There are many reasons why this has been happening, but one reason is of much concern to us…failure to obtain a fresh valuation at least every 5 years. It seems many owners are not being made aware of this so-called 5-Year Rule.
It is true that the date of the last valuation must be disclosed in the AGM papers, but so what? Surely, what is more important is knowing when the next valuation is due by?
This problem can be easily solved by owners requiring full disclosure, by their Body Corporate Managers, of the 5-Year Rule in the AGM papers… and most importantly, specific disclosure of the Due-by-Date for their next valuation.
I strongly recommend all complexes adopt this practice.
Unit Owners Association of Queensland Inc.