Fair Trading NSW is to receive new powers to order the rectification of serious apartment building defects following the release of a review into State strata laws.
Announced by Minister for Better Regulation, Kevin Anderson, the Department of Customer Service’s Report on the statutory review of the Strata Schemes Development Act 2015 and Strata Schemes Management Act 2015 made 139 recommendations to improve the lives of people living in strata communities.
“In order to better protect strata residents, the NSW Government will introduce new powers for Fair Trading to order the rectification of serious defects,” Mr Anderson said.
“Owners’ corporations will also be required to undertake maintenance in a timely fashion, so residents aren’t stung with costly repair bills after years of disrepair,” he said.
“The Report also recommends outlawing unfair long-term electricity supply contracts, and other contracts taken out by developers, in what will be a significant saving for owners’ corporations.”
Mr Anderson said Review recommendations covered the digitisation of key strata records; detailed minimum requirements for 10-year capital works fund plans; enhanced training for strata committees; streamlined mechanisms to resolve disputes; and changes to governance and disclosure arrangements to balance diverse interests in mixed use schemes.
In its Report, the Department said recommendations aimed to improve governance through enhanced accountability and transparency; better prevent, identify and rectify building defects; support competition and minimise costs for consumers; and ensure flexible management and administrative arrangements.
The Department’s 108-page Review Report can be accessed at this PS News link.
