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 paper released today, the Property Council has unveiled a Strata Title Renewal Plan Process to facilitate 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 Acting 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.
“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, the threshold needs to be changed so that renewal can proceed if no more than 25 percent disagree.