13 Jul 2011
CANBERRA CATCHES UP----FINALLY----DEVELOPERS TO PAY REALISTIC PRICES!
''Lease Variation Charges''
Charges which effectively force developers to pay a realistic fee for the change-of-use of their lease.
Up until now developers in the ACT have had windfall profits by paying a nominal fee of $3,750 to vary a lease, therefore allowing them to put multiple units on a block for this infinitesimal fee.
They then were able to sell these units at prices that potentially valued each unit as if it were a separate block.
This allowed developers to make huge profits at the expense of taxpayers.
In the past, charges were set at an accepted fixed rate for residential properties. But they will now be recalculated to new amounts reflecting land values.
For example the cost of converting a single house to a dual occupancy in Braddon will increase from the flat rate of $3750 up to $37,500 this year, before eventually growing to more than $110,000.
We have all seen houses in our area knocked down and multiple units replace the existing houses , it has not been uncommon to see these units sell for $500,000 each, it's about time our government woke up to this wrought.
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