New paper calls for strata law reform

Property investors may wish to take note of a recent discussion regarding the strata law reform in New South Wales.

A paper released on Saturday (September 17), entitled Making NSW No 1 Again: Shaping future communities, inspired 1200 comments and more than 600 suggested law changes.

The paper follows a three month online consultation project by Global Access Partners (GAP) and was written in consultation with the University of NSW. It was also influenced by the
decisions from Consumer, Trader and Tenancy Tribunal (CTTT) and received input from interstate and overseas jurisdictions.

Minister for fair trading Anthony Roberts said that strata laws are outdated, and there is a need for strata law reform – modified in accordance with modern demands.

“Community living and renewal are critical areas that need swift and bold reform and innovation. This reform is well overdue,” he said.

The paper touched on recurrent issues including parking, pets, timber floors and smoking, alongside a large range of other topics that include building defects, overcrowding and short-term rentals.

“NSW will again set the benchmark. Out of this strata law reform process, we will produce more modern, effective and friendly laws that enable easy community living and shared arrangements,” said Mr Roberts.

“We will cut red tape and repetition, streamline and strengthen laws and remove anything that strangles good governance or inhibits necessary protections for people.”

Those with a stake in strata type real estate investments may wish to follow the outcome of the suggestions, as they may impact on your dealings with property owners, tenants and other industry-related figures.

“We can make things a lot simpler and more certain for people. Consumer protection is a guiding principle in the government’s review, as is democratic process, transparency, accountability and appropriateness,” concluded Mr Roberts.

By Steve McKnight

Steve McKnight, the founder of PropertyInvesting.com, is a respected property investing authority as well as Australia's #1 best-selling business author.