The most recent developments in strata management in Sydney revolve around significant reforms to New South Wales strata laws, implemented in early 2025. These changes aim to enhance transparency, accountability, and governance within strata schemes, directly impacting property owners, residents, and strata managers
Key Updates in NSW Strata Management (2025)
1. Enhanced Transparency and Disclosure
Effective from February 3, 2025, strata managing agents are now mandated to disclose any affiliations with suppliers and developers. This measure is designed to eliminate potential conflicts of interest and ensure decisions are made in the best interests of the strata scheme. Additionally, detailed breakdowns of insurance quotes have become mandatory, providing owners with greater clarity on how their levies are being utilized
2. Strengthened Governance and Accountability
Strata committee members are now required to undergo mandatory training, equipping them with the knowledge and skills necessary to effectively manage strata schemes. This initiative aims to foster better decision-making and enhance the overall governance of strata communities.
3. Improved Maintenance and Financial Planning
Developers are now obligated to provide independently certified maintenance schedules and budget estimates to the owners corporation at the first Annual General Meeting (AGM). This ensures that buyers are aware of potential future costs and that strata schemes are better prepared for long-term financial planning.
4. Support for Owners in Financial Hardship
New information requirements for strata levy notices have been introduced, including details to assist owners in financial hardship to seek help early. This proactive approach aims to prevent financial distress among owners and maintain the financial health of strata schemes.
5. Easier Approvals for Minor Renovations
The reforms have streamlined the process for owners seeking approvals for minor renovations, reducing bureaucratic hurdles and promoting property improvements
These reforms represent the most significant changes to NSW strata laws since 2015, reflecting the government’s commitment to improving the strata living experience. By enhancing transparency, strengthening governance, and supporting financial planning, these changes aim to create more resilient and well-managed strata communities across Sydney and New South Wales.
If you have specific questions about how these reforms might affect your property or require guidance on navigating the new regulations, feel free to contact us.
