Proposed Reforms to Strata in NSW

The New South Wales Government is planning to reform Planning and Strata Laws later this year. The proposed legislation is intended to protect and give piece of mind to residents considering apartment living.
The Australian Lebanese Chamber of Commerce (The ALCC) hosted a seminar to discuss the proposed changes and examine the impact of the proposed draft legislation on the NSW economy. Guests were presented with two perspectives.
The first presentation was delivered by Stephen Brell, Managing Director of NetStrata. Stephen discussed the proposed legislative requirements for developers to prepare initial maintenance schedules, provide building bonds, provide defect reports and other aspects that will require the development sector to review post-construction strategies.
Chris Johnson AM, Chief Executive Officer of Urban Taskforce Australia, the industry body who represents Australia’s most prominent property developers and equity financiers was the second speaker for the evening. Chris touched on the demand for apartment living in NSW and urban sprawl.
This seminar topic resonated with a large number of members from a variety of industries including construction, property management, legal and finance. Over 100 guests attended the event along with event sponsors Madison Marcus Law Firm and NetStrata.
I am very proud of the success of this event. We originally intended to invite a small number of delegates to attend but soon it became apparent that a large number of people had taken an interest in this topic. – Joe Khattar AM, President of The ALCC.
In summary, Sydney is expanding and there is a large demand for housing within close proximity to the CBD. Therefore a trend towards apartment living is increasing to cope with this demand. To continue this trend, government must update legislation to help development reach residents more efficiently.
The proposed reforms will help protect residents adapting to apartment living and this proposed legislation is important for the future of NSW. These legislative reforms are well welcomed, however consideration must be given to asset owners as they will be taking greater responsibilities in the proposed reforms and therefore will be more prone to risks.
If you have any comments or would like more information on the proposed reforms, please contact The ALCC.
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Chris Johnson’s Presentation is Available Here