14 November 2013
The proposed changes to the NSW Strata Act will give greater confidence to the development industry and to owners corporations that apartment buildings will be well designed and managed, says the Urban Taskforce.
“The changes to the Strata Act announced today by Minister Roberts are a positive move that will give confidence to the industry and to consumers,” says Urban Taskforce CEO Chris Johnson.
“The excessive amount of litigation around defects is only funding the legal profession.”
“The proposal to require an independent expert assessment of the condition of a building a year after completion will give all parties an impartial umpire who will assess defects and monitor rectification. The requirement for a two per cent retention bond to be lodged with Fair Trading extends the normal retention process to include the owners corporation. “
“The proposal to require at least 75 per cent of strata owners to agree to the finalisation of a strata plan to allow demolition should unlock a vast number of poor quality apartments from the 1960s for urban renewal.”
“NSW is leading the country in terms of the number of strata apartments and it is essential that we have the best builders and developers involved in constructing these buildings so that owners corporations can be assured of quality results. The changes to the current Act will give greater certainty to developers and owners on how defects are managed and how an effective maintenance regime can be established.”
“Minister Roberts is to be congratulated for tackling the difficult area of Strata reform. Sydney currently has 30% of households in apartments and this is likely to grow to 50% over the next 20 years. With apartments becoming such a major part of Sydney’s housing stock it is essential that we have a modern, fair Strata Act that ensures builders, developers and owners corporations are working together rather than engaging in battles. The proposed changes will set the framework for a more cooperative future.”