This article is from the Australian Property Journal archive
WESTERN Australia is a step closer to its introduction of community schemes in 2021, with the governments release of the draft Community Titles Regulations 2020 for public comment.
“The introduction of this new legislation has been long-supported by WA’s property sector and I welcome their continued feedback during this final phase of consultation,” said Ben Wyatt, lands minister and treasurer.
Community schemes are planned to provide WA’s property sector with a new way of accomplishing complex and mixed-use developments.
“This tenure option has immense possibility, creating exciting opportunities for future developments that can more efficiently allocate land, common property and shared facilities across multiple uses, such as shops, restaurants, offices and residential development,” said Wyatt.
Including features of strata and survey-strata schemes, which will continue, but with significant distinctions such as allowing for a mix of both land schemes and building schemes within the same community scheme.
Additionally, community schemes will enable different land uses, such a residential, commercial and retail to be into one scheme through several sub-schemes with their own management bodies and by-laws.
This type of land tenure should allow for different types of schemes to be more effective under a singular overarching scheme.
This should create benefits for future mixed-use developments, such as allowing for a fairer approach in how common property is managed across mixed- use schemes.
As of 2018, strata subdivisions comprised approximately half of all new lots created in WA, generating more than $10 billion of sales annually, including residential and apartments, retail and industrial units.
The Community Titles Act 2018 is expected to come into effect by mid-2021, after feedback is received on the draft.
