Development in NSW to surge with new strata laws

19/09/2014 5:14 am

Starta titleNSW strata agreements are to be abolished under new “special resolution” rules to be introduced in 2014, rather than requiring unanimous agreement from owners.

The state government has proposed 58 changes to the state’s strata laws in the biggest reforms in more than 40 years.

A key change to termination rules means not every owner will have to agree to ending a strata agreement, making redevelopments easier. This key restriction has been a barrier to many developments for years in NSW.

NSW Fair Trading Minister ­Matthew Mason-Cox was set to release the position paper on Friday outlining the changes, designed to accommodate the spike in apartment living.

Mr Mason-Cox said the changes were part of the state’s broader building reform package and would be officially passed in Parliament next year.

More owner involvement will be encouraged through allowing ­meetings to be conducted via teleconference, as well as electronic voting. Management contracts will not be able to run longer than three years and proxy voting limited to prevent proxy farming.

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[via AFR]