New Strata Laws Could Boost NSW Housing Supply

NSW may gain a significant boost to housing supply with the introduction of new strata laws making it easier to sell or convert strata titles.

The eagerly anticipated strata reform package at present proposes more than 90 reforms to the legislation. One of these changes will lower the level of consent required to make changes to the rules that govern a building and how it is run.

In the two draft bills put forward to parliament, it is outlined that corporate entities will only need agreement from 75 per cent of strata owners before title changes can occur – the current rule is 100 per cent agreement.

The newly proposed rule will make it easier for building owners to make decisions and take action on everything relating to the building. This could include things such as parking and smoking rules. However, those proposing the policy believe that the rule will allow a number of new buildings to enter the market as potential residential development sites.

Fair Trading Minister, Victor Dominello said: 

“These reforms will reinvigorate NSW through an increase in housing supply and a stronger construction industry…By 2040, about half of Sydneysiders will be living in strata. The proposed reforms are reflective of present needs and future demands”.

The proposed changes are long overdue according to those in the industry, and will greatly improve housing supply and the construction sector in NSW.
The draft bills will be open for feedback until August 12. The final bills are to be introduced to ¬parliament later this year.

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If you are thinking about buying a property under Strata Title, or for any other matters relating to property, contact Szabo & Associates Solicitors today. At Szabo & Associates Solicitors we can help advise on all aspects of buying and selling property. Call us on (02) 9281-5088 or fill in the contact form to the right of this page.