Homeowners and investors will get their first look at WA’s new strata regulations next month.
Lands Minister Ben Wyatt said the reforms were designed to make strata clearer and fairer for the growing number of West Australians who owned, lived or worked in a strata property. Mr Wyatt said the regulations would be available for public consultation from September 1.
Pulse Property Group director Di Addenbrooke said the regulations were great news for West Australians who owned or lived in strata properties.
“There will be extensive improvements on how strata schemes are managed,” she said.
REIWA President Damian Collins said the industry body was a strong advocate for strata reform and was grateful to have had the opportunity to participate in the review of the act.
The reforms will also introduce the new Community Titles Act 2018, bringing in a new form of land title known as a community title.
“It’s anticipated by 2050 the percentage of West Australians living in strata titled complexes will rise to more than 50 per cent – an increase from around 30 per cent on today’s level,” Mr Collins said.
“The new strata reforms will ensure the state can not only adequately accommodate this shift in housing preference but will also introduce new land development options to drive economic growth.”
According to the Real Estate Conversation, WA has more than 300,000 strata properties.
“This number continues to grow, with more than half of the State’s new land subdivisions strata titled over the last calendar year,” it says.
WA’s new strata laws were passed by Parliament in November 2018.
Landgate says the first phase of strata reform will be delivered through the Strata Titles Amendment Act 2018 which comprehensively amends the existing legislation.
The second phase of the reforms will introduce the new Community Titles Act 2018, bringing in a new form of land title known as a community title. As a new form of property tenure, this law will not impact current strata schemes.
For more information, contact Di Addenbrooke today – 0406 005 755 | email@example.com