Central Coast residents living in strata communities could benefit from a third wave of strata reforms introduced to the NSW Parliament on November 19 by the State Government.
More than 1.2 million people are already living in strata communities in NSW, and that number is set to grow under the Government’s comprehensive plan to build a better NSW.
The latest round of reforms builds on the Government’s commitment to working across all levels of government and industry to encourage people to live and invest in strata.
The latest changes will: strengthen developer accountability by requiring initial levies to be independently certified; ensure a robust initial maintenance schedule is in place for new builds; protect owners corporations from unfair contract terms; help owners corporations in repairing and maintaining common property; support the uptake of sustainability infrastructure in strata schemes such as solar panels, electric vehicle charging, and efficient water fixtures; and give property owners more options to pay levies when facing financial stress.
The Government says the changes being proposed will require owners corporations to estimate how much money will be needed for the capital works fund each year, alongside their annual energy and water consumption and expenditure in common areas.
“Owners corporations will also be better supported through increased professional standards and accountability for managing agents and building managers, improvements to strata management agreements, and improved committee governance,” a spokesperson said.
“The new laws also clamp down on developers who offer prospective buyers initially low strata levies that increase significantly in the second and successive years.
“By strengthening the accountability of developers we can avoid ‘bill shock’ for residents.”
The legislation follows the recent launch of the Strata Living Guide which provides strata property owners and prospective buyers clear advice in plain English on a range of topics aimed at improving decision-making in strata communities.
The Guide has practical how-to information for those living in strata properties, such as how to run strata meetings and other key strata processes, how to manage strata finances and how to raise issues.
It also suggests ways to go about getting things done such as regular or emergency repairs and approvals for renovations, resolving disputes and managing relationships with the owners corporation and strata manager.
Building on the Government’s ongoing work is to make it easier for people living in strata properties to keep pets and assistance animals, and greater transparency requirements and higher penalties for strata managing agents who do the wrong thing.
For more information go to www.nsw.gov.au/housing-and-construction/strata
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