high body corporate rates

[novice101]

i am only new to the investment game and my strata rates for the property (unit) i bought in qld have increased from 2400 per year to approx 7000 and i have been trying to find out if this increase is even legal. I have contacted the strata company and there reasoning is that the cyclone and the brisbane floods that hit qld in the last 2years which didnt affect my property.

does anyone know where i could get legal advice or if there is a government body that looks over body corporate companies?

 

[starter]

Look at the financials for the previous year and the budget for the upcoming year. I know that for some part of Queensland (eg. Cairns) the strata has gone up a lot due to insurance costs, that's nothing something that the body corporate can help.

 

[mattysavager]

i am only new to the investment game and my strata rates for the property (unit) i bought in qld have increased from 2400 per year to approx 7000 and i have been trying to find out if this increase is even legal. I have contacted the strata company and there reasoning is that the cyclone and the brisbane floods that hit qld in the last 2years which didnt affect my property.

does anyone know where i could get legal advice or if there is a government body that looks over body corporate companies?

Is it the sinking fund or administration fund that has increased?

If it's the sinking fund - it would have to have been passed by a voting quorum at a meeting, which you should have participated in. It's not unusual for committees to raise funds like this, but you get to vote yes/no for any contributions changes. This is the body corporate's savings account.

Your building insurance may have increased as a result of the floods - most did. Other costs may have also increased - but that big of a hike indicates fund raising for something.

The body corporate decides on the levies paid - it's legal so long as they get a 50% yes vote from the voting owners.

Matt