The price and scarcity of land in big cities has resulted in a huge increase in strata living. Properties governed by strata law in New South Wales are conservatively valued at $350 billion - and a law overhaul is about to bring them into the twenty-first century.
Opposition to smoking is finally being addressed. Many non-smokers complain about neighbours smoking on verandahs and allowing their nicotine laden smoke to drift into the apartment next door. The new strata laws will bring this under the control of the body corporate - and impose a fine of $ 1100 for breaches.
Keeping pets has been a source of argument in the past. The new laws take a much broader view of the rights of residents to keep a pet in their apartment and lay down the criteria that must be followed as far as noise and hygiene is involved.
The biggest change will concern the powers of the body corporate where a building is reaching the end of it's commercial life and there is a need for redevelopment. As things currently stand, if a single owner stands firm in rejecting such a plan - it can not proceed. This new law will require agreement by a quorum of seventy-five percent of owners to achieve legal consent.
Redevelopment decisions have been a real headache in the past. So many strata buildings are aged and many have " concrete cancer " which makes repair costs prohibitive. Often, these shabby old buildings are in locations of great demand and the logistics of demolition and rebuilding are simply overwhelming. In many cases, the site is capable of a new building of considerably greater height and capacity - returning a financial bonanza for the present owners.
One of the reasons some owners resist redevelopment is their wish to continue to live at that address. The new law makes it far easier for a " buy back " clause to be part of their consent, in which they are guaranteed an apartment in the new building in exchange for their redevelopment consent.
It is obvious that strata living will increase in the future and it is important that the law runs parallel with this increase. The greater housing capacity of modern new buildings makes use of existing urban facilities and is far cheaper than establishing new " greensite " housing developments in the far outer suburbs.
A law review that clearly details both the rights and the responsibilities of strata living will be of value to all strata residents.
No comments:
Post a Comment