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NSW: Why now is a very good time to take a laser-like view of your financials

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Question: All the new changes in NSW strata legislation ultimately result in higher costs of strata living for owners.

Answer: Take a very laser-like view of your financials.

I’m all for a well-maintained building because it will lead to lower long-term costs.

Some strategies to combat higher costs of strata living are getting preferred rates with your trades, making sure you’re putting your services out to competitive tender, and reviewing your budget to understand exactly where your money is going each year.

If you’re thinking, “we’re spending a lot on our mechanical services”, this should trigger the thought, “do we need to replace that? Is there an issue?”

Just take a very laser-like view of your financials.

This post appears in the May 2026 edition of The NSW Strata Magazine.

Hugh McCormack
McCormacks Strata Management
E: Hugh.McCormack@mccormacks.com.au
P: 1300 991 825

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About Hugh McCormack

Hugh McCormack is Managing Director of McCormacks Strata Management, Sydney’s leading strata management company for 30 years, with a 99% customer retention rate. Over the past 20 years, Hugh has transformed the company into a leading-edge strata advisory firm, partnering with some of Sydney’s most prestigious complexes – large and small – and leveraging modern technology to ensure a first-class customer experience.

Hugh holds a Bachelor of Business, majoring in Real Estate, Finance and Sustainable Development, and serves as the sole director of McCormacks Strata Management.

In addition to his role at McCormacks, Hugh is actively involved in the strata sector. He has served as Vice President of the Strata Community Association (NSW) and is a champion of education and training in the industry, striving to improve standards across the board.

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