The world’s first strata scheme was registered in New South Wales, Australia, on July 1, 1961.
This week another significant date could be added to its history.
Debate comes to a head at the end of October on Minister for Innovation and Better Regulation, Victor Dominello's Strata Scheme Management Bill and Strata Scheme Development Bill.
The introduction of the Bill brought us one step closer to the long awaited overhaul of NSW's strata title laws.
And not a moment too soon, according to REINSW President, Malcolm Gunning.
He believes strata law reform is essential due to the growing popularity of apartment living.
“With apartment living considered almost as attractive as freestanding homes it is important to simplify strata laws to make them easier to understand, while at the same time recognise our existing and future requirements,” Mr Gunning said.
“After considerable consultation from industry, the public and interest groups we are very pleased to see that these matters will be addressed.
"With some two million people living or working in more than 75,000 strata schemes across NSW, these reforms are of the utmost importance.”