…. and an owner’s meeting that got so heated the police turned up
Strata Management or Body Corporate woes. The community has been adding steadily.
The state and territory governments have progressively sought to better regulate the sector. To some the actions might be likened to a flick pass. Note disputes are supposedly able to be settled in a neutral corner (Govt Statutory appointed bodies) without a court of law. This may have worked for a cheap 6 pack unit development.
Per recent reveals there are often 100+ owners all with a million or more at stake. There are also large corporates who have muscled (purchased) their way into the BC and Strata Management business. They have effective control over many millions of dollars to be spent on insurance, maintenance and legal/inspection services. It adds a layer that is promoted as improving outcomes for management committees.
What chance might a first home buyer or sole property owner occupier stand in getting a fair outcome. Some investors may be holding their first purchase sold on doubtful truths about the low risks. Other savvy investors may own multiple properties and know the path. It’s in the best interests of all to have a safe, sound and well maintained building. However investors are far less likely to see the same priority as an owner occupier, and there is a call on the investor to share in funding repairs.
Developers can only win where the Strata owners are unable to work together or worse have vastly different agendas. Hopefully the NSW-CAT can deliver a better outcome.
