Tax and legal advice

NSW strata laws 'join 21st century'

By Reporter

The NSW government has announced sweeping changes to the state’s strata laws after an extensive review.

The new bylaws were announced by NSW Fair Trading Minister Anthony Roberts yesterday and include a new approach to pets in units, smoking on balconies and executive committees.

Mr Roberts said the reforms were in response to the community’s calls to modernise the strata laws.

“Since its inception over 50 years ago, the growth in strata title in NSW has been tremendous,” notes from Mr Roberts’ speech at the annual Strata Community Australia Convention said.

Mr Roberts said strata schemes were the most common land title system for apartment buildings in NSW and it is estimated more than 30 per cent of the state’s population now live or work in strata.

“On average, five new strata schemes are registered each day, and it has been estimated that within 20 years approximately half of the state’s population will be living or working in strata," he said.

“This means that, for the first time in history, most property owners will find themselves in a legally binding relationship with their neighbours regarding the communal upkeep and maintenance of their property.”

Mr Roberts said the current legislative framework is overly formal and complex and “did not cater for today’s world where, for example, many investor-owners do not live in NSW and cannot physically attend strata meetings”.

The minister also offered examples of changes to the model bylaws, which are scheduled to be introduced to parliament early next year.

“For example, there is currently no model bylaw that deals with smoke drift, and those bylaws that deal with hardwood floors are only concerned with fixing noise-related problems after installation," he said.

“Approval from the owner's corporation may not be required to install hardwood floors, even though this could have a significant impact on other residents.

“We are also looking to make changes to bylaws dealing with pets.”

Under the changes to the bylaws, pets will be permitted unless the strata committee votes against it.

“Fair Trading receives numerous complaints from people who are forced to choose between living in strata and keeping a pet,” Mr Roberts said.

“While many schemes would be happy to allow pets, it is often the default rule that they be banned, and potential owners and tenants are not always in a strong position to see the bylaws changed.”

It is expected the changes will come into effect by mid-2014.

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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When buying property, it’s important to focus on what’s important. Investor Katarina Taurian shares just what exactly is important to her: having the mindset of looking past superficial cosmetic matters and homing in on the structural suitability and potential of a property.

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In this episode of the Smart Property Investment Show, Katarina joins host Tim Neary to unpack her entry into the property market and experiences of rentvesting, and how the Smart Property Investment Show was vital  in a number of decisions which she made along the way.

Katarina discusses about the team that she had help her along the way, why she thinks that you should never skimp on a good solicitor and accountant, and the red flags which tell her why buying a new property doesn’t necessarily mean buying a better property.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Media hype would have you believe that the Australian property market is in dire circumstances at the moment and that there is no money to be made.  But is that really the case?

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In this episode of the Smart Property Investment Show, regular guests Steve and Victor of Right Property Group join host Phil Tarrant to discuss the current state of the Australian property market as it is portrayed in the media, and analyse if things are as dire as we are being led to believe.

They will compare regional markets with capital cities as investment options, reveal some areas which they consider to be poor investments at the moment while also discussing some of the markets where they see future potential.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Surfers Paradise

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Busting perceptions of a doom and gloom property market

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