I’m prompted to raise this matter by a comment made by John Symonds [Aussie Johns Home Loans] in a recent smh. He said that one of the reasons foreign buyers want to buy in Sydney is because land ownership is secure and lasts for “infinity” unlike other cities such as London where much of London is long term leasehold.
John Symonds was talking of a house but what happens to Apartments?
Say an apartment is built on land zoned for medium density, it’s on the north east corner,4 levels,8 large apts, close to transport.
It ticks all the boxes.
Suppose in 2050 due to population growth the land is rezoned for high rise development. Say 75% of owners want to sell and the rest want to remain. The building has been well maintained and is 30 years old. Where is the security of tenure in strata law?
2050 is just 30 years away or one generation. Is there any legislation to protect these owners? Could provision made that an owner would move out during construction and move in to an apartment with a similar aspect on completion?
I have noticed that owners who sell to a developer never get sufficient to buy into the re development .
I hope the above notes will create interest and action.