Long-awaited reforms to NSW strata legislation have been introduced to state parliament this week, with changes set to simplify strata laws and free up redevelopment opportunities.
The Real Estate Institute of NSW has welcomed the news that strata reforms were this week introduced into parliament, stating that the reforms are "essential" for the industry to adequately address population demands.
NSW Minister for Innovation and Better Regulation Victor Dominello introduced the legislation into parliament this week, with debate due to conclude by the end of October.
Responding to the news, REINSW president Malcolm Gunning stated that the current legislation was in urgent need of simplification.
“With apartment living considered almost as attractive as free-standing homes, it is important to simplify strata laws to make them easier to understand, while at the same time recognise our existing and future requirements,” Mr Gunning said.
“After considerable consultation from industry, the public and interest groups, we are very pleased to see that these matters will be addressed. With some two million people living or working in more than 75,000 strata schemes across NSW, these reforms are of the utmost importance,” Mr Gunning said.
Strata Community Australia has previously welcomed the shake-up to legislation, in particular the proposed changes to termination decisions that will reduce the majority required to rule on the redevelopment of a complex.
“We’ve seen dozens of instances where a single owner has blocked the redevelopment of run-down, aged and degraded apartment and unit blocks, which in some cases should be rightfully bulldozed,” Mr Haywood said.
Under present laws, such decisions require a 100 per cent consensus among stakeholders.