NSW Shadow Minister for Fair Trading Tania Mihailuk says the O’Farrell Government’s proposed strata law reforms could see home owners forced out of their properties.
Ms Mihailuk said last year’s announcement of proposed reforms by Fair Trading Minister Anthony Roberts left many questions unanswered – particularly regarding the forced termination of strata schemes.
“The NSW Opposition is concerned that the Minister for Fair Trading remains deliberately tight-lipped on the contentious issue of how strata schemes will be terminated,” Ms Mihailuk said.
“At present, strata schemes can only be terminated with the consent of all home owners. However, the government appears keen to change this to a majority vote – making it easier for developers to buy apartment buildings.
“Developers who want to buy an entire building would only need the agreement of 75 percent of owners – but everyone else would be forced to sell.”
Ms Mihailuk said this would be enough to make any prospective home buyer think twice about living in a strata scheme.
“Why would anybody want to live in a strata scheme if it means they could potentially lose their home, and have no say in the matter?
“Having announced these reforms, Mr Roberts needs to come out and guarantee that people who buy into a strata complex will not be forced out of their homes in the future.”