The incoming reform of strata legislation from the New South Wales Government is going to have significant impacts on owners and developers of real estate alike.
It is also the first change of its kind in more than 40 years. As Fair Trading Commissioner Rod Stowe pointed out in an 8 July media release, “the last major reform to strata was back in 1973, and parts of the legislation are no longer relevant in this day and age”.
But who in particular is going to be affected by the changes?
Owners and owners’ corporations
There are numerous changes that will impact how NSW strata owners go about their business. Some of the most important ones include:
The adoption of new technologies to conduct meetings,
More inclusive by-law reviews that give you a voice on issues like pet ownership,
A simplification of financial statements and red tape for owners, and
A reform of the renovations process.
This should make owning NSW strata property much easier. In particular, the changes to renovations will enable owners to carry out more extensive works without requiring as much approval. Some changes will only require 75 per cent approval from the owners corporation, others a mere 50 per cent.
While the changes are wholesale and extensive, the good news is there is plenty of time to get up to speed on them and learn everything you must. The first transition takes place on 30 November, while the second wave of changes occurs midway through 2017.
No matter what your involvement is in the development of NSW strata property, you’re likely to be affected. Get in touch with us to find out more.