Disclosures made during the sale of strata property, and the management of strata schemes, are two key concerns one industry body has highlighted in a submission to a government review.
Real Estate Institute of WA president David Airey said the review of Strata Titles legislation is overdue.
“Perth is undergoing a huge revival of multi-dwelling construction, with an exceptional number of units and apartments currently under construction and due for release this year,” Mr Airey said.
My Airey said the new focus on apartment living was being driven by downsizers, first home buyers and investors, significantly adding to Perth’s strata stock and helping bring a focus to a review of the governing legislation.
“REIWA’s submission to this state government review reflects the views of our members and is based on the practical experiences of real estate agents involved in strata title transactions on a daily basis.
“Our submission raises a number of concerns and proposes recommendations to achieve good outcomes for the WA property industry.
“For example, we believe it’s important to make the disclosures to potential buyers of strata property clearer and easier to understand. Better informed buyers will also help real estate agents involved in strata transactions to further assist both buyers and sellers,” he added.
Mr Airey said that strata management can be a complex area, so making sure all parties are aware of their responsibilities is crucial.
“REIWA recommends that the legislation governing the functions and powers of a strata council be expanded and described more clearly, so that everyone in a strata community wins.”