The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
22 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 500 ALREADY ATTENDING
22 DAYS UNTIL OUR FLAGSHIP CONFERENCE 500+ ALREADY ATTENDING
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
LegalStaff WriterTue 27 Oct 15

New Strata Laws Bring NSW Into Modern Day

w

The Urban Development Institute of Australia (UDIA) NSW today commended the State Government for introducing new strata laws that bring the NSW scheme into the 21st century.

UDIA NSW CEO Albin said the Institute’s members – including strata managers, developers and property legal professionals – have been working with the government over the past four years to reach an outcome that reflects modern day society.

“The strata laws under which we have been operating are the oldest in the world so the system was in desperate need of an upgrade,” he said.

“The exponential growth in the popularity of strata ownership means that reform was essential to bring strata in line with modern life.

“This is a fantastic outcome that will give owners of apartments more flexibility to renew dilapidated apartment buildings which are costly to maintain.

“And these new laws will give owners the opportunity to make more profit from the collective sale of a strata development than if they were to go it alone.”

He said as the Bills do not apply to existing strata schemes, only future strata schemes with current strata owners having the option to opt in, so it will take time to see material change in the NSW system.

“And in reality any collective sale of the strata development is complex and will take up to two years to achieve. The sale would have to go through courts and those in opposition will have the opportunity to argue their case.”

ResidentialAustraliaLegalSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
View All >
Construction workers building social housing in Gosford, New South Wales.
Affordable & Social Housing

HA Contracts Adds 18,000-Plus Homes to Pipeline

Marisa Wikramanayake
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
FK's rendering of Woolworths and Pace's plans for the ex-ABC studio site at 10-16 Selwyn Street in Elsternwick, Melbourne.
Residential

Mayor Rounds on State After Elsternwick Approval

Marisa Wikramanayake
Pace and Woolworths plans for a former ABC Studios site have been greenlit, but not everyone is happy with the decision…
LATEST
Construction workers building social housing in Gosford, New South Wales.
Affordable & Social Housing

HA Contracts Adds 18,000-Plus Homes to Pipeline

Marisa Wikramanayake
2 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
FK's rendering of Woolworths and Pace's plans for the ex-ABC studio site at 10-16 Selwyn Street in Elsternwick, Melbourne.
Residential

Mayor Rounds on State After Elsternwick Approval

Marisa Wikramanayake
3 Min
Construction of skyscrapers in the city
Development

Sector Confidence Steady but Reform Calls Grow Louder

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/new-strata-laws-bring-nsw-modern-day