The Minns Labor Government has unveiled plans to introduce new laws targeting the management of strata communities across NSW. These measures are aimed at improving transparency, curbing misconduct and protecting residents in apartments and townhouses.
The proposed reforms include:
- Raising the maximum penalties and penalty infringement notices to deter non-compliance, particularly regarding existing obligations by agents to disclose information about commissions.
- Strengthening the conflict-of-interest disclosure requirements to prevent agents from exploiting their positions for personal and/or financial gain.
- Prohibiting agents from receiving a commission on insurance products in cases where they do not assist residents in securing the best deals, ensuring fairer practices.
- Improving NSW Fair Trading’s enforcement and compliance powers to ensure agents adhere to the new regulations.
See SCA NSW’s Statement on the reforms
These reforms follow an $8.4 million investment to bolster resources for the Strata and Property Services Commissioner as part of the NSW 2024-25 Budget.
Anoulack Chanthivong, Minister for Better Regulation and Fair Trading, emphasised the reform’s role in building trust and confidence in strata living.
” The new laws are designed to take immediate action to help restore confidence in living and investing in strata schemes, ensuring more people consider apartment living as a housing option”
Moving forward, the government plans to engage with key stakeholders, including the Owners Corporation Network and Strata Community Association NSW, to refine the draft laws before their presentation to Parliament later this year.