Thinking about a sea change? Beware the unlikely money trap

 When Sydneysider Greg Melloy decided to turn regular holidays on Queensland’s Gold Coast into a permanent escape from the big-city rat race, he had no idea he was buying into a financial nightmare.

The former engineering business consultant bought an apartment, renting it out for holiday lets before moving in himself, but discovered the 25-year caretaking and management contract on the building turned the sea change dream into a money trap.

Now Melloy, 67, has joined a chorus of angry and frustrated voices warning potential Sydney and Melbourne buyers – thinking of joining the pandemic’s mass migration to Queensland – to beware of the state’s system of selling management rights on apartment buildings for up to 25 years.

Read More: https://www.smh.com.au/property/news/thinking-about-a-sea-change-beware-the-unlikely-money-trap-20230208-p5cj1u.html



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