First published in the LookUpStrata Queensland Strata Magazine, October 2023
If demographics is destiny, then the strata sector in Queensland is about to face a frenzied few months ahead.
Twin impacts from continued record migration inflows as well as significant changes to strata legislation will have far-reaching effects for all those who work and live in strata communities across the state.
The most recent population figures announced by the Australian Bureau of Statistics point to Queensland continuing to be the destination of choice for people leaving NSW and Victoria.
In the 12 months to March 31, Queensland’s net population grew by 124,197 people – equivalent to a city the size of Cairns being added to the state’s roster of residents. More than 30,000 of them came from other states, 22,000 from natural increases and 70,000 from overseas.
The result can be seen in queues for rental inspections and queues to inspect lots for sale.
Apartment living in major population centres across the state is becoming the norm for many new arrivals, bringing with it the natural stresses that come from increased sale and rental activity.
It’s a sobering thought that population projections have another million people living in south-east Queensland by the time of the 2032 Brisbane Olympics.
All those people won’t be housed in existing six-pack unit developments.
New schemes of scale will be required, with all the complexities which that entails.
Add to this the natural confusion that legislative change can bring, with uncertain knock-on effects and unintended consequences, and the sector is particularly vibrant at the moment.
Already we are seeing increased inquiries about the impact of changes to legislation governing smoking in strata schemes, pet ownership and towing of cars, as well as some confusion over the changes to scheme terminations.
Before a body corporate contemplates making any changes to bylaws or to start termination procedures, it is vital they first seek legal advice.
The consequences for embarking on a decision path without the proper advice at the outset are potentially severe.
We are already seeing investors buy into properties with the ultimate plan to terminate a scheme and redevelop the site, unaware that the new arrangements require a scheme to be economically unviable to qualify for the 75% vote needed to terminate.
As ever in the strata space, nothing is straightforward.
For a specialist legal provider such as Hynes, the time was right to make a strategic move to increase our capacity to service the growing demand from the strata community in Queensland.
Last month we announced that Brisbane commercial law firm Redchip Lawyers had acquired Hynes Legal in a strategic expansion of its service offering.
The acquisition adds strata, body corporate and management rights expertise to Redchip’s existing practices in commercial law, property, litigation and succession planning.
Hynes Legal will continue to trade under its current name and branding, operating as a wholly-owned subsidiary of Redchip Lawyers. I will continue in my role as Hynes’ long-standing strata lead.
The new arrangement provides the flexibility and bandwidth for us to respond quickly and efficiently to the growing demands brought from a growing sector.
Hynes coming under the Redchip umbrella opens growth opportunities for the combined businesses and enables greater service for our clients at a time when the sector most needs it.
