Strata Laws – Big Changes on the Way.
For some months now the State Government has been undertaking a very wide-ranging review of strata laws that is going to have a very big impact on all buyers, existing owners, tenants and developers. After a great deal of consultation NSW Fair Trading has released its detailed position paper on Strata Title Law Reform and it makes essential reading for anyone in the field. The new legislation is to be introduced in early 2014.
While there are some 70 suggested reforms the majority are aimed at improving the quality of living in a strata scheme for the owners and occupiers, and this includes tenants, which investors should also take note. Developers as might have been expected will also face new regulations and I plan to give some more feedback over the next few weeks, but the changes are the biggest and most far-reaching in decades.