More than 1.2 million people living in apartments, townhouses, duplexes and other shared properties across the state have benefited from stronger protections since the Minns Labor Government established the Strata and Property Taskforce over one year ago and passed landmark reforms.
Over its first year, the Taskforce in NSW Fair Trading has brought together specialist inspectors, investigators and dispute resolution experts to crack down on misconduct, lift professional standards and support better decision making for owners.
The Taskforce has completed over 175 Anywhere, Anytime investigations in unit blocks, issuing almost 80 fines with a total value of more than $125,000. Decisive disciplinary action has been taken against more than 70 licensees across real estate, strata management and conveyancing, with more than 10 operators removed from the industry entirely.
One strata managing agent formerly operating in the Coffs Harbour area was permanently disqualified from the industry for engaging in serious fraudulent transactions impacting 66 separate strata buildings and close to 1,000 residents.
Early intervention has been a key focus, with independent managers appointed to step in and protect strata residents and ensure continuity of essential services where strata managers have failed to do so.
At the same time, the Taskforce has delivered 1,440 mediation sessions supporting strata and community title owners to resolve disputes without the need for costly tribunal proceedings.
Transparency and accountability across the sector have also been strengthened through the introduction of the Name and Shame Register, helping consumers make informed choices when engaging with property professionals and deterring poor behaviour by agents.
The Government currently has its fourth and final tranche of legislation before NSW Parliament to make apartment living fairer. These results are part of a broader legislative agenda that has:
- Increased penalties for strata managing agents who don't disclose perceived or potential conflicts of interest,
- Required payment plans to be offered to owners in financial hardship,
- Implemented a world-first in strata regulation by allowing NSW Fair Trading to issue compliance notices and enter enforceable undertakings with owners corporations that do not meet their duties to maintain and repair common property,
- Protected for owners from bill shock by requiring developers to have initial levy estimates in new strata buildings to be independently certified,
- Banned strata managing agents from taking a commission on insurance products when they don't play a role in finding the best deal for owners,
- Made it easier to do minor renovations,
- Removed barriers to the uptake of sustainability measures such as solar panels and electric vehicle charging by prohibiting bylaws that block the infrastructure due to external appearance.
This is all part of the Minns Labor Government's plan to make the property market fairer and more transparent for the people of NSW.
For more information on the Strata and Property Taskforce, please visit: https://www.nsw.gov.au/departments-and-agencies/fair-trading/who-we-are/strata-and-property-services-commissioner
Minister for Better Regulation and Fair Trading Anoulack Chanthivong said:
"Buying or selling a home is one of the biggest financial decisions people will ever make. Homebuyers need to be able to trust that property agents are acting fairly, transparently and in line with the law.
"Backed by the Minns Labor Government's $8.4 million investment, the Strata and Property Taskforce in NSW Fair Trading is making sure people can trust how their homes are managed and how property transactions are conducted.
"We've taken strong action over the past year to crack down on misconduct and catch the agents who are doing the wrong thing.
"This is all part of the Government's ambitious reform agenda to create a fairer, more transparent property sector for the people of NSW."
NSW Fair Trading Commissioner Natasha Mann said:
"The Taskforce has given NSW Fair Trading the tools it needs to step in earlier, take action where needed, and support homeowners and strata residents across NSW.
"We're delivering practical benefits for homeowners by giving them greater confidence in how their buildings are managed and how property transactions are undertaken.
"These actions are about protecting consumers and maintaining the integrity of the property and strata sectors."
