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The WA Government has passed both he Strata Titles Amendment Bill 2018 and the Community Title Bill 2018. REIWA welcomes the passing and will continue to provide industry insight during the drafting of the Regulations. It is expected the full suite of changes will be enacted in the second half of 2019.
The key areas of reform are:
This decision is supported by REIWA due to the complex nature of the Community Titles Bill.
REIWA supports the introduction of Community Titles as a way to deliver mixed-use developments that will increase housing choice, affordability and public amenity. However, it is essential that the practical management of schemes is clearly outlined for property managers to effectively manage both residential and commercial assets.
REIWA supports the level of safeguards incorporated into the draft Bill for the Termination of Strata Schemes to protect all parties throughout the process. This legislation is critical in ensuring that development is not stifled, while also protecting the rights of owners and residents.
Overall strata disclosure is important, it should lead to better informed prospective buyers. REIWA believes it should remain the seller's obligation to provide disclosure information to prospective buyers, and that it's important for prospective buyers to know certain information about the strata lot they are purchasing.
Ensuring that strata schemes are well managed is really important for owners of strata lots, but also for REIWA members who manage those schemes. The consultation paper proposed a raft of changes to the way annual general meetings are run, as well as allowing for the use of electronic means and the proposal for a code of conduct for strata managers to name a few.
REIWA's position is that mandating that certain items are on AGM agendas seemed a bit overbearing and could in fact stifle the ability of the strata manager to run smooth meetings - it doesn't necessarily increase consumer protection. REIWA felt to improve protections for owners of strata lots, it would make more sense to actually describe the powers and functions of those owners on strata councils more clearly. Ensuring they understand their role and what matters need to be considered - like reserve funds and financial reporting.
See what REIWA President Damian Collins has said in the media about strata reform: