In a landmark decision, the federal government has passed the second reading of the Strata Reform Bill, signalling major changes for property owners and body corporate managers across the country.
The reforms aim to modernise governance structures, improve transparency in financial reporting, and give owners greater say in major building decisions. Industry groups have broadly welcomed the changes, though some have raised concerns about implementation timelines.
“This is a significant step forward for the millions of Australians living in strata-titled properties,” said the Minister for Housing. “These reforms will bring our strata laws into the 21st century.”
Key provisions include mandatory building defect bonds for new developments, enhanced dispute resolution pathways, and digital voting for owner meetings. The bill is expected to pass the Senate before the end of the current session.
