A lower threshold for renewing strata schemes is needed to lift the supply of new housing and office space needed for Sydney’s future growth, according to the Property Council of Australia.
In a new discussed paper released today, the NSW Government is proposing to amend strata laws to trigger a greater turnover of strata schemes in NSW.
"Strata title is a popular form of property ownership – and close to a quarter of everyone in NSW owns, lives or works in a strata titled building," NSW Executive Director Glenn Byres said today.
"Its common use places strata title renewal at the heart of Sydney’s inevitable future growth but we risk being caught in a strata title straightjacket without change.
"Some of the oldest strata buildings in Sydney are close to 100 years old and buildings are being pushed past their realistic lifespan.
"We need to free ourselves of the strata title straightjacket and start to expand the housing options available to Sydneysiders as our population inevitably expands.
"Approval is needed from effectively 100 percent of owners to dissolve a strata scheme, making it virtually impossible to achieve change and renewal.
"We need a simpler and fairer system that will allow ageing buildings to be replaced with new housing and office stock that meets the demands of our growing population.
"The centrepiece of any reform needs to be movement on the threshold for terminating strata schemes.
"Instead of just one person stalling sensible transformation, a more realistic threshold is needed to encourage renewal.
"Balanced with a system of consultation, fair compensation and dispute resolution, Sydney can secure a much-needed legacy of new housing and commercial offices."
To see ABC TV's news story featuring Glenn Byres, click here.
