Was pleased to read a little snippet in City, one of the free newspapers, that the government has finally changed the law to allow true ownership of an apartment. While many are hesitant and believe that it will lead to speculation, increased rents, greater segmentation and a lack of attention given to joint facilities in the building, there are others who believe competition is good for the market.
What it means in reality is that you will be free to buy an apartment and do what you like with it. You can sub-lease it, renovate and even buy it without the body corporate's permission. Today's body corporate control means not everyone is given permission to rent out their apartment - or even buy it in the first place, especially if they are not going to live in it.
While the news is good it is unfortunately limited to new production. Well, at least it is a step in the right direction.
DN
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