Off-the-plan property buyers will soon be better protected when long-awaited legal changes come into effect this September – and inject much-needed confidence into the Sydney new apartment market, project marketers predict.
As a result of changes to conveyancing laws approved by the NSW Parliament late last year and to be introduced in the next quarter, developers will be made more accountable to buyers, and there’ll be more certainty.
As the peak body for strata owners, the Owners Corporation Network has been strongly supportive of the reforms. “They are much needed,” said executive officer Karen Stiles. “Off-the-plan purchasers currently have few rights, with off-the-plan contracts heavily weighted in favour of the developer. Consumers have more protection buying a bar fridge than a $1 million apartment.”