Strata

Common Property Maintenance - New Laws May Solve Some Old Problems

A common problem for investment property owners, whose investment property is a strata apartment, is getting the owners corporation to properly maintain and repair the common property. This can involve an owners corporation lacking the funds required to undertake the works or simply involve inertia.

Savvy Investors See Big Profits in New Strata Rules

In just over three months NSW strata apartment owners will have more rights running, renovating and reselling their properties thanks to reforms expected to herald nationwide changes to property management and ownership.

Submissions on the Strata Schemes Management Regulation 2016 and Strata Schemes Development Regulation 2016

Submissions on the Strata Schemes Management Regulation 2016 and Strata Schemes Development Regulation 2016

  1. Introduction

This is a submission from Bannermans Lawyers addressing a number of issues with the draft Strata Schemes Management Regulation 2016.

Airbnb - Is Your Strata Building Becoming a Party Hotel?

The rapid expansion of Airbnb and other online letting services has become one of the most controversial issues for the strata sector. A recent NSW Government enquiry  suggests that new laws are likely. Specifically, a Legislative Assembly committee report “Adequacy of the Regulation of Short Term Holiday Letting in NSW” dated October 2016 suggested that short term letting should be defined and permitted in NSW. In the meantime, this remains something of a grey area legally.

Swimming Pool Changes - Are You Selling, Buying or Leasing? Beware the Hype!

Changes to the Swimming Pools Act 1992 and regulations come into force on 29 April 2016 and will have a direct impact on the sale, purchase or lease of properties with a swimming pool or outdoor spa.

Since 29 October 2013, all pool owners have been required to register their pools on the NSW Government swimming pool register website. Pool owners are now required to provide a certificate of compliance or occupation certificate for the pool or outdoor spa at the time of selling or leasing their property.

Strata Managers - New Options for Owners

The new strata laws that commenced 30 November 2016 have made significant changes to the appointment and role of strata managing agents. Investment property owners also need to be ready for the changes.

Will the New Reform Mean that Owners Corporations Will Now Raise Money to Match their 10-Year Sinking Fund Plan?

Under the current legislation there is a requirement for owners corporations “to take into account” the 10 year sinking fund plan. Many schemes do not comply with this obligation in good faith with the result that the sinking fund remains just as underfunded as it was before 10 year plans were required.

So What Happens if the Owners Corporation Does Not Fix the Building? Is the 2015 Strata Reform Going to Assist?

Many owners face problems with strata schemes failing to repair and maintain the common property.

These problems include:

Strata Investors - Beware! Proposed New Strata Law Reform Affects You

For property investors owning or looking to purchase strata property, it’s paramount to be abreast of the latest laws affecting strata titled property. The New South Wales Government has released its draft bill proposing new strata laws. These propose numerous changes, some of which are so important as to change the strata landscape and hence affect investment decisions. As an investor, the key is to make “informed decisions”.

Collective Sales - Windfall When Neighbours Work Together

Strong pressure on Sydney property prices and an acute shortage of suitable development sites has made it possible for neighbours acting together to achieve excellent prices for properties which in aggregate represent a suitable development site. This is illustrated by the recent sale of nine St Leonards houses, which were sold for more than $66 million to a Hong Kong based investor.

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