The primary objective of these reforms is to address serious maintenance issues and defects promptly, thereby reducing the reliance on costly and time-consuming litigation. By ensuring that owners' corporations adhere to their repair and maintenance duties, the government aims to prevent buildings from falling into disrepair, which can lead to increased repair costs, safety hazards, legal disputes, and challenges in securing affordable insurance coverage.
In addition to maintenance obligations, the reforms introduce measures to assist owners experiencing financial hardship and hold building managers to the same standards of accountability and transparency as strata managers. These changes are part of a broader effort to enhance confidence in the strata sector and protect the interests of residents.
Better Regulation and Fair Trading Minister Anoulack Chanthivong emphasized the importance of these reforms, stating that strengthening repair and maintenance obligations will increase the focus on building upkeep and safety. Compliance will be overseen by the Strata and Property Services Taskforce within NSW Fair Trading, ensuring that the new regulations are effectively enforced.
With over 1.2 million residents living in strata properties in NSW—a number expected to rise under strategic planning reforms—these legislative changes are timely and necessary. They aim to foster a culture of proactive maintenance and accountability, ultimately contributing to the longevity and safety of strata communities across the state.
