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.”