Leanne Habib, CEO of Premium Strata, noted that issues often arise when owners' corporations defer action due to costs or when individual owners delay repairs that would benefit other lot owners. The new powers will enable the regulator to investigate and issue compliance notices in such circumstances.
Kimberley Jonsson, CEO of CHU, emphasized that from an insurance perspective, failure to maintain properties can exacerbate building issues, affecting insurability and premiums over time. The reforms are expected to ensure that commonsense decisions are made when there is dissension within owners' corporations.
These changes are part of a broader suite of reforms aimed at improving transparency, accountability, and financial management within strata schemes in NSW. By empowering Fair Trading to enforce maintenance compliance, the government aims to protect property owners and residents from the risks associated with poorly maintained buildings.
Strata managers, insurers, and property owners are encouraged to familiarize themselves with the new regulations and to work collaboratively to ensure that maintenance obligations are met promptly and effectively, thereby enhancing the safety and value of strata properties across the state.
