Infrastructure
The NSW Coalition pleaded with voters, to 'let them get it done' in respect to the existing infrastructure projects. Accordingly, this term we can expect a number of infrastructure initiatives that were commenced in the previous term, including the light rail and the Sydney Metro, to be completed.
Both the Urban Development Institute of Australia (UDIA) and the Property Council of Australia issued press releases in the lead up to the election setting out the importance of these infrastructure projects to the property market and to their developer members.
Strata renewable energy
If elected, the NSW Coalition promised to reduce the type of resolution required to install solar panels in common property of strata schemes. Currently an owners corporation will need to pass a special resolution (meaning a resolution where not more than 25 per cent of owners vote against the motion). The Coalition intends to reduce this threshold to an ordinary resolution meaning that the majority of owners will be able to pass the resolution.
Stamp duty
The NSW Coalition, who introduced foreign person surcharge duty in 2016, chose to increase the surcharge from four per cent to eight per cent in 2017. Given the deprecating market, it is unlikely that the Coalition will enact further increases to the existing eight per cent surcharge, at least until the property market begins to recover.
Community title reform
The NSW Coalition promised following the implementation of the 2016 strata reforms to review the existing Community Legislation and deliver on community reform. We are hopeful that the now re-elected Coalition will commence a review of the Community Legislation. Fair Trading's website currently states that the government will be issuing draft legislation for circulation later this year.
Off the plan sales
On 22 November 2018, the Conveyancing Legislation Amendment Bill 2018 (NSW), received assent by both houses of the NSW Government. However the majority of the amendments, including those to the Conveyancing Act relating to off-the-plan sales will not commence until the new Conveyancing Regulation can be finalised. We are hopeful that now the Government has been re-elected the draft Conveyancing Regulation will be circulated in the next four to six weeks.
A link to our previous article on the off-the-plan sale changes can be found here.
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.
