25 AUGUST 2023
Major updates to NSW strata are being proposed, with working groups having recommended some bold regulatory reforms for the sector.
Among the changes afoot is a recommendation to make the initial annual general meeting of new buildings a two stage process so that owners, especially first timers, cannot be railroaded into agreements that are not in their best interests, such as embedded networks [https://www.afr.com/wealth/personalfinance/howtostop-dodgymaintenancecontractsinyournewapartmentblock-20230801-p5dt3d].
Allied to the recommendation above is a suggestion that all contracts entered into during the owners’ corporation’s initial period – before 50 per cent of the apartments have been sold – should expire and be
renegotiated as part of the two stage first AGM proposal.
The Owners Corporation Network (OCN), representing apartment owners and residents, and Strata Community Australia Australia (SCANSW), representing strata managers and other professionals, joined with leaders in industry, academia, business partners and regulators to tackle some challenges facing strata in the state.
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