The new minister for NSW fair trading has announced the strata reform Bill release will be delayed due to a “longer-term” plan in the works.
The NSW government wishes to deliver “vital community title, strata and sector-wide reforms for the building industry in one package”.
Minister Matthew Mason-Cox met with the Real Estate Institute of New South Wales (REINSW) legal counsel Nicole Unger and LJ Hooker Strata Management managing director Gary Adamson to discuss the government’s decision to postpone the strata reform Bill and how they will proceed.
“Community title reforms will be accelerated as part of a broader package of reforms relating to multiple occupancy of buildings, strata, security of payments and home warranty insurance connected with the building industry,” Mr Mason-Cox said.
“These reforms are interrelated and must be viewed collectively as we build on the strong reform foundations and achievements of the last three years.
“We will give stakeholders every opportunity to work with us to refine the legislative amendments and ensure our reforms are well integrated across home building, strata, community titles, home warranty and security of payment laws,” he added.
According to the REINSW, more than 25 per cent of the NSW population live or work in strata and community title buildings, and research shows that by 2040 more than half of Sydney’s housing stock will be multi-unit dwellings.
Representatives from REINSW, Strata Community Australia and others stakeholders have previously expressed their concerns with the way the strata reform Bill was handled when it was first released in November 2013.
“We’ve been told the government intends to set up a consultancy group involving all stakeholders, rather than conduct it in the manner they have previously,” Gary Adamson said.
The reform package is now expected to be released in the first half of 2015.