As published in CK Momentum Issue 1 (Click here to download)
When we think of property development, we usually think of flat land subdivisions and unit or townhouse community titles schemes.
However, Property & Projects Partner, Dick Burr, shares some insights into the recent phenomenon of manufactured home parks.
In recent years, purpose built parks that have been planned, developed and constructed as dedicated manufactured home parks no longer contain the traditional mobile homes and modest “shacks on stumps”. Instead, these parks offer high quality accommodation and a wide range of community facilities which provide owners with considerable lifestyle and financial benefits.
Essentially, a manufactured home is a structure (other than a caravan or tent) that is not permanently attached to land and is designed to be moved. Nowadays, modern four bedroom two storey homes are being designed to comply with the legislation and to look like well built permanent structures.
Manufactured home parks have evolved and Australia’s ageing population are discovering a compelling and affordable alternative to retirement villages and community titles schemes. Currently, there are 165 manufactured home parks in Queensland and over 21,000 manufactured homes.
BENEFITS OF THE MANUFACTURED HOMES MODEL INCLUDE:
- no capital gains;
- interests can be sold or passed under a Will;
- no stamp duty, land tax, rates or registration fees;
- no exit fees, body corporate fees or deferred management fees;
- access to state of the art facilities;
- community living without the typical body corporate obligations;
- a secure and caring environment.
The Manufactured Homes (Residential Parks) Act 2003 (Qld) is under review by the Queensland Government to ensure it protects residents, promotes fair trading practices, and encourages the growth and viability of the residential park industry. The consultation period has now closed and responses are being considered. Further public consultation will take place when a discussion paper is released this year.
We will keep you up to date with any developments.
