The strata industry has not undergone such expansive and comprehensive changes for 20 years.
Many of the reform changes and new requirements will not impact your scheme in the short term.
However the relevant reforms which will impact your scheme are:
- Strengthening the accountability of strata managers
- Fairer voting rights for Owners by limiting the number of proxies any one individual can hold
- Allowing owners to adopt modern technology to conduct meetings, vote, communicate and administer their scheme if approved at a prior meeting
- The need for owners to review by-laws (strata community rules) within 12 months, which can be customised to suit the lifestyle sought for the strata scheme
- A simpler, clearer process for dealing with disputes
- A clearer and simpler three-tier renovations provess, which removes the requirement for approval for cosmetic renovations within the strata lot (for example: installing decorative finishes or wardrobes).
The new strata law changes include measures aimed at reducing red-tape (for example: simplifying financial statements for owners).
Please rest assured that Conti Property Group has been preparing for the implementation of the changes for some time.
We will continue to guide you and your building through any new requirements to ensure your scheme remains compliant.
Further information will be provided to owners as the new legislation is being rolled out.
In the meantime, please feel free to contact your Strata Manager should you have any further queries.
Principal & Managing Director