The value of a view is significant

"Interestingly, the buyer in Bossichix v Martinek did not want to crash the two-year old deal because of any market slump. The cancellation and resultant litigation were precipitated by a very particular change of circumstances. The problem was, in fact, that this 5th floor penthouse in Mackay, North Queensland, would lose its million-dollar views because another building was going up next door."

A million dollar view.

Not knowing, and not having the necessary patience to find out on my own, I ask: Is the value of a view recognised in Queensland (or any other Australian state's) planning law?

Persuading purchasers to buy “off the plan” became, a generation ago, the standard procedure for financing the construction of units complexes, and many houses.

It enabled the housing boom to take off, ever-accelerating for thirty years or so - eventually coming to earth, in 2008, we do know where: in the swamp of sub-prime and its companions of economic despair.

What a brilliant concept: persuade people to take the risk and finance your project at the same time. Of course some legal upholstering has prettied-up the underlying ugliness of its fundamentals; and, a bit like nineteenth century corsets, left the structure basically unchanged.

Even in its early days, hair-raising examples were there to urge caution: A Gold Coast development went bust well before completion. It had been sold off the plan. Prior to plan-sales, the developer had set up a loan from the ANZ bank, the project as collateral. The developer skipped out from under, leaving the new owners to face up to the bank’s demands: what they owned was massive debt and no units.

No-one should despair, it has been good for growth; and growth is the emperor of economics – isn’t that a fine frock he is wearing?

Sir Vivor,

You don't own a view, or have any rights to one...it's buyer beware situation and you should always do a bit of research to find out what future plans exist in your area.

Thanks Phil,

I assume you are confident that is the case throughout Australia. My previous purchases have been very much with that in mind, and I have always kept a clear sky to the north and east.

Still, we have this idea of "a million dollar view", which can be bought but not necessarily kept - unless you have money enough to pay a top legal person to sift through the fine print of your contract, or the development plans of the developer who is building you out. Sifting for unrelated but fatal flaws, that is.

I would guess that both developments would have advertised the views as a desirable feature of their developments(assuming they weren't overlooking a scrapyard).

I am wondering what will eventuate soonest - rights and recognition regarding owners views, or a way to value, buy and sell views on the speculative market, via a novel financial (and GST-free) instrument. I expect the GST on a million-dollar view could nicely help line the state's coffers. And in the event that the view in the bidding directly affected real people, what bunfights could be had at Body Corporate Meetings!