Are you aware of the big shake up in strata legislation being introduced into Victoria shortly? The consultation period is now complete and the proposed new strata reform legislation is sitting with Government ready for release. This is the biggest change since 2006 and seeks to bring Victoria more in line with legislation in other states.
The Bill will create amendments to the following:
One of the major changes for strata will be the introduction of a 4-tier system of regulations according to the number of lots in a scheme.
This essentially will impose more requirements on committees of larger OCs and modified for smaller schemes. For example a Tier 1 scheme will be required to produce a maintenance plan for future repairs and replacement of common property, whereas Tier 2, 3 and 4 may still have a plan but are not required to do so.
Tier One and Two must elect a committee (these have been reduced from 12 members to seven) and Three and Four may have one but it is not necessary.
This is going to be an interesting time for Victoria as the new legislation is rolled out in 2020. At Tideways we will stay in touch with changes and ensure our clients are well-informed on the legislative changes as they directly contribute to living in strata.