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Home » Bylaws » Bylaws NSW » NSW: Tough new strata laws pass Parliament

NSW: Tough new strata laws pass Parliament

Published September 24, 2024 By The LookUpStrata Team 1 Comment Last Updated September 30, 2024

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This article outlines the progress of the tough new strata laws for NSW.

Strata managing agents face tough new laws that crack down on secret kickbacks through greater transparency and higher penalties for agents doing the wrong thing.

Strata laws put owners corporations in charge of making key decisions on the buildings and common property of townhouses and apartments, usually with the assistance of a strata managing agent.

The new laws will ensure tough action against agents who don’t properly declare conflicts of interest.

Key changes include:

  • increasing the maximum penalties and penalty infringement notice amounts for existing agent obligations to disclose information about commissions
  • strengthening the conflict-of-interest disclosure requirements
  • banning agents from receiving a commission on insurance products when they don’t play a role in finding the best deal for residents
  • strengthening NSW Fair Trading’s enforcement and compliance powers.

The higher penalties, greater transparency and new enforcement powers follow an $8.4 million investment in more resources for NSW Fair Trading to tackle issues in strata and property services in this year’s budget.

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Minister for Better Regulation and Fair Trading Anoulack Chanthivong said:

“Building more high quality, higher density housing is a key pillar of the Government’s comprehensive plan to build a better NSW so we need people to have confidence to invest and live in strata schemes.

“The Government has wasted no time in tightening controls to respond to community concerns about accountability and conflicts of interest in the strata industry.

“These changes will help to restore the confidence of the 1.2 million people already living in strata schemes and change the perception that strata managing agents can take advantage of owners without consequences.”

This post appears in Strata News #713.

Have a question or something to add to the article? Leave a comment below.

Read next:

  • NAT: SCA Comments on ethics, conflicts and the future of the strata industry
  • NSW: Q&A Is it better to be a Self Managed Strata Scheme?

This media release first appeared on the NSW Government website.

Visit Strata By-Laws and Legislation OR Strata Topics by State pages.

Looking for strata information concerning your state? For state-specific strata information, take a look here.

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Comments

  1. Tony Redgrove says

    September 24, 2024 at 9:39 am

    It is all very well to give increased powers to the Dept of Fair Trading but my experience is that they are reluctant to use them. Agents seem to get a rap over the knuckles with a feather when they should receive a rap over the knuckles with a steel ruler..

    The more things change the more they stay the same.

    Reply

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