REINSW welcomes govt review of strata law framework

Posted: 2012-01-24

Owning your own home is part of the great Australia dream, but as a growing number of people put off occupying their own residence in search of more affordable options the rental market and laws surrounding strata title insurance are becoming increasingly important.

In New South Wales the cost of living is rising as workers continue to migrate to the country's finance capital, generating a renewed interest in high-rise living.

Yet at the same time as professionals and students compete for a limited amount of available housing, it seems that policymakers have failed to make sure that there is appropriate legislation in place to protect renters and landowners.

But in an announcement made earlier this week (January 23) the state government outlined plans to review strata laws in a bid to keep up-to-date with lifestyle changes among city dwellers.

Minister for Fair Trading Anthony Roberts said the policy think tank Global Access Partners would host a three month consultation on strata and community scheme issues before recommending changes to the government.

The news has been welcomed by the Real Estate Institute of New South Wales (REINSW), but the peak body was also quick to point out that the inquiry was long overdue.