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EMBARGOED UNTIL July 08, 2019 10:00 AM

“STRATA DESERVES ITS OWN GOVERNMENT DEPARTMENT IN ACT”

July 08, 2019 -

Media Release | INTERVIEW OPPORTUNITY AVAILABLE

Monday 8 July, 2019

“STRATA DESERVES ITS OWN GOVERNMENT DEPARTMENT IN ACT”

CALLS TO CREATE MINISTERIAL PORTFOLIO IN THE AUSTRALIAN CAPITAL TERRITORY

PEAK STRATA BODY ASKS ACT GOVERNMENT TO CONSIDER A SEPARATE STATE PORTFOLIO FOR STRATA

In the face of forecasts that half the country will live in strata title apartments, townhouses and units in the future, the ACT Government is being urged to consider a specific strata ministerial portfolio as Canberra’s apartment boom continues.

The Territory’s peak strata body has praised the ACT Government for considering proposals such as a Strata Ombudsman and a NSW-style bond scheme, which are still in their preliminary stages. However, they argue Canberra’s growing strata market requires a separate portfolio.

Strata Community Association ACT President Chris Miller says, “Treating the strata industry as just an enclave of the real estate/property industry fails to recognise the specific challenges and scope of stakeholders unique to the strata sector. The issues facing strata extend beyond service delivery by licenced strata managers, such as building quality. SCA members nationally have responsibility for $1.2 trillion in properties under management.

“Strata is a huge and growing market. Half the country is going to live in strata title property in the foreseeable future. If you live in strata, the same department that deals with a defective toaster is also tasked with dealing with the range of issues affecting strata owners. As we have seen with the recent flammable cladding crisis, these issues can be broad and complex, and involve hundreds of thousands, if not millions of dollars.

“Given the direction of the property market generally across the country and in particular cities that are experiencing high volumes of growth, like Canberra, a separate portfolio is needed to deal with the problems and issues of strata.

“Now that the Federal election is behind us, we’re not going to see changes to negative gearing and capital gains tax, so it’s likely the apartment market will continue to forge ahead at record rates.

“Our entire population is shifting towards that way of living and it requires a more specific governance from state and federal levels.

“Compared to other markets that are slowing down, Canberra is continuing to forge ahead. A huge number of apartments are planned, and it doesn’t make sense that strata doesn’t have a specific portfolio of government in the ACT.

“A strata portfolio will have better oversight over the issues the sector will face.”

ENDS

About Strata Community Association

Strata Community Association Limited (SCA) is the peak industry body for Body Corporate and Community Title Management in Australia & New Zealand. Membership includes body corporate managers, support staff, committee members and suppliers of products and services to the industry. SCA proudly fulfils the dual roles of a professional institute and consumer advocate.

SCA has in excess of 3,300 members who help oversee, advise or manage a combined property portfolio with an estimated replacement value of over $1.2 trillion. Website: http://stratacommunity.org.au/

(ENDS)

Contact Details

Media Contact:
Chris Miller
President
Strata Community Association (ACT)
0400 376 208

Released by:
Sophie Barrington
Marketplace Communications
0432 972 215
sophie.barrington@teammarketplace.com.au

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