Petition for Action on Strata Insurance Premiums

The Federal Government's failure to implement the recommendations of a bi-partisan Inquiry into strata insurance price hikes has led to the launch of an online petition by North Queensland residents. The petition will be sent to insurance companies, the Insurance Council of Australia and state and federal MP's.

View page here to sign the petition:

www.change.org/queenslandinsurance

Peter Musso licensed real estate agent at Ray White Smithfield selling property in Cairns' beautiful northern beach suburbs including Trinity Beach, Kewarra Beach, Clifton Beach, Palm Cove, Trinity Park, Smithfield, Yorkeys Knob, Holloways Beach, Machans Beach, Caravonica, Kamerunga and surrounds.

Solution Demanded to Stop Soaring Strata Insurance

The following article was posted in the Australian Property Investor addressing what has proved to be a real sticking point for buyers and sellers of strata-titled properties in North Queensland lately.

With only two (2) insurers remaining willing to cover the vast majority of apartment complexes in the Far North it is clear that the market for strata-titled insurance has failed and measures need to be taken in order to restore competitiveness to reduce costs to rate payers.

THE Queensland Government has until December 1 to announce how it will bring affordable insurance back to the north and far north Queensland region, according to Federal Member for Leichhardt Warren Entsch.

Thousands of unit owners in north and far north Queensland are becoming crippled by hiking strata insurance costs, as insurers blanket ban strata insurance coverage simply to minimise their exposure to cyclone-prone coastal areas, in many cases north of Mackay.

Unit owners are angry because on buildings valued at $5 million-plus they’re left with the choice of only two insurers – a duopoly – translating to escalating costs on what is a mandatory insurance obligation for body corporates.

The other insurers who’ve dropped like flies from the region have not considered each suburb and area on a case-by-case basis or even the structural integrity of a building and its ability to withstand a cyclone; or if a building has ever been damaged by a cyclone.

Entsch said since a public inquiry took place in late January, he’s heard many stories of insurance quotes that have skyrocketed.

“One letting agent in Cairns, Linda Tuck, reported that last year the cost of insurance for a two-bedroom, one‐bathroom duplex with a value of around $350,000 was $941,” said Entsch.

Federal Member for Leichhardt
Warren Entsch 

“This year, she was told that the insurer… had withdrawn from domestic property insurance for all locations above Mackay.

“With only two insurers willing to quote, the prices jumped to the ridiculous level of $4803… and $4439 with (the other two insurers).”

In his speech to parliament recently, Entsch made it clear the market had “clearly and totally failed”.

The Federal Government has until October 1 to complete the reviews recommended by the Standing Committee on Social Policy and Legal Affairs as tabled in its second In the Wake of Disasters report in March.

The government then has until December 1 to outline its solution on how to reduce the insurance costs for unit owners and make policies more competitive again.

View article source HERE

Peter Musso licensed real estate agent at Ray White Cairns Beaches selling property in Cairns' beautiful northern beach suburbs including Trinity Beach, Kewarra Beach, Clifton Beach, Palm Cove, Trinity Park, Smithfield, Yorkeys Knob, Holloways Beach, Machans Beach, Caravonica and surrounds.

Taylor Point in Trinity Beach to Remain Pristine

A 25-year battle concerning Cairns' last remaining substantial coastal land site, Taylor Point in Trinity Beach, has concluded this week with the Planning and Environment Court ruling against the landowner to subdivide and develop the 18.8ha prominent headland.

The ongoing application for the development of Taylor Point has stirred fierce political and legal debate with great community support in favour of conservation for the site. Michael Moore's Cairnsblog.net provides an extensive account for the history of the site which can be viewed HERE.

Taylor Point not to be developed, court rules
The Cairns Post - March 31st 2012

TAYLOR Point will remain untouched by development after the council and local conservationists won their battle to protect Cairns' last pristine headland.

The Planning and Environment Court yesterday ruled against the respected landowner and developer Robert Prettejohn, who proposed to subdivide the 18.8ha outcrop and build 30 houses on the land.

Conservationists say the court’s decision warns developers that Cairns’ unspoilt hillslopes are off limits, but Mr Prettejohn says the ruling sets a damaging precedent for landowners.

Mayor Val Schier insists Cairns Regional Council should seize on the court’s decision and buy the land for conservation, with help from the State and Federal governments.

"We’ve finished with that 1970s and 1980s development at any cost, not giving a damn about the visual amenity, and the population is saying they want different sorts of development," Cr Schier said outside the court.

"People have said that they wanted this hillslope back for the people of Cairns."

Her council ruled against Mr Prettejohn’s development application in July 2010, despite council officers recommending his plans be approved.

Mr Prettejohn insisted his project would have had a minimal environmental impact and would not spoil the visual amenity of the northern beaches.

"People look at this as conservationists versus developer, but I’m a conservationist myself… and I thought I was doing exactly the right thing around Taylor Point," said Mr Prettejohn, who also developed the celebrated Thala Beach Lodge and Kewarra Beach Resort.

But Judge Bill Harrison dismissed Mr Prettejohn’s appeal after hearing three weeks of evidence, saying the residential development was out of line with "the very clear" town planning guidelines in Cairns.

Those guidelines were changed last year and Taylor Point was zoned mostly as conservation land, meaning only one house could be built on the site.

Mr Prettejohn said he would now consider his options for Taylor Point, including another application to develop the land, or taking the matter to the Court of Appeal.

Peter Musso licensed real estate agent at Ray White Cairns Beaches selling property in Cairns' beautiful northern beach suburbs including Trinity Beach, Kewarra Beach, Clifton Beach, Palm Cove, Trinity Park, Smithfield, Yorkeys Knob, Holloways Beach, Machans Beach, Caravonica and surrounds.