According to Landgate as at 31 January 2020, WA has over 325,000 strata properties across residential and commercial strata schemes including apartments, townhouses and units.*
At a high level some of the key changes are:
•prospective buyers of strata are to receive more information from sellers, using the prescribed disclosure form and a general information form.
•dispute resolution is expected to be more efficient through the State Administrative Tribunal (SAT)
•where the strata owners want to achieve the collective sale or redevelopment of strata scheme which require the scheme’s termination there is a new process allowing for majority approval in some scheme
•the introduction of 10-year maintenance plan and reserve fund for strata schemes with 10 lots or more as well as for schemes with high replacement cost for common property
•electronic options are being introduced for scheme communications, voting and meeting attendance
•changes to by-laws
•strata managers have new duties, qualification requirements and reporting obligations
•provision for staged development of strata and survey-strata schemes
•Leasehold strata has been introduced
As at 28 April 2020, new forms, guides and resources were expected to be released in late April 2020 by Landgate.
There is also a second phase, providing for community titles. Community titles are a new form of land title expected to facilitate more complex or mixed-use subdivision and development within a shared ownership environment. The commencement of the new Community Titles Act 2018 is still to be confirmed.
Realmark recently hosted a professional development session on the new laws for our team, and our strata managers have been carefully following developments and are on hand to support our team with questions. If you have question regarding selling or renting a strata property or would like more information on strata management, please don’t hesitate to get in touch with us.
You can learn more from Landgate at www.strata.wa.gov.au/
* Making strata better | What’s changing