21 January 2015- The disclosures made by people selling strata property, and the management of strata schemes, are the two key points the Real Estate Institute of Western Australia is making in its submission to the State Government.

 

REIWA president David Airey said the review of strata titles legislation was overdue but welcomed the opportunity for industry to contribute to positive outcomes.


“Perth is undergoing a huge revival of multi-dwelling construction with an exceptional number of units and apartments currently under construction and due for release this year,” Mr Airey said.

 

My Airey said the new focus on apartment living was being driven by downsizers, first home buyers and investors, significantly adding to Perth’s strata stock and helping bring a focus to a review of the governing legislation.

 

“REIWA’s submission to this state government review reflects the views of our members and is based on the practical experiences of real estate agents involved in strata title transactions on a daily basis.

 

“Our submission raises a number of concerns for further consideration and also proposes recommendations to achieve good outcomes for the WA property industry.

 

“For example, we believe it’s important to make the disclosures to potential buyers of strata property clearer and easier to understand. Better informed buyers will also help real estate agents involved in strata transactions to further assist both buyers and sellers.

“We also feel that the management of strata schemes can be a complex and so making sure all parties are aware of their responsibilities is crucial. REIWA recommends that the legislation governing the functions and powers of a strata council be expanded and described more clearly so that everyone in a strata community wins,” Mr Airey said.

Mr Airey said the core of the REIWA submission is the balance needed between informed, educated buyers of strata properties and good industry practice in the management and sale of strata to bring benefits to the owners of strata titled property.