The Minns Labor Government recently introduced significant changes to strata legislation in NSW, addressing cost-of-living pressures and building on previous reforms. These updates are designed to benefit the over 1.2 million residents already living in strata communities, a number projected to grow significantly.
Increased Developer Accountability: New laws mandate independent certification of initial levies, preventing unexpectedly high levies after purchase. This measure combats the practice of developers offering initially low levies that sharply increase later, protecting owners from "bill shock." Furthermore, it ensures a robust initial maintenance schedule is in place for new builds.
Enhanced Owner Corporation Protection: The reforms safeguard owners corporations from unfair contract terms and provide better support for managing common property repairs and maintenance. Assistance is also provided for managing annual budgets, including estimating capital works funds, energy and water consumption.
Sustainability Focus: The legislation encourages the adoption of sustainable infrastructure within strata schemes. This includes incentives for installing solar panels, electric vehicle charging stations, and water-efficient fixtures.
Financial Relief for Owners: New options are being provided to help owners facing financial hardship pay their levies.
Improved Governance and Management: The reforms strengthen professional standards and accountability for managing agents and building managers, along with enhancements to strata management agreements and committee governance.
The NSW Government also launched a comprehensive "Strata Living Guide," providing straightforward advice on various strata-related topics. This guide offers practical guidance on managing strata finances, resolving disputes, and handling repairs and renovations.
Minister's Statement:
Minister for Better Regulation and Fair Trading, Anoulack Chanthivong, emphasized the government's commitment to modernizing strata laws, ensuring accountability, and fostering confidence in strata living. The reforms are intended to make strata living more manageable and affordable for residents across NSW’s 86,000 strata schemes. The new legislation builds upon previous initiatives to improve pet ownership regulations and increase transparency within strata management. For further information, visit https://www.nsw.gov.au/housing-and-construction/strata.