This article is from the Australian Property Journal archive
The NSW Parliament has approved major reforms to strata title laws.
The Strata Scheme Management Bill and Strata Scheme Development Bill contains around 90 changes to the existing laws, on issues including collective sale, renovations, proxy farming, defects and parking.
Minister for Innovation and Better Regulation Victor Dominello said the new laws would come into effect in July 2016.
“Today more than two million people live and work in strata. The new laws will cater for the needs of 21st century strata living.
“The new laws will modernise collective decision making processes, increase protections against unresolved building defects and improve outdated regulation impacting on renovations,” Dominello said.
The passage has been welcomed by the development industry body the Urban Taskforce.
“We congratulate the Parliament and the NSW government in not weakening the reforms after significant scaremongering from some interest groups,” CEO Chris Johnson said.
“The change to a 75% agreement by lot holders in a strata scheme to allow termination of the strata scheme, allows the site to be redeveloped. This is critical to ensuring ageing, substandard apartment buildings can be replaced with modern buildings which meet all building standards and cater to the current housing market.
“The potential for urban renewal of precincts with 50 year old walk up flats has now been increased with the 75% rule, but planning and zoning changes will also be needed to lead to real urban renewal,” he added.
Johnson said the government should develop a Complying Code for mid-rise apartments to ensure quicker approvals for proposals that fit the code.
“New apartments up to 6 storeys and in some cases 8 storeys could provide significant urban renewal. Without a significant uplift on the existing floor space allowed it will not be economical for new development to occur,” he said.
Australian Property Journal
