Strata Changes on the Horizon
With the forthcoming NSW State Election comes the prospect of change, and new direction.
Recent events, including the Opal Tower, has elevated strata into the headlines, making the quality of construction of residential buildings a significant issue for the major parties.
Last month the NSW Government released its response to the Shergold Weir Building Confident Report, 3 days before the release of the final report into the Opal Tower on 22 February 2019. Click here to read the article we published about the reports including links to the reports.
Recently Domain reported that the NSW Labor Party has announced that if elected, they will create an office to oversee all strata issues, with a particular focus on defects in “newly” constructed buildings. A strata commissioner will be appointed, who will look into the current government’s defect bond of 2%, to determine whether it affords any protection. Click here to read the announcement.
A dedicated government agency to look after strata is long overdue. However, to what extent it will assist those currently living in strata is unclear, given the focus on newly constructed buildings. New building legislation is also foreshadowed, but again, will these changes benefit everyone?