Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

Strata

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GUEST OBSERVER
Misinformation and scare tactics are clouding the debate around incoming strata reform.
The strata laws under which we operate are the oldest in the world so the system is in desperate need of an upgrade. The exponential growth in the popularity of strata ownership means that reform is urgently needed to bring it in line with modern life.
Bills do not apply to existing strata schemes, only future strata schemes with current strata owners having the option to opt in, so it will take time to see material change in the NSW system.
If 75% of residents agree to redevelop a strata development the remaining 25% will not be thrown out onto the streets.
The facts have been lost along the way here. One thing people need to be aware of is this strata reform is not retrospective. It will apply only to existing strata committees if they chose to sign on to it, and it will apply to strata committees that are established post the introduction of the reforms.
And in reality any collective sale of the strata development is complex and will take up to two years to achieve. The sale would have to go through courts and those in opposition will have the opportunity to argue their case.
Further facts are:
<ul>
<li>Old strata buildings are expensive to maintain. The upkeep of a dilapidated building is not only a burden to residents but also owners who wish to sell their apartments. </li>
<li>Strata unit owners stand to benefit. The majority of residents will make more profit from the collective sale of a strata development then if they were to go it alone. </li>
</ul>
Stephen Albin is chief executive of the Urban Development Institute of Australia and can be contacted <a href="https://www.udiansw.com.au/" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Dispelling the myths around strata reform: UDIA

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Brisbane’s western fringe strata office and retail market has remained strong despite the period of economic uncertainty which has had a negative impact on the CBD market, according to Ray White Commercial research.
Vanessa Rader, Head of Research for Ray White Commercial, said the strata office market has experienced improvement in investment turnover since 2014 with significant investment in the retail side.
“Activity in the strata office market in the western fringe has shown a pickup in activity due to increased interest by opportunistic investors capitalising on historical low interest rates,” she said in the Between the lines Milton &amp; Toowong strata market report August 2015.
“Quality or premium type assets have been sought after by investors, achieving capital values in the region of $17,000 per sqm.
“These properties are typically those well located on Park Road, Milton, and have secure long term restaurant leases.
“These highs exceed those capital values achievable within the CBD, highlighting the confidence in this location.
“Prime retail assets are more reasonably priced in the $8,000 per sqm to $12,000 per sqm range and are also strongly food or convenience driven tenancies in locations such as Sherwood Rd, Toowong.”
Ms Rader said rents achievable vary depending on the quality of the assets.
“Premium assets in terms of location, size and access demand rents up in the $800 per sqm to $1,050 per sqm gross face range,” she said.
Ms Rader said while some areas in the western fringe have a high vacancy rate, it’s a different story for a number of quality assets in Milton.
“The sought after Camford Square development in Milton as well as the historic terraces at 249 Coronation Drive, Milton, and 15 Lang Parade, Auchenflower, are indicative of successful strata properties which consistently have close to full occupation,” she said.
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Brisbane western fringe strata market remains strong‏

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The number of individual dwellings  – or lots –  under strata management sits at around 2,588,000.
NSW, with 775,000 lots is the biggest, followed by Victoria on 750,000.
Then follows Queensland (410,000), WA (285,000), SA (270,000), ACT (46,000), Tasmania (34,000) and NT (18,000), figures show from industry body Strata Community Australia (SCA). 
Between 2015 and 2020, greater Sydney will have around 160,000 new strata apartments and townhouses.
Melbourne will complete 182,100 and southeast Queensland 113,600, consultancy MacroPlan Dimasi estimates. 
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Strata lot dwelling numbers across the country: Melbourne set to overtake Sydney

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There were some 90 plus proposed changes to strata laws announced by the NSW Government Fair Trading Minister Victor Dominello​ last week that will affect how strata operates for owner occupiers, landlords and tenants.
It is the first major reform of strata laws since the Strata Titles Act was made in 1973. 
NSW has around 75,000 strata schemes worth $350 billion in assets. 
The draft Strata Schemes Development Bill 2015 and Strata Schemes Management Bill 2015 have been released for public consultation.
Here are what Property Observer senses are the key reforms. 
<h3>OVER CROWDED APARTMENTS</h3>
The reform will allow owners' corporations to create bylaws limiting the number of adults who can actually live in an apartment with fines for over-crowding to be raised to $5500 for the first offence and $11,000 on the second offence. The reforms allow owners corporations to make a by-law limiting the number of people who can reside in a lot (but schemes must still allow no fewer than two adults per bedroom), so that strata schemes are able to better manage overcrowding. Schemes wanting to impose such a limit could introduce a by-law by passing a special resolution. Larger families would not be discriminated against because the by-law would not apply to children and an overcrowding by-law cannot be inconsistent with the planning approval for the building.
<h3>COMPULSORY SALES AND DEMOLITION </h3>
The reform will allow 75 per cent of residents of older buildings to agree to their sale to a developer for redevelopment, regardless of the wishes of the 25% minority. Currently there is a requirement of a 100 per cent vote in favour of abandoning a strata scheme. The new process will apply only to existing schemes if the owners corporation agrees to opt in. If the majority of owners (50% or more) don’t support the decision, no further action can be taken.
<h3>RENOVATION</h3>
The reform will create a three-tier regime that allows certain minor work to be done without permission, some significant renovations to be carried out just with a simple majority vote of the owners' corporation and then for major renovations the need for special resolutions, bylaws and restrictions. The reforms aim to provide clearer, common-sense approvals for owner renovations. They would waive restrictions for minor, cosmetic changes to lots such as inserting a picture hook. Renovations with a lasting impact, such as installing floorboards, would still require approval but only a general resolution (50% of the vote). Renovations like those that affect the structure or external appearance of the building would still require a special resolution (75% of the vote).
<h3>PROXY FARMING FOR MEETING VOTES</h3>
The reform sees a cap on number of proxies held by owners in larger buildings with a limit of 20 per cent of the vote or five votes, whichever is less.
<h3>ILLEGAL PARKING</h3>
The reform will allow owners' corporations and local councils to let council parking inspectors patrol strata car parks and issue fines to people who have parked where they shouldn't. As part of proposed changes, owners corporations would be able to enter into an agreement with the local council to manage unauthorised parking on the common property. Current options already available to owners corporations to address unauthorised parking include by-law enforcement, signage and barriers and calling the police if an individual is thought to be trespassing.
<h3>DEVELOPER DEFECTS BOND</h3>
The reform will see property developers having to place a bond of 2 per cent of the value of the building to cover potential defects after completion. A building bond for the construction of high rise strata buildings (those over 3 stories in height) would maintain developer and builder accountability for their work. A process for the early identification and rectification of defects would be implemented, requiring developers to engage an independent building inspector to carry out a defect inspection report, at their cost, between 12 and 18 months after the completion of the building.
<h3>PETS</h3>
The reform will change the standard or default bylaw to state that pets are allowed, provided that the strata committee approves, although that approval can't unreasonably be withheld. During consultation on the reforms it was highlighted that, in some cases, people can be forced to choose between their pet and living in a strata building. Reforms would amend model by-laws to make it easier to keep pets as opposed to automatically prohibiting pet ownership in a scheme. The strata reforms would remove any reference to a ban in the model by-laws. Schemes would also be actively encouraged to review their by-laws and to consider whether their existing ban should be lifted. The strata reforms would not remove a scheme’s ability to make its own rules about pets. Schemes could place reasonable conditions on keeping pets (eg. its access to common property). If the model by-law were adopted, the request to keep a pet could not be unreasonably refused. For example, schemes could not unreasonably refuse the keeping of small animals, such as fish, or a cat, but could reasonably refuse rodents or venomous snakes. Each case would be considered on its merits.  Guide dogs would continue to be allowed regardless of a scheme’s by-laws and the reforms expand the category of guide dog to include hearing dogs and other assistance animals.
<h3>SMOKING</h3>
The reform identifies balcony smoke drift as a potential "nuisance" under the legal meaning of the word. The owners corporation would be able to prosecute offenders rather than leaving this to individual owners.
<h3> </h3>
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Overcrowded strata apartments, illegal parking and other NSW strata reforms

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GUEST OBSERVER
The Urban Development Institute of Australia NSW welcomes the release of the state government’s Strata reform Bills following more than three years of stakeholder consultation.
The Bills introduce a number of measures that reflect the complexity of modern strata developments, and have the capacity to continue to change as more home buyers prefer to live in apartments. The strata laws under which we operate are the oldest in the world so the system is in desperate need of an upgrade.
Under current strata schemes it is difficult to renew dilapidated buildings because of outdated processes and procedures.
These Bills pave the way for Strata schemes to opt to modernise buildings that have reached the end of their economic life. 
The Bills do not apply to existing strata schemes, only future strata schemes with current strata schemes having the option to opt in, so it will take time to see material change in the NSW system. The introduction of the legislation will also be telling. 
We won’t see an impact from the draft Bills overnight, the true impact will be realised when the legislation is introduced, and we see the effect on existing strata schemes.
Numerous protections have been introduced for owners under the new schemes including a 2% bond to guard against building defects and major protections for elderly and disadvantaged residents through just-terms compensation and legal assistance. 
The UDIA NSW has minor concerns with aspects of the draft bills, particularly the proposal to include a non-voting tenant representative on strata executive committees – which may not be effective for a number of reasons including the often transient nature of tenants.  
While we will be working through the details over the coming weeks, we can’t lose site of the fact that the reforms are an improvement on the antiquated system that presently exists.
The Institute will be making a submission to the draft Bills and it looks forward to continuing to work with government on strata reform.
Stephen Albin is chief executive of the Urban Development Institute of Australia NSW. He can be contacted <a href="https://www.udiansw.com.au/pages/contact">here</a>.
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Minor concerns surround NSW Strata reform bills

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GUEST OBSERVATION
The draft Strata Act released by Minister Victor Dominello will underpin the dramatic growth in apartment living in Sydney, says the Urban Taskforce.
The release of the draft Strata Schemes Development Bill 2015 and the Strata Schemes Management Bill 2015 by the NSW Government is an important step forward in shaping the future form of Sydney.
With around a third of Sydneysiders currently living in apartments and the likelihood of this increasing to 50% in the next 25 years the changes to NSW strata legislation are timely and necessary to give confidence to the development industry and to owners corporations.
The two most significant changes are the reduction from 100% to 75% of the owners in a strata scheme required to collectively terminate or renew a strata scheme and the introduction of a 2% retention bond after construction of an apartment building to cover any defects.
The reduction from the current requirement of 100% of owners to 75% is an important step forward to allowing the renewal of thousands of substandard walk up flats constructed prior to 1990. Previously a single owner could hold a body corporate to ransom by demanding an exorbitant price for their apartment. The reduction to 75% is in line with models that operate in New Zealand, Singapore, the United Kingdom and North America.
The process for collective sale or renewal involves checks and balances to ensure that owners receive adequate compensation for their lot and a free advocacy program will be established to assist vulnerable owners.
A recent report by the University of NSW identified thousands of ageing pre-1990s walk up apartment blocks located close to transport and services throughout metropolitan Sydney which are costly to maintain and run and many do not conform to modern building standards. The proposed new strata laws will assist in ensuring these buildings are renewed.
The 2% defects bond is similar to the retention sum that most building contracts already have to cover defects that can arise during occupation of a building. The bond has been formalised in the Draft Bill to give all parties confidence that funds are available to repair defects.
The Urban Taskforce has developed designs with Turner Architects that demonstrate how 40 year old walk up flats can be renewed with modern apartments. You can view the publication <a href="https://www.urbantaskforce.com.au/urbanideas/december2014/" target="_blank">here</a>. 
Chris Johnson is chief executive officer of Urban Taskforce Australia and can be contacted <a href="https://www.urbantaskforce.com.au" target="_blank">here</a>.
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Strata Act will underpin Sydney’s urban future

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The redevelopment of Sydney's choicest strata apartment buildings has moved closer.
The NSW government has released draft legislation proposing that ageing blocks can be demolished, if just 75% of the apartment owners approve the sale to developers.
Based on one vote per unit, not on different unit entitlements, it is a big change on the 100% agreement currently required.
Older residents in prime, under capitalised older blocks will be increasingly discomforted that their building could be sold from under them – even with supposed safeguards on the fairness and transparency of the new process. The new process will apply only to existing strata schemes if the owners corporation agrees to opt in. If the majority of owners (50% or more) don’t support the decision, no further action can be taken.
<a href="https://www.fairtrading.nsw.gov.au/ftw/About_us/Have_your_say/Reform_of_strata_laws.page" target="_blank">However draft bills by the Minister responsible for Fair Trading, Victor Dominello</a> aim to pave the way for reforms that reinvigorate increased housing supply and a stronger construction industry.
"By 2040, about half of Sydneysiders will be living in strata," he said.
"The proposed reforms are reflective of present needs and future demands."
The initial strata legislation was introduced in 1961.
The consultation started in 2011 advances the most controversial ability of strata owners to terminate the scheme – and sell or redevelop the building – if 75 per cent of the strata owners agree.
The draft Strata Schemes Management and Strata Schemes Development Bills are open for feedback until August, 12 2015. Final bills will be introduced to Parliament later this year.
Similar models already operate in New Zealand, most states of North America, and the United Kingdom.
Protections would be in place for elderly and vulnerable owner-occupiers of strata units. Fair Trading would establish a Strata Renewal Advice and Advocacy Program to provide free advice for residents.
This would include an assistance hotline and a free advocacy service for vulnerable residents.
The proposed reforms are designed to ensure that owners receive at least the market value of their lot plus an extra amount to cover costs like those associated with moving, as required by the Land Acquisition (Just Terms Compensation) Act 1991.
Any plans for renewal would be referred to the Land and Environment Court for final consideration. The Court would consider whether the process has been properly followed. It would initially seek to resolve disputes through conciliation or mediation.
The Court would be able to reject a renewal plan if:
<ul>
<li>it has not followed proper processes or been developed in ‘good faith’ or</li>
<li>the amount to be paid to a dissenting owner was less than the compensation value of the lot or</li>
<li>the terms of settlement were not just and equitable.</li>
</ul>
There are several stages that strata schemes would need to follow as part of the collective sale and renewal process.
Vote to opt into the process
The new process will apply only to existing schemes if the owners corporation agrees to opt in. If the majority of owners (50% or more) don’t support the decision, no further action can be taken.
Initiate the collective sale/renewal process
A proposal to sell or redevelop a scheme must first be considered by the strata committee (currently known as the ‘executive committee’). A general meeting of all owners is then called to consider the proposal.
Form a strata renewal committee
If the majority of the owners (50% or more) agree to pursue a proposal, a committee is elected to investigate and develop the proposal. The committee can appoint professionals such as valuers, lawyers, and tax experts to assist them.
Develop a collective sale/renewal plan
The strata renewal committee develops a plan that must set out certain information to help lot owners make informed decisions. The strata renewal committee, and the owners corporation will hold meetings to discuss and further develop the plan. The plan will need to address certain areas such as the amount that each lot owner will receive under a collective sale as well as the costs and liabilities that will be faced by the owners corporation, the proposed settlement date and arrangements for moving out of the building. Guidance material will be made available on how to prepare a sale and renewal plan.
Consider the plan
Owners will have a minimum of 60 days to consider the plan and seek independent advice. Owners in favour of the plan will sign a support notice, which will be given to the secretary of the owners corporation. The plan lapses if it is not supported by 75% of owners within 12 months. The plan will list the compensation that is to be paid to each lot owner in dollar terms, as a formula (e.g. a percentage of the sale price) or in kind (e.g. a lot in the new building).
Approval of the plan
Plans for renewal would be referred to the Land &amp; Environment Court for final consideration.
 
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