New strata laws to come into effect

The Strata Schemes (Management) Act 2015 and Strata Schemes (Development) Act 2015 will come into effect from 30 November 2016. The final Regulations will be published in the coming weeks. 

The changes represent the first major reform to the strata laws since 1973 and will bring the legislation into the 21st century. 

The Property Council has advocated for two decades for the reduction of the threshold for strata renewal and welcomes the 75 per cent approval to terminate and renew a strata scheme. 

“The new laws will allow for the development of Sydney as a global city, encouraging urban renewal and providing residents with improved real estate choices,” says Property Council’s NSW Executive Director Jane Fitzgerald.  

The reform introducing the building defects bond scheme will commence on 1 July 2017.  This will provide builders, developers and the strata community with time to prepare for the changes.

An advertising and public awareness campaign will be undertaken and NSW Fair Trading will provide strata information seminars over the coming months.

To read the media release click here.