New South Wales strata and community title laws will be up for review this year after a public consultation set to close at the end of February.
Current strata laws are outdated having been made for small, self-managed blocks of flats and need changing, said NSW Minister for Fair Trading Anthony Roberts.
The open forum, hosted online, opened on 15 December 2011 and will close on 29 February 2012.
“Regrettably, NSW laws have not kept pace with the issues facing strata and community scheme residents,” Mr Roberts said.
The public consultation process, completed at the end of February, allowed all stakeholders an opportunity to raise their concerns and issues for a formal review of legislation this year.
Feedback was encouraged from investors, tenants, agents, developers, surveyors, valuers, lawyers and academics.
“The laws are outdated and no longer effectively support owners in the day to day management of their scheme or address the issues associated with ageing buildings, changing demographics and accountability for annual budgets that can amount to millions of dollars” he said.
The current laws were designed primarily for small, self-managed blocks of flats, while currently strata and community schemes include high-rises, townhouses, dual occupancies, offices and retirement villages.
“There is a general view in the community and it is one accepted by the government that the laws need to be reformed to more effectively meet the diverse needs of today’s owners and residents.
The review is expected to result in significant amendments to existing legislation.