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Contact our friendly staff at the below convenient locations to start enjoying the rewards of strata investment now.

Newcastle
1/22 Portside Cres
Wickham NSW 2293
P: (02) 4041 5200
F: (02) 4962 3032
E: newcastle@cstm.com.au

Port Stephens
5/63 Donald Street,
Nelson Bay 2315
P: (02) 4041 5200
F: (02) 4981 0188
E: portstephens@cstm.com.au

Tuggerah
6/19 Reliance Dr
Tuggerah NSW 2259
P: (02) 4355 7100
F: (02) 4351 5505
E: tuggerah@cstm.com.au

Terrigal
Level 1, 72 The Esplanade,
Terrigal NSW 2260
P. (02) 4355 7100
F. (02) 4384 3575
E: terrigal@cstm.com.au

Noosa
Suite 4, 17 Thomas Street
Noosaville QLD 4566
PO Box 1547 Noosa Heads QLD 4567
T (07) 5473 3400 F (07) 5470 2752
E noosa@soundbcm.com.au
W Click here to go to our Noosa page

Newcastle 1/22 Portside Cres
Wickham NSW 2293

Port Stephens 5/63 Donald Street
Nelson Bay 2315

Central Coast 6/19 Reliance Dr
Tuggerah NSW 2259

Level 1, 72 The Esplanade
Terrigal NSW 2260

Suite 4, 17 Thomas Street
Noosaville QLD 4566

27 Feb 2014 - Strata Reform Summary

The NSW Government is reforming NSW strata law.

NSW has more than 72,000 schemes worth $350 billion in assets. The reforms will affect around 2 million industry professionals, strata owners, and residents in strata-titled townhouses and units.

Based on consultation, 70 proposed reforms will update 50-year-old Strata Title. Together, they will help to guide strata schemes to best manage their strata community's needs into the future.

Changes to strata scheme rules (by-laws):

  • Strata schemes can adopt all or any new model by-laws (standard rules) that suit them. The owners corporation (formerly body corporate) will need to review their rules within a set period to check if changes are needed.
  • Pet-friendly units will be encouraged, but not mandated, by reversing the default pet ban in model by-laws.
  • Real-estate agents and landlords must provide residents with up-to-date by-laws.
  • Repeat offenders who have breached a by-law within the last 12 months can be penalised without reissuing a notice to comply or further mediation.
  • Smokers may be fined for smoke drifting from their balcony or a common area to better protect neighbours' health.
  • Owners can prevent overcrowding for their scheme by introducing an upper-limit rule on occupiers per bedroom.

Changes to support the fair and efficient management of your scheme: 

  • Reforms will bring strata law up-to-speed with the Internet era. This includes options for your scheme to email, keep and issue electronic records, and to network and attend meetings ‘virtually’. 
  • Tenants can attend meetings and elect a non-voting representative to speak at the strata committee to represent their interests (where more than half a scheme is tenanted).
  • Clearer, common-sense approvals for owner renovations waiving restrictions for minor, cosmetic changes to lots such as handrails inside the lot to make it safer for elderly people.
  • Owners will directly elect strata committee office bearers.
  • Owners corporations must outline how they plan to fund their 10-year sinking fund plan.
  • Owners corporations will be able to seize rents from levy-defaulting properties until debt is cleared.
  • To promote fair play, proxy voting limits will help to curb proxy harvesting.
  • New accountabilities and a 3-term limit for strata managers.
  • Schemes may engage their local council (subject to council arrangements) to patrol their scheme and impose parking penalties.
  • For new schemes there will be a developer bond, independent defects report, and a maintenance and servicing schedule prepared by developers. This will be used to inform budgets and levies and proactively limit escalating costs, disputes and damage from defects. 
  • Collective sale and renewal of the scheme possible with most owners agreeing (at least 75% agreement, supported by inclusive decision-making requirements including distribution of a detailed plan).

 

 

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