. In 2012 we saw the start of the new highway between Ewingsdale and Tintenbar. This will be a boon to the region as well as long distance travellers on the Pacific Highway. Ballina is a full service town with a regional airport and a large CBD with numerous malls, shopping centres and a golf course.
Ballina still has great beaches and surf spots. I like Angels Beach and Lighthouse Beach which are to the east of the CBD. There are cafes and a wide choice of holiday accomodation.

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