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Proposed Reforms with Wade McKenzie

Friday, 06th December 2013

It's hard not to be excited by the strata law reform, and its a breath of fresh air to see that common sense has finally prevailed in so many important aspects which have been a thorn in the side of the Strata Industry for so many years.

The most positive changes from my perspective are those to the flexibility of electronic communication which will improve productivity with decision making, the developer bond which should guarantee prompt and thorough rectification of defects, and the termination of strata scheme changes which will breath new life into the industry.I don't consider any of the changes to be negative, however it remains to be seen how instances such as conflicted interest, proxy farming and developer influence will be properly policed.The Consumer, Trader and Tenancy Tribunal (CTTT) will certainly have their work cut out for them, with positive new changes concerning pets, smoking and many more issues that will lead to inevitable disputes.  The system is flawed on many levels at present due to time, cost and resource issues to hold people accountable.  Let's hope they are prepared.  Strata Managers should be aware of a substantial industry overall that will create healthy opportunities and an equal dose of competition, which most importantly, will benefit owners and the industry.  I foresee a survival of the fittest evolution over the ensuing years, with many acquisitions of those that are either unable, or unwilling to embrace the changes.

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