News
DIFFERENTIAL RATES WIN FOR PROPERTY INVESTORS
The rampant pillaging by Qld Councils of non-voting ratepayers has been partially checked following a milestone Supreme Court ruling last week. Unlike other States, Qld Councils have few limitations to plunder at will in a blatant political vote-buying strategy of...
MARKET VALUE -v- FORCED SALE
A high profile Sydney court battle highlights the inherent conflict between the industry adopted meaning of “Market Value” and a Mortgagee’s duty under Section 420A of the Corporations Act when undertaking a “Forced Sale”. The Act requires in exercising a power of...
LIQUIDATOR CAN INVALIDATE LEASE
The High Court has just confirmed that a Liquidator of an insolvent Lessor company has the ability to disclaim a lease agreement thus extinguishing Lessee rights. Tenants in this scenario may have their tenure reduced akin to an unsecured creditor. Implications are...
UNIT BUYERS BEWARE
From today 01 August 2013, amendments to the Body Corporate and Community Management Act 1997 (BCCM Act) take effect. Buyers will now need to conduct more thorough due diligence because sellers are no longer required to provide: • a copy of the Community Management...
PROPERTY INVESTMENT SPRUIKER SCAMS
Despite repeated ‘in your face’ warnings to seek independent valuation, investment & legal advice, there seems a ready supply of ‘suckers’ available for plucking by shoddy spruikers selling overpriced units/ townhouses promising returns that are usually not...
LAND VALUE CONCESSIONS BENEFIT SELECT FEW
The next time you are passing a house on a large block in a built up location or a small farm in the suburbs, chances are that you’re subsidising their Council rates and State land tax … enjoy. Here's why .... A 2012 token review of the Land Valuation Act (VLA) has...
LESSEE WINS RESUMPTION COMPENSATION
A benchmark Appeal Court decision has awarded lease relocation costs after it was refused because the tenant remained in occupation after resumption. Interpretation of Sec 18(3) Acquisition of Land Act was the key issue. The Department of Transport and Main Roads...
DIFFERENTIAL RATING – LEGALISED ROBBERY??
The willingness of QLD Local Councils to indiscriminately pillage the very industries that are the lifeblood of their local economies though the discriminatory differential rating regime has achieved to new heights (or lows) in the latest round of 2012-13 Council...
WHALE BOAT BREACHES QUIET ENJOYMENT
A dispossessed tenant has been awarded $100K in damages primarily from the obstruction of panoramic waterfront views over the Hervey Bay marina. The restaurant business declined significantly, the rent fell into arrears, and the landlord took possession. The decision...
MANAGEMENT RIGHTS (& WRONGS) REVIEW
QLD has an obsession for a “paper tenure” that can turn as toxic as GFC derivatives. A body corporate investment can mutate into a living hell when disputes between managers and unit owners arise. These property rights emerged in the 1970s as a fledgling cottage...
LESSEE ASSIGNOR RELEASED OF OBLIGATION
Surrender or Extension were the key arguments when a large Surfers Paradise centre owner was unsuccessful in pursing a former Lessee owner of a newsagency premises that were assigned to a subsequent purchaser of the business. This matter involved complex legal issues...
COURT AWARDS BOUNDARY WALL ACCESS
The outcome of a dispute between two canal property owners is a reminder of the “statutory right of user” powers available to acquire tenure over adjoining property. It also sets a nominal compensation precedent potentially applicable to similar scenarios. The...
RETAIL SHOP LEASE CHANGES 2011
The year starts with significant changes impacting all leases falling under the Retail Shop Leases Act, 1) new lessor disclosure requirements and, 2) ratchet clauses to be outlawed again. Lessor Disclosure Requirements QLD, NSW & VIC have got together to...
NEW “SITE” VALUE FOR RATES & LAND TAX
The new Land Valuation Act (LVA) 2010 is a momentous departure from the previous system. The 66 year old dogma of unimproved land value is now replaced by site value as a basis of calculating Council General Rates and State land Tax for “non-rural” lands in...
LEASE BREACHED WHEN MAIL NOT POST
The Qld Supreme Court of Appeal unanimously overturned a lower decision, ruling a Lessee (Aust Post) was in breach of lease conditions concerning sub-letting and works without approval. The matter covers a range of connecting issues including permitted use, related...
GOVT OVERRIDES COURTS, CHANGES RULES
Our warning last year about rising property taxes grossly underestimated the now apparent Stalinist determination of the current state government to ride rough shod over 70yrs of established case law and valuation principles. Just before midnight 11 February 2010,...
OPTION DEAL DONE DIRT CHEAP
The painful consequences of getting an option renewal procedure wrong have again been highlighted recently where a tenant secured a 10 year option at around 50% the claimed market rental. The case also highlights the potential benefits of regular market rent review...
RESUMPTION BY STEALTH & DECEPTION
There seems a growing ‘new breed’ within in some Govt circles that callously disregard the trauma and loss caused by compulsory acquisition, particularly the threat of it. Two major issues are (1) the stand-over tactics used to force owners to settle compensation...