Owners will be forced to sell under new laws (NSW)

[Scott No Mates]

Proposed changes to the Strata Act in NSW may lead to a greater push to redevelop older strata blocks with less than 100% of owners agreeing to sell to developers: Read more

Hopefully this can get through both houses in NSW as it makes perfect sense (to some).

If you are in an older block of units where you are obligated to keep maintaining an asset which is no longer viable, where a zoning has been changed to enable a greater level of development to be undertaken eg: from townhouses to high density. Plenty of reasons to force a minority decision. (all good news).

 

[datto]

Excellent! Strata laws are as weak as p##s. strata managers are also a disliked species.

 

[twodogs]

I can see good and bad points for both sides of this proposal, but there must be some safety nets to protect the vulnerable.

What if it was your old granny in unit 1 of 3 who didn't want to leave her home of 50 of years? Maybe it would be OK so long as the other unit owners' developer friends will give a "fair" price; and also make a well earned profit from turning 3 into 30 units.

Next step, that old house in the middle of a street zone for units. Force them to sell to allow a lot large enough for development? Different title on the property, same loss of rights. NSW government wanted to allow local councils that right recently I recall, not sure that bit of nonsense has gone away for good.