Western Australia – Strata Reform Process
Strata Titles Amendment Bill 2018 and Community Titles Bill 2018 were passed by Parliament on 1 November and 6 November 2018, respectively.
Both Bills were assented to and became Acts on 19 Nov 2018.
Phase 1: The amended Strata Titles Act 1985 is effective since 1 May 2020.
Phase 2: The commencement of the new Community Titles Act 2018 is yet to be confirmed.
Some of the benefits highlighted by Langate include:
- Strata managers will be regulated and made accountable
- Owners will have more say in how their scheme is managed
- By-laws will be easier to enforce
- Owners will be empowered to improve their scheme
- One-stop-shop to resolve strata disputes (State Administrative Tribunal of Western Australia)
- Buyers of strata will get better information.
In relation to Regulations 2019 – Gazette No. 188 (31/12/19) – Section77; every Strata company with 10 or more lots (or having a high building replacement value must have:
- A reserve fund and
- A maintenance plan listing the estimated maintenance of buildings required over a 10 year period: s. 100(2A)
Reserve funds (or Sinking Funds) are quite common within the Strata Industry on the East Coast, these plans will often cover 10 -25 years. The strata reform currently has 10 years listed as the proposed timeframe.
Find out about HFM’s Reserve funds
Maintenance Plans, provide technical guidance to strata schemes regarding their common area, providing information about their condition (at the time of assessment) and their required preventative maintenance.
Find out about HFM’s 10-Year Maintenance Plans.
HFM’s approach is a ground-up approach, it requires our consultants to undertake full site inspections, prepare full asset register of major plant, review maintenance contracts and service records.
Only once all this work has been undertaken can a full appreciation of the building and expected future operating costs be prepared.
For Further information on Strata reforms and it’s implication visit our WA Strata Reform 10 Year Maintenance plan & Reserve fund Landing Page or feel free to contact us on 08 9213 7100