Understanding how strata communities operate becomes easier from today, with the NSW Government launching a guide to support the 1.2 million residents living in strata properties such as apartments, townhouses, and duplexes.
The Strata Living Guide has been updated following consultation that has incorporated the community's feedback and responses.
The Guide will give strata property owners and prospective buyers clear advice in plain English on a range of topics aimed at improving decision-making in strata communities.
The new Guide has practical 'how to' information for those living in strata properties, such as how to run strata meetings and other key strata processes, how to manage strata finances, and how to raise issues.
The guide also helpfully suggests ways to go about getting things done such as regular or emergency repairs and approvals for renovations, resolving disputes, and managing relationships with the owners' corporation and strata manager.
The Guide also highlights the strata law changes coming into effect in February 2025, which expand and strengthen strata managing agents' disclosure obligations to owners, including reforms to make insurance arrangements more transparent.
NSW Fair Trading is also releasing information for strata property owners, and owners' corporations, about options available when owners are having difficulty paying their strata levies on time, without compromising the financial viability of strata schemes.
Proposed legislation to be introduced to Parliament next week will make strata management practices around levies clearer, such as improving levy notice information and fairer conditions for payment plans.
This includes levy notices being accompanied by information encouraging early action by lot owners in financial hardship, and information about how to contact the National Debt Helpline.
To access the Strata Living Guide and other resources to help strata property owners, please visit: https://www.nsw.gov.au/housing-and-construction/strata
Minister for Better Regulation and Fair Trading Anoulack Chanthivong said:
"The Minns Labor Government is continuing to improve the regulatory framework we need to build better homes and communities for the people of NSW.
"The Strata Living Guide provides clear advice to people living in the 86,000 strata schemes in NSW which will help them govern their strata schemes constructively and effectively.
"The Guide will also help strata communities to engage in collective decision-making that serves their community's best interests.
"Strata debt is a growing issue in the community with the amount of money owed to strata title creditors in insolvencies climbing.
"That is why we are introducing new legislation that will give strata property owners and strata corporations a clear path when managing strata levy debt in the best interests of all parties."
