The Sydney region and other major population centres throughout New South Wales are set for a huge economic boost under new reforms proposed for the $200 billion dollar strata sector.
The strata sector says the proposed changes would set up the state’s biggest property sector for record growth over the next 20 years.
Heads of the sector say regions like Sydney will be a significant driver of the huge forecasted growth.
The $200 billion New South Wales strata sector has been given a huge boost this week, with a proposed reform bill expected to lay the foundation for exponential growth over the 20 years.
The leader of the New South Wales strata sector has commended the NSW Minister for Fair Trading, Victor Dominello, on his proposed bills for strata reform put before state parliament this week.
Strata Community Australia (NSW) President Greg Haywood said that the bills, still in draft form, could kick-start the biggest property shakeup New South Wales and regions like Sydney have seen in decades.
The key reform is to allow owners corporations to make termination decisions on a 75%, majority basis, instead of the previously enforced 100%.
“Along with the multi-million dollar OH&S issues posed by age defects like concrete cancer, some of these older schemes have reached the end of their economic lifespan and are too costly to maintain; so often owners take the view that knocking them down and starting over is the best option.”
“What we’re looking at here is a facelift for the entire state property market, with older, redundant properties expected to make way for bigger, better communities,” Mr Haywood said today.
“There are countless ageing buildings throughout New South Wales that property owners will inevitably want to sell out of in years to come, and for the sake of a growing population along with the benefits of bigger, better buildings, the status quo must change.”
“Unit and apartment living is the property future for New South Wales’ biggest regions, like Sydney, and this proposed reform rightly facilitates the record growth expected for the strata sector over the next 20 years and beyond.”
Mr Haywood says the key points of the proposed reform appropriately address the long awaited changes sought by many within the sector, and hopes state parliament will consolidate this action for sector improvement.
“The state property market is evolving, so it’s important that laws governing strata management keep up.”
“Living in a community should mean making decisions as a group, and we want the state parliament to ensure this common sense reform plays a part in the future of New South Wales’ biggest property sector.”
Mr Haywood says that majority decisions will also have a positive influence on countless other aspects of community living, such as the keeping of pets, smoking areas and parking, to name a few.
“The Minister has made it very clear to us through this proposed reform that State Government sees the strata sector as the future of New South Wales property.” Mr Haywood said today.
“We’ve seen dozens of instances where a single owner has blocked the re- development of run down, aged and degraded apartment and unit blocks, which in some cases should be rightfully bulldozed, Mr Haywood said.”
In addition to majority decisions, Mr Haywood says important issues like building defects, manager accountability and the modernisation of by-laws have been earmarked as areas for necessary change.
“The path forward for growth has well and truly been set, but it all means nothing without parliamentary support, so we urge state parliament to recognise the future that can be established right now.”