Have your say on nation-leading strata program
The NSW Government is seeking community feedback on the proposed introduction of annual reporting requirements for the 83,000 strata schemes across the State, for Australia’s first ever Strata Hub.
NSW Fair Trading Commissioner Rose Webb said owners corporations would be required annually to report and verify basic details about their strata scheme to populate the Strata Hub. This would include building, safety and management information.
“These changes increase transparency and accountability in the sector by providing key data on how schemes are being governed, while also making communication easier and quicker,” Ms Webb said.
"The Strata Hub will better protect the 1.2 million people in NSW living in homes under a strata scheme and those intending to buy a property in strata.
“Whether a resident wants to know who they should contact in their scheme to report an issue, or if important fire safety checks and annual general meetings have been carried out, the Strata Hub will be a central source of information they need to address their concerns.
"We would like to hear from anyone with an interest in strata, including people who live, own, rent, work or want to invest, as well as councils and other strata stakeholders."
Owners corporations would be required to report basic information including the strata plan number, the number of lots in the scheme and the type of usage.
Building and safety information would include the date the occupancy certificate was issued and whether it was final or interim, the issue date of the latest annual fire safety statement and the insurance replacement value.
Management information collected on the Strata Hub would include key contact details for the strata scheme, the size of the capital works fund and whether the scheme had started a termination process under the Strata Schemes Development Act.
The first phase of the Strata Hub was launched in August, when a digitised Strata Building Bond and Inspections Scheme (SBBIS) went online.
The SBBIS requires developers to pay a bond equal to two per cent of the building contract price to NSW Fair Trading for newly built multi-storey strata developments four levels or higher. This bond provides money to cover the cost of rectifying defects not fixed by the developer within the compliance period.
Have your say on Strata Hub today, 28 October with submissions closing November 18.