How Will Upcoming NSW Strata Laws Affect Strata Property Owners?

Ever wondered how the ground beneath your strata property might be shifting? What if we told you there are new laws on the horizon in New South Wales that could reshape the foundation of strata living?

In this episode, we’re joined by Amanda Farmer—host of Your Strata Property, and owner of Lawyers Chambers, to help us unpack significant developments that's sending ripples through the strata property landscape in New South Wales. If you own a unit, townhouse, or villa in the region, these changes might have a direct impact on you.

But here's the kicker—as we explore the implications for strata owners in NSW, a crucial question is raised: Is this a blueprint that multi-dwelling owners in other states and territories should also be studying closely?

Join us as we break down the complexities of these upcoming strata laws and explore whether they could be a game-changer not just for residents in NSW, but for strata owners nationwide.

Episode Highlights:

00:00 - Introduction

00:57 - Who is Amanda Farmer?

02:04 - What's the latest buzz surrounding strata properties and what's unfolding next?

03:56 - Is there a typical legislative process for implementing new laws in strata?

06:11 - Upcoming laws that address the challenges of pet ownership in strata communities

09:04 - What is a strata levy that is struck and why you need to pay in just 14 days

11:48 - How accurate are the headlines about individuals struggling with levy payments?

14:19 - Are unexpected strata costs affecting potential clients' budget for property purchase?

18:16 - In what way does the insurance industry exacerbate problems faced by strata?

22:42 - What are the upcoming laws regarding notice periods for strata meetings?

26:32 - Why is there a growing emphasis on maintaining electronic records in strata property?

29:54 - Veronica mentions the new strata commissioner and asks about his mandate

32:53 - How does new legislation simplify the removal process of strata committee members?

38:05 - Is there a perceived rental crisis linked to recent legislative shifts favoring tenants?

42:05 - Strategies for bridging the expertise gap in strata management

46:12 - Why buyers are advised to conduct their own building inspections in strata purchases

51:30 - Amanda Farmer’s property dumbo

About Our Guest:

Amanda Farmer is a lawyer and the owner of Lawyers Chambers, a strata-focussed legal practice in Sydney. She is also the host of the long-running podcast Your Strata Property, the world’s only podcast dedicated to explaining the legal complexities of strata-titled properties. With over 20 years' experience in the strata legal sector, Amanda is both a Fellow and Council Member of the Australian College of Strata Lawyers, and she is also the founder of Women in Strata, a networking group for women working in strata management. An increasingly in-demand speaker and educator, Amanda has been educating strata managers, apartment owners and residents for many years, through round table workshops, webinars, seminars and keynote presentations.

Connect with Amanda Farmer:

• LinkedIn: https://www.linkedin.com/in/amandafarmerlaw/
• Facebook: https://www.facebook.com/yourstrataproperty/
• Instagram: https://www.instagram.com/yourstrataproperty/
• Visit their website: https://yourstrataproperty.com.au/
• Lawyers Chambers on LinkedIn: https://www.linkedin.com/company/lawyers-chambers-on-riley-pty-ltd

Resources mentioned in this episode:

• The Elephant in the Room Property Podcast Episode 304: Strata Properties: What’s Changing and Why? https://www.theelephantintheroom.com.au/podcasts/304
• Your Strata Property Episode 370: Affordability, availability and competition in strata insurance – with John Trowbridge https://yourstrataproperty.com.au/370-affordability-availability-and-competition-in-strata-insurance-with-john-trowbridge/

Resources:

• Visit our website https://www.theelephantintheroom.com.au
• If you have any questions or would like to be featured on our show, contact us at: The Elephant in the Room Property Podcast questions@theelephantintheroom.com.au
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Mortgage Broker? https://www.blusk.au
• Work with Chris: hello@blusk.au

Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word and join us for more insightful discussions in real estate. Your journey starts now!

• Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719
• Subscribe on Spotify: https://open.spotify.com/show/3Ge1626dgnmK0RyKPcXjP0?si=26cde394fa854765

See omnystudio.com/listener for privacy information.