New laws will leave only two years to make defect claims

JimmyT said:

In a move that breathtaking in its pro-developer bias, new laws are being brought in to restrict claims for non-structural defects in new apartments to two years while the window for claims against structural defects is being reduced from seven years to six.

This is supposed to make developers more confident about building strata blocks – but will it make owners more confident about buying them?

Here's the story in the Financial Review this week, and here's the link to Fair Trading's web page about the genius new plan.

So here's a question, would you be more or less likely to buy into strata under this new scheme … cos there's no point in building them if nobody's buying them

To be honest I would be even less likely that I already am to buy a new apartment. I feel that even the very nice looking, modern apartments lack the sturdiness of the older buildings these days. I always hear about leaks, sound problems and such things. And the rooms just get smaller and smaller. If this scheme goes ahead, in my view, this problem will only be intensified as even cheaper materials will be used in the construction.

I love old brick buildings, specially the 3-4 floor ones. They usually have very thick walls, big rooms and high ceilings. It is just hard to find units in old buildings that have en-suites, which for me is a must!

I think that a lot of people don't think like me, though. A lot of people care more about the price. If they see something that looks nice and it is located where they want to live, for an affordable price, they will buy it. Most will only realise the mistake later on, when the problems begin to show.

Hi All

As of yesterday, NSW Parliament has indicated that:

1. Royal Assent will probably take place on 26 October 2011; and

2. the amending Act is scheduled for proclamation on 1 February 2012.

TEYS Lawyers is currently conducting a review of the amending legislation and will shortly provide a view regarding it's impact via it's website, weekly email StrataSpace, etc.

Regards 

Chris Kerin