Adjudication timeline

Adjudication Timeline
An application for Adjudication was submitted on 5 March 2024.
It has been accepted and allocated a file number (0241 - 2024). Final orders are expected by the end of October 2024.
See below for more details.
Adjudication Application 0241 - 2024
This application deals with a dispute between an owner and the Body corporate for Reef Terraces CTS 888.
It deals with a motion from the last AGM dealing with the strata management company for most of 2024 up to the next AGM.
It also deals with a request to appoint an Administrator which can happen if the body corporate is seen to be dysfunctional.
Body corporates do experience difficulties from time to time.
It is when the difficulties are so many for so long it is time to fix them and an Administrator can do that.
The Role of BCCM
"The Office of the Commissioner for Body Corporate and Community Management (BCCM) provides a range of information and services to those who live, invest or work in bodies corporate in Queensland. We are committed to giving body corporate members, committees, and industry groups information and tools to help them better understand body corporate legislation, and to avoid and resolve disputes."
(Queensland Government website.)
Valuations
In the last few years values of Reef Resort Properties have increased with some of them more than doubling. I haven't got all the records but we bought our villa at the beginning of 2018 for $170,000. The previous owner had bought it for $179,000 in mid 1993. It was used mainly for holiday letting and was renovated in 2008/9 for approximately $30,000. I do not know what the returns were and how long the owners used it privately.
The median price for 2 bedroom units in Port Douglas is $412,000 as at April 2024.
The biggest advantage our owners have is that Reef Resort properties are zoned residential and can be sold to people who can use them for letting or living in. Most Port Douglas resort properties are not zoned this way and are limited in what they can be used for.
Holiday letting returns on a $170,000 property back in 2019 may have been OK, until covid but a $412,000 property in 2024 may no longer be a great investment for holiday letting.
Historic Moment
Over at Stage 2 the module regulation changed from the Commercial Module to the Standard Module. Signed, sealed and delivered on Tuesday 14 March 2023. Firstly the change was voted on at a General Meeting (EGM 5 January 2022), signed and sealed on the Community Management Statement (CMS) then without even a fold in the paperwork, delivered to the Queensland Land Titles Office.
Some changes:
If you want to nominate for committee you must be a lot owner.
The committee now has a spending limit ($200 X number of lots, 26 = $5,200) whereas before it was unlimited.
New contracts are only for up to 5 years instead of up to 25 years as it was in the Commercial Module.