Menu
The timeline below summarises relevant legislative and industry changes affecting strata stakeholders in New South Wales. It includes helpful links and further reading to help you understand NSW legislative changes.
November 2024
The Minns Labor Government had finalised a series of reforms to establish a more balanced and modern rental system in New South Wales. Amid the toughest rental market in decades, these changes will be a step towards making it fairer for tenants that make up a third of NSW’s population.
These new laws, aimed at benefiting over 2.2 million tenants across the state, include four main components:
The government is committed to working with all stakeholders further to improve the rental landscape, especially in protecting renters’ personal information. This continued collaboration is vital for fostering a fair market for tenants.
November 2024
As our communities become closer and more interconnected, so does our reliance on electrically powered devices. One area of innovation that has seen remarkable growth is electric micro-mobility. Light electric vehicles (LEVs) such as e-bikes, e-scooters, e-skateboards, and self-balancing scooters have become more common for some in our daily transport routines. However, the lithium-ion batteries powering these devices pose growing fire safety concerns.
Recognising their role and potential risks, the laws governing these devices in New South Wales have evolved accordingly. Under the Gas and Electricity (Consumer Safety) Act 2017, e-mobility devices and their lithium-ion batteries are now declared ‘electrical articles.’
Starting in February 2025, all e-mobility devices sold in NSW must adhere to the new prescribed mandatory safety standards. This change attempts to help safe and compliant products be on the market and reduce the risk of fires and other safety incidents.
In the face of the heightened focus on the hazards associated with these devices, all residents within an owners corporations need to practice safe usage within their communities. Here are some proactive steps to help minimise fire risks:
Learn more about how to promote lithium-ion battery safety in your property through the NSW government website below.
November 2024
Starting 1 November 2024, new battery incentives will be available for homes with rooftop solar through an accredited supplier. Under the Peak Demand Reduction Scheme (PDRS), these incentives will help maximise solar energy use and reduce electricity bills by promoting the installation of residential battery storage and connection to a Virtual Power Plant (VPP).
By installing more batteries across NSW, the grid will become more reliable and sustainable, reducing dependence on fossil fuels during peak demand. This move supports NSW’s climate goals of reducing emissions by 70% by 2035 and achieving net zero by 2050.
Properties that qualify for the incentives must have rooftop solar systems installed and use a supplier approved under the Peak Demand Reduction Scheme (PDRS) for battery installation. The available incentives include:
The installation incentive is typically given as an upfront discount by the approved supplier. Different suppliers may offer varied products, services, and incentives, allowing for flexibility and comparison.
Learn more about residential batteries and these incentives and harness the opportunity to solar power your home through an approved supplier.
November 2024
Whether you’re thinking about renovations or upgrading your household utility system, financial incentives by the NSW government are available to help property owners access energy and cost savings on various appliances and systems.
The NSW government’s initiative to power household energy-saving upgrades offers reduced installation costs to replace existing equipment with new energy-efficient alternatives. Some current discounts available through this program include upgrades for:
The upgrade process is handled by Accredited Certificate Providers (ACPs), organisations approved by the NSW Government to facilitate services qualifying for these incentives. Unlike standard rebates, usually paid directly to you, these incentives are provided to the ACP. They, in turn, provide you with an immediate discount on the upgrade.
Simple modifications to your home can significantly impact your energy consumption and, in turn, reduce your electricity bills. This transition towards energy efficiency not only aids in savings but also contributes to reaching our collective net-zero targets. Apart from the immediate incentives, homeowners can also enhance the property’s value and reduce maintenance costs.
Offers may only be available for a limited time, so it is best to stay tuned for updates and learn more about this program through the NSW government website below.
August 2024
To help ease the cost of living pressures, the Commonwealth Government is extending and expanding the Energy Relief Fund by allocating $3.5 billion toward providing electricity bill rebates to Australian households for the 2024-25 financial year. This is an upswing from the $1.5 billion offered in the previous 2023-24 program.
Under this scheme, all eligible Australian households may be entitled to a $300 rebate, which the state government will deliver via retailers. These payments would take the form of deductions on your electricity bill and will be evenly distributed into quarterly instalments throughout 2024-25.
Starting 1 July 2024, these payments would be automatically deducted in the form of a lump sum credit or quarterly instalments depending on when your bill is issued.
This rebate is a unique opportunity for landlords, property managers, and owners corporations who typically receive electricity bills from providers servicing multiple properties (an embedded network provider). To be eligible, residential customers must fulfil the following requirements:
There is no need to apply as the embedded network provider will lodge a claim with their retailer on behalf of landlords and the owners corporation. Below are the census dates that retailers should be providing the rebates.
However, please note that rebates could take several months to appear on your bill. Contact your embedded network operator if you haven’t received the rebate by 31 December 2024.
Keen to understand how the expanded Energy Bill Relief Fund could benefit you? Read more to learn more about this initiative and access factsheets and Q&As below.
August 2024
With the introduction of the Residential Tenancies Amendment (Prohibiting No Grounds Evictions) Bill 2024, the rental landscape in Australia may be set for some significant changes.
Following a recent debate in May, the amendments are under review by a select committee set to report back by 20 September 2024. The proposed bill puts forward more stringent guidelines on landlords terminating rental agreements. Here’s a closer look at the primary changes that are suggested:
In a bid to tackle unfair lease terminations, the bill suggests landlords can only evict tenants under specified circumstances:
Landlords must now provide a 90-day notice for termination of fixed term and periodic agreements, an increase from the previous 30-day notice period.
Under this bill, landlords must ensure that the property aligns with the outlined grounds for termination. Failure to comply can attract penalties. Further, if a property isn’t used in line with the termination grounds, tenants can approach the Tribunal for certain orders, including potential compensation for wrongful eviction.
Do you want a deeper understanding of how these proposed amendments could impact your rental situation? Click the link below to learn more about the Residential Tenancies Amendment Bill 2024.
August 2024
As part of the NSW Government’s continued effort to enhance living conditions for its residents, the 2024-25 NSW budget spells a promising new chapter for homeowners, renters, and strata communities. With an investment of $55.2 million committed to enhancing housing conditions, this funding would help the Strata and Property Services Commissioner and the NSW Rental Commissioner better serve the renters and residents within strata. Here are the plans on the horizon.
Recognising the challenges many renters face, the Budget designates $8.4 million to improve rental conditions, funding frontline rental inspectors and engagement officers. These measures will assist the Rental Commissioner in enforcing quality standards, creating a fairer environment for renters.
With a rise in high-density living, the Minns Labor Government has allocated $11.8 million to provide improved regulations, support, and resources to educate owners’ corporations. Furthermore, over two years, $3.5 million will be channelled into the Strata Hub online platform, providing centralised valuable information for strata property owners and residents.
Learn more about the 2024-25 NSW Budget and what it spells for the future of housing and planning in NSW.
August 2024
As the digital world grows and evolves, so does the threat of cybercrime. As strata residents, safeguarding our digital footprint is essential in maintaining the security and integrity of our shared online spaces.
With the Australian government unveiling its 2023-2030 Cyber Security Strategy, a new era of digital protection is on the horizon, aiming to place Australia at the forefront of global cyber security by 2030.
This initiative aims to enhance our nation’s cyber security, manage cyber risks, and better support citizens and businesses in navigating the complex cyber environment. However, within this broader narrative, the crucial role of multi-factor authentication (MFA) for strata residents comes into sharp focus.
MFA provides an effective tool to help protect against unwarranted access by implementing multiple verification methods, adding an essential layer to your digital defence.
MFA apps, such as Google Authenticator or Microsoft Authenticator, generate temporary codes, also known as tokens or one-time passwords (OTPs), that you use as the second step in the authentication process. When you log into an online account, you enter the code provided by the MFA app to verify your identity. It adds an extra layer of protection to your online accounts. Even if someone obtains your password, they still need a second form of identification to access your data.
In strata communities, where shared network environments are common, the need for robust personal digital security mechanisms is more important than ever. Here’s how MFA can be used to protect the information of residents within an owners corporation:
The process and capability to set up MFA depends on the software or service provider the owners corporation uses. Read more about how to set up MFA and why the Australian Government endorses MFA as a secure measure to protect your online identity.
August 2024
In 2023, Australia experienced a noticeable rise in payment redirect scams, leading to unfortunate financial losses for many. To curb the incidence of such scams, the Australian Competition & Consumer Commission (ACCC) advised verifying payment requests before completing transactions.
In our continuous effort to protect against fraud, our team has a mandatory procedure to validate payment details over the phone. This process includes requests such as reimbursements or contractor registrations, serving as an integral security step before they complete the transaction for the owners corporation.
Phone validation is critical in confirming the authenticity of bank details and the legitimacy of requests. Taking a few extra moments to confirm payment information when our team issues a call can help add protection against potential fraud, especially for larger payments.
If you are an existing customer and have any questions, don’t hesitate to contact our support team for more information on this process.
August 2024
The ease and speed of digital transactions have revolutionised how we make payments. However, a surge in digital transactions comes with increased potential for fraud and scams.
In 2023, Australia experienced a noticeable rise in payment redirect scams, leading to unfortunate financial losses for many. To curb the incidence of such scams, the Australian Competition & Consumer Commission (ACCC) advised verifying any suspicious payment request details directly with businesses before completing a transaction.
In the world of owners corporations, there are a multitude of levies, fees, and bills that you’ll inevitably encounter. Therefore, establishing good practices in verifying the legitimacy of requests is important to protecting sensitive information from fraud. Here are some strategies to review and safely verify invoices.
Knowing key warning signs is the first step to identifying a scam. Common red flags to look out for include generic greetings, poor spelling and grammar, pressure tactics like ‘urgent’ or ‘final notice’, or changes to established payment procedures.
You should also thoroughly review all the details on the invoice. Pay attention to the validity and consistency in the company name, ABN, or bank details compared to previous invoices.
Taking a few extra moments to confirm payment details can help add protection against potential fraud, especially for larger payments. When in doubt about the legitimacy of a transaction, it is best practice to validate the request and payment details directly with the supplier through a trusted phone number.
Their contact information should always be sourced through the company’s official website or Google page via a separate web search.
Learn more about the Australian Government’s advice on how to spot and handle fraudulent payment requests.
May 2024
Due to the surge in reported cases of asbestos-contaminated mulch across Sydney, the Environmental Protection Authority (EPA) has commenced a series of inspections on sites and residential properties suspected of being at risk.
Teams from Fire and Rescue NSW, SafeWork, Public Works, and the Natural Resources Access Regulator have been playing an active role in this process. Additionally, the EPA has been cooperating with councils, landowners, contractors, and other agencies to ensure effective and safe remediation of the impacted sites, aiming for their swift reopening to the public.
To help keep the community informed during these ongoing investigations, the EPA provides continuous updates regarding the sites that have tested positive for asbestos and are currently undergoing remediation.
Click here to view the results of sites being inspected for asbestos contamination.
The EPA will provide support by assigning a licensed asbestos assessor to conduct a thorough site assessment. EPA officers will contact affected properties with detailed information and arrange a site visit and necessary remediation works.
EPA officers will contact the properties to inform them of their negative test results and assure them of their premises’ safety.
For properties near areas that have been contaminated with asbestos-tainted mulch, it is beneficial to conduct tests and report and manage any loose-fill asbestos within the property vicinity. This material can pose health risks if left untreated, so understanding the proper testing and management protocols is essential.
To help maintain a safe environment for your community, click here to learn how to test and manage loose-fill asbestos in strata properties.
May 2024
With renters making up a third of the state’s population, the government is committed to revising rental laws to support renters and provide owners with clearer guidelines. As part of this initiative, the NSW Government has surveyed tenants, owners, and property managers in NSW to share their views on key topics under consideration for NSW rental law reforms. This feedback will serve as a valuable guide in shaping future rental reforms to better align with community perspectives.
The survey results, reflecting the views of over 16,000 participants across NSW, have now been made public. The survey engaged a diverse audience in seven languages, with 57% renters and 34% property owners.
There’s a distinct response divide, with most renters endorsing changes while most property owners and real estate agents oppose them. Furthermore, a continuous issue that emerged was pet ownership rules for renters. Owners can refuse pet ownership without any particular reason unless the pet is an assistance animal. While 93% of renters agreed to change this rule, only 28% of owners did.
For a deeper understanding of the survey insights and their potential influence on future rental regulations, delve further here.
May 2024
In a joint initiative, the Building Commission NSW and the Strata Community Association NSW (SCA NSW) undertook a second survey exploring the experiences of NSW strata communities in handling severe building defects. This research is part of continuous efforts to address and comprehend the complexities of managing and rectifying significant building issues in strata properties.
The research spanned over two months, from 26 June to 31 August 2023. The key respondents were primarily strata managers overseeing Class 2 building strata schemes (defined as buildings with four or more floors above ground level) registered between July 2016 and June 2022.
To learn more about the key findings from the 2023 Strata Defects Survey Report, click the link below to explore the patterns and prevalence of current building defects impacting NSW strata properties today.
May 2024
In a push towards digitisation, strata schemes are required to keep their records electronically starting from 11 June 2024. This significant move is geared towards enhancing the accessibility and efficiency of record keeping.
Given the volume of communications within strata schemes, these records must be filed and updated regularly to maintain transparency and compliance with state regulations. To facilitate this transition, starting from 11 June 2024, all communication records must be stored electronically, preferably on a secure system.
This practice should extend to all forms of communication, including both physical mail and electronic correspondence. Physical communications should have a digital duplicate created and saved. The system should be configured to automatically save electronic communications, particularly emails, considering that a seven-year retention period applies to all saved records.
For further insights into the specific requirements for key strata records, follow the link below.
Key amendments have been made to the Home Building Act 1989 to help rebuild trust within the construction sector. These changes were implemented to help improve regulatory building standards and provide better protection for owners of residential properties.
Starting 1 December 2023, the newly-formed Building Commission NSW will take on the role of regulator for NSW’s construction industry. This consolidated approach will take over inspections, compliance, licensing, complaints, and policy functions related to building and construction from NSW Fair Trading.
In addition, the recent expansion of inspection powers has significant implications for builders, tradespeople, and building owners. These changes give inspectors from the Building Commission NSW the authority to inspect all residential construction sites and existing buildings where residential building work is being conducted.
Inspectors now have the right to enter homes under construction or those undergoing renovations to assess the build quality. However, the inspector must have the homeowner’s permission or a search warrant to enter if a building is currently occupied. They are also allowed to examine, test, collect samples or seize items if they believe this will help determine compliance with building regulations or detect potential defects.
If an inspector identifies defective work, impending defects, or damage caused by a defect, they can issue a rectification order to the contractor. Additionally, they can give a stop-work order if the building work could cause significant harm or loss to the public, current occupants, or future residents. Failure to comply with these orders could lead to penalties.
With these new powers in place, builders and tradespeople should know that their work can now be inspected at any point, not just when a building dispute is lodged with the regulator. Read more about the extension of powers intended to enhance the quality and safety of all residential building work.
February 2024
The proposed Decennial Liability Insurance (DLI) is set to revolutionise the insurance landscape for property owners in strata.
The New South Wales government introduced this initiative to help owners of corporations obtain coverage for potential costs for fixing severe defects for up to 10 years after the building is first occupied.
If the Decennial Liability Insurance is adopted in New South Wales, the developer or builder is expected to implement and attach the policy to a building before occupancy to cover crucial common property areas, such as the structure, fire safety systems, and waterproofing. Once put in place, this insurance protects successive owners throughout the ten year period.
Existing apartment owners are currently covered by the Strata Building Bond and Inspections Scheme (SBBIS). Under the proposed DLI scheme, developers would provide comprehensive consumer protection for building defects caused by substandard design and building work. This new policy would help owners rectify defects without delay as the costs of remediation would be covered by the insurance policy, even if a builder or developer is unable or unwilling to fix the defects, including in the case of insolvency.
The NSW Government is preparing a regulatory impact statement to explore the potential mandate of the DLI scheme in place of the existing Strata Building Bond after a transitional period. Additionally, the government is working with the insurance and construction industry to foster a competitive and affordable DLI market.
Learn more about this proposed insurance solution and how it can affect those living in residential apartment buildings.
February 2024
To help residents and landlords of strata properties understand the correct renovation procedure and approval processes, the New South Wales government has provided information to assist owners with maintaining compliance and uniformity in renovations across strata properties.
The current guidelines define three distinct categories for renovations and outline necessary permissions and the procedures before conducting work:
This type of renovation includes non-structural changes that don’t require waterproofing, such as painting the interior, installing hooks, or laying carpets. Cosmetic work generally doesn’t require any approval. However, be sure to check your property’s by-laws to stay aware of any specific rules or restrictions that may apply.
Improvements and changes for kitchens and internal walls fall under minor renovations, which require permission from the owners corporation, strata committee, or strata managing agent. As part of the process, you may be asked to present plans of the proposed work, including the details and qualifications of the tradespeople who will carry it out. Once submitted, your request will be put to a vote at a strata meeting, requiring more than 50% of the votes for approval.
Any changes affecting the exterior or structure of your property, requiring waterproofing or necessitating council approval, are deemed major renovations. These require a special resolution vote at an AGM or another general meeting.
The rules also highlight the responsibilities of tenants seeking to undertake renovations, advising them to seek permission from landlords.
If you live in a strata and are contemplating renovation work, read on to learn more about the types of renovations, tenant approval processes, and procedures for changes to common property.
February 2024
From 11 December 2023, the NSW government implemented significant changes to the Strata Schemes Management Act 2015 (SSMA), Community Land Management Act 2021 (CLMA), and the Strata Schemes Development Act 2015 (SSDA) in the Strata Legislation Amendment Bill 2023. These changes result from a statutory review of the SSMA and SSDA, designed to implement essential ‘priority’ reforms based on the 2021 report following public consultations.
1. More flexibility in the strata renewal process.
2. Stricter accountability for committee members.
3. Improved governance of scheme meetings.
4. Easier pet management in strata and community schemes.
5. Enhanced protections for individuals with assistance animals.
6. Streamlined operation of two lot schemes.
7. Amplified requirements around tenancy notices.
Key changes within the Strata Schemes Management Act include:
Most of these amendments also apply to the Community Land Management Act, with two additional changes, including increasing the maximum number of association committee members from nine to 15 when the association has more than three members and adding a new section prohibiting unreasonable restrictions on pet keeping.
Lastly, under Strata Schemes Development Act, the notification method for application to terminate a strata scheme will now be as specified by the registrar general, with notification occurring no more than six months before application. Also, a strata renewal committee’s operation time has been extended from one to two years without an extension.
Read on to learn and prepare for the key changes impacting owners corporations in New South Wales.
Important note: This summary is designed to outline the main legislation and process changes for strata schemes as they apply to owners and occupiers and is not intended to be exhaustive. PICA Group does not offer legal advice.
February 2024
In a move to bolster the safety standards of buildings, a suite of fire safety reforms was introduced by the New South Wales government, impacting the fire safety responsibilities and implementation of processes for owners corporations.
As part of the staged rollout, the next reform will require building owners to apply mandatory procedures for maintaining fire safety measures in their properties to provide an additional layer of safety for occupants and ensure regulatory compliance.
Scheduled to take effect on 13 February 2025, owners will be required to use an accredited person to certify newly installed fire safety measures and record relevant information before a fire safety certificate is issued.
These reforms also mandate that owners follow the Australian Standard 1851-2012 procedures for maintaining essential fire safety measures in all buildings except single dwellings. The changes emphasise the role of accredited professionals and the importance of regular maintenance, paving the way for enhanced building safety standards.
Read on to learn more about the reforms redefining building owners’ responsibilities and enhancing building fire safety.
November 2023
The New South Wales Emergency Services Levy (ESL) is set for a revamp to relieve homeowners from bearing the financial burden of natural disaster insurance. In a commendable move, NSW Labor Premier Chris Minns has announced the abolition of the controversial emergency services levy (ESL) on insurance premiums.
The ESL, included in home insurance policies, currently funds approximately 73.7% of NSW emergency services. This arrangement has led to an average increase of 18% in insurance prices as providers raise their premiums to accommodate the levy.
The consequential result of such a heavy levy is that almost one in five homeowners are opting to risk going uninsured. However, rising premiums and pressure of living costs have left around 17.6% of households without home or contents insurance. The NSW government expressed concern in a statement, highlighting that these households risk significant loss during a natural disaster due to unaffordable premiums, particularly as NSW becomes increasingly susceptible to fires and floods.
The existing model of funding emergencies through levies is no longer sustainable, prompting the government to search for alternative sources to replace the $1.6 billion revenue. While the removal of the ESL will be marketed to voters as cost-of-living relief, it camouflages the urgent need for a comprehensive reform for efficient taxation.
This planned reform signals a welcomed relief to helping reduce the financial strain of property insurance and making it more accessible to NSW strata residents.
November 2023
The NSW Government is preparing to implement pivotal reforms to strata laws to help the industry move towards a more transparent and equitable system. With approximately 1,000 strata schemes being registered annually over the past decade, the increasing need to address current issues and modernise strata living is becoming a key topic of focus.
The NSW Government is ready to commence its first phase of reforms to help benefit strata residents. The upcoming legislation will:
These reforms signify a promising step towards a fairer and more transparent strata living experience in NSW. Read on to learn how these reforms will address long-standing issues and help the strata laws adapt to the evolving landscape of community living arrangements.
November 2023
In the face of rising living costs, Sydney Water brings to the forefront a solution to help strata properties conserve water and reduce costs – the WaterFix® Strata service. This service offers a free online water assessment, comprehensive building inspection, and an obligation-free repair quote designed to help strata properties uncover and implement effective water-saving strategies. Here’s a deep dive into what WaterFix Strata could mean for your property:
The WaterFix Strata service offers a free online water usage assessment to help you determine if your strata property’s water consumption aligns with industry benchmarks.
Water efficiency assessment: If the initial assessment flags excessive water usage, WaterFix Strata investigates further by inspecting 10% of apartments and common areas to pinpoint the root causes impacting your property’s water efficiency.
WaterFix Strata provides no-obligation quotes inclusive of services and materials from licensed plumbers and skilled tradespeople for water efficiency improvements such as:
Flexible Payment Options: WaterFix Strata offers flexible payment options, including a one-off fee, distributed payments over 12 months, or a performance agreement based on water savings.
Additionally, substantial savings properties could qualify for a performance payment plan, eliminating the need for any out-of-pocket payments.
Visit the Sydney Water website below to learn more about WaterFix Strata and discover how much you can save for your building today.
November 2023
In the first half of 2023, electric vehicle (EV) purchases accounted for 8% of new car sales in NSW, indicating a growing shift towards eco-friendly transportation. With the increasing shift and support towards eco-friendly transportation in NSW, the urgency to equip buildings, particularly apartment complexes, with EV charging infrastructure is escalating.
The NSW Government has launched an innovative program, the EV Ready Buildings initiative, dedicating $10 million to transform existing apartment complexes into EV-ready facilities.
The primary purpose of this initiative is to subsidise the assessment and installation of EV infrastructure.
Home Charging: A Preferred Choice for EV Owners
Industry estimates suggest that 80-90% of EV owners prefer to charge their vehicles at home, whether in a single dwelling or an apartment building. With 15% of NSW’s population living in apartments and nearly 84,000 strata schemes, the NSW Government is now offering co-funding to retrofit existing apartment buildings to make them EV-ready.
With grants up to $80,000 per building on offer, now is the perfect time to accelerate your strata’s shift towards a more sustainable future. Applications are open until the allocated funds are exhausted.
Investing in EV charging infrastructure will meet residents’ needs and expectations and increase interest in rental properties by offering added amenities. Moreover, it will improve equitable access to EV technology, driving sustainability efforts forward.
Learn more about this grant and check your strata property’s eligibility and application process today.
November 2023
In a landmark move to tackle the rental shortage, Australia’s first short-term rental levy was introduced by the Victorian state government, declaring a 7.5% levy from 2025 on all revenue from short-stay accommodation platforms, such as Airbnb.
This move has quickly become the central point of discussion across Australia and could signify a paradigm shift in the management and pricing strategies for short-term rentals. As states consider various approaches to address the housing crisis, the Victorian-style Airbnb tax is emerging as a topic of interest and a potential solution for the housing crisis.
NSW Premier Chris Minns stated that he is open to adopting the Victorian model of a levy on short-term rentals. He noted that platforms like Airbnb have significantly reduced rental properties, particularly in coastal and popular holiday areas such as Byron Bay. As part of a broader initiative to boost housing availability, NSW is reviewing the state’s rental laws, which will consider a levy on short-term rentals.
NSW Housing Minister Rose Jackson will meet with the Andrews government to assess the modelling of Victoria’s 7.5% Airbnb levy and examine whether it could alleviate the rental crisis in NSW. While the levy is attractive, the NSW government is also looking into other measures to persuade investors and homeowners to put their properties into the long-term rental market.
Read more about the unfolding discussions surrounding Victoria’s innovative short-term rental levy.
August 2023
PICA Group is working with BCB Strata Insurance Brokers to help limit premium increases for strata plans.
Over the past few years, BCB Strata Insurance Brokers have reported increased strata premiums with an average 20% rise nationally for standard risk profiles and up to 40% for regions impacted by floods and storms.
Here are their 2023 insights and suggestions to help you navigate the rise of strata insurance premium increases in New South Wales:
Download the information sheet below to read more on strata insurance premium increases and renewal review suggestions from BCB Strata Insurance Brokers.
August 2023
As the popularity of e-bikes and e-scooters continues to rise for their eco-friendly and convenient transportation options, safety should be an utmost priority when it comes to charging electric vehicles.
Charging e-bike or e-scooter batteries can lead to overheating and, in rare cases, fire hazards. It is crucial to use chargers provided by the manufacturer and avoid charging devices overnight or unattended. Low-quality chargers, faulty batteries, or inappropriate charging practices may significantly increase the risk.
Recent incidents such as a fire at caused by an e-bike left charging, serve as a reminder of the importance of understanding the hazards and prioritise safety when it comes to their charging and storage.
Click on the link below to learn about the potential risks of charging e-bikes and e-scooters on your property.
August 2023
The Energy Accounts Payments Assistance (EAPA) scheme is a valuable resource for individuals and families facing financial hardship in NSW. In partnership with non-government organisations and NSW energy retailers, this program provides eligible households with one-off payments to help ease the burden of electricity and gas costs.
Remember, if you find yourself struggling to pay your energy bills, don’t hesitate to reach out to your electricity or gas supplier for possible payment extensions or hardship arrangements. If further assistance is required, the EAPA scheme is there to help everyone access essential energy services and financial relief when needed.
Follow the link below to learn more about the eligibility criteria and application information.
May 2023
The NSW Strata Community Association are urging to improve by-laws in response to a recommendation that would enforce a blanket prohibition of by-laws that block sustainability infrastructure.
The Statutory Review of the Strata Schemes Development Act 2015 (SSDA) and the Strata Schemes Management Act 2015 (SSMA) Consultation Paper have recommended ten improvements for the liveability of strata complexes. However, SCA (NSW) disagrees with recommendation 115, which would impose a blanket prohibition of by-laws that reject sustainability infrastructure based on their appearance.
Click the link to learn more.
May 2023
Electric heaters, gas heaters, and reverse-cycle air conditioning are common types of heaters available. However, heating costs can rise significantly during winter if you’re not using an energy-efficient heater. When preparing your home for the cooler months, it is important to consider:
Click on the link for a 2023 guide to energy-efficient heaters to prepare for the upcoming winter.
May 2023
Homeowners are urged to take a closer look at their flexible hoses. Also known as braided hoses, these are generally installed inside lot spaces and have been known to fail unexpectedly, resulting in water damage and significant repair costs. Understanding the risks associated with flexible hoses and how to maintain them can help you prevent costly repairs and protect your property from water damage.
Click the link to learn more about the issue of flexible hoses and why homeowners should check if their plumbing fixtures are in good condition.
May 2023
Strata owners in NSW pay significantly more in duties, levies, and taxes than other states and territories. Calls for reform to the Emergency Services Levy (ESL) have been raised to improve insurance affordability for the strata community and insurance policyholders.
The ESL is a tax levied by the New South Wales government to fund emergency services such as fire and ambulance services. While the tax intends to assure adequate funding for essential services, many argue that the current system is inequitable and burdens strata owners disproportionately.
Click the link to learn more about the Emergency Services Levy and why it is considered an inequitable tax for strata property owners in New South Wales.
December 2022
The NSW Government recently launched Project Innovate. This program helps strata property owners have serious defects and non-compliant building work fixed by the building’s developer.
You are likely eligible for this program if you own a lot within a residential building that fits into all of the following criteria:
September 2022
A NSW Government initiative, Strata Hub is a compulsory new digital reporting tool for strata communities. It has been designed to make it easier for strata property owners and prospective buyers to access information about a strata property. It would also help NSW Fair Trading better monitor each property’s maintenance or defect rectification work.
Strata Hub has now been legislated and has completed stage one of its trial phase. During stage two of the trial phase, all strata schemes would be required to submit documentation to the platform.
PICA Group is keeping abreast of developments that come from the trial so that our customers’ Strata Hub requirements can be effectively maintained and managed.
You could expect your strata manager to send your committee further details about Strata Hub, as well as a suite of motions to consider, shortly.
July 2022
We are thrilled to share that PICA Group was awarded not just one but two accolades at the SCA NSW Strata Community CHU Awards for Excellence in July.
A giant congratulations to these superstars who took out coveted awards:
– Sarah Hogg: Winner, Senior Strata Community Manager Award
– Keith Hallet (alongside Andrew Croucher and Strata Plan 55792): Winner, Strata Community Environmental and Engagement Award
A giant congratulations must also go out to our award finalists:
– Keith Hallet: Finalist, Strata Community Manager Award
– Dynamic Property Services: Finalist, Strata Community Management Business Award – Large
We at PICA Group strive for excellence in enhancing community living, so it was wonderful to see some of our hard work and talented staff members being recognised at the awards ceremony.
July 2022
The Federal Government has declared the floods experienced earlier this year a natural disaster. If you were affected by major damage to your property or other assets due to these floods, you and your family might be eligible for a lump sum payment of $1000 per adult and $400 per child younger than 16.
If you live in one of the 30+ local government areas that have been declared a disaster, you have until 1 February 2023 to make a claim for this assistance payment.
July 2022
The Fair Work Commission has increased the minimum wage from 4.6%- 5.2%, effective 1st of July 2022.
This means some contractors assisting your property for services such as cleaning, security, gardening, landscaping, pest control, plumbing, and fire services may increase their labour costs.
We encourage committees to take the 4.6%-5.2% rise in the minimum wage into account when budgeting for regular maintenance works as well as repairs and upgrade projects.
If you have any questions regarding budgeting for increased labour costs, please get in touch with your strata manager.
May 2022
Australia has experienced significant challenges over the past 2.5 years – from devastating bush fires and the pandemic to the recent significant flooding in South-Eastern Queensland and Northern NSW. This all contributes to a national challenge in securing materials and labour to attend to both emergency works and routine maintenance works required for your strata community.
While PICA Group has access to an extensive list of contractors, there are delays and economic impacts that are unavoidable as a result of the economic climate we face and we ask for your understanding as the suppliers work with us and your community to provide the necessary services.
The broader impact of these shortages, escalating prices and significant insurance losses are the impact to the premiums that may be experienced by strata communities and businesses throughout Australia.
Brokers have indicated an expectation to accommodate an uplift in budgets for insurance renewals. Given this is likely to be based on the existing building sum insured (with minor escalation of costs allowances), it is important to consider how these escalating costs could affect your strata community.
We recommend that your committee considers reviewing the policy limits and, where appropriate, obtains a revised insurance valuation report that considers all costs, including building sum insured, temporary accommodation, demolition etc., to make sure that there is sufficient provision in the event of a claim being submitted.
To obtain an appropriate valuation, or for any other assistance you may need for this task, please liaise directly with your strata manager.
May 2022
Strata Hub, a compulsory new digital reporting tool, has now begun its trial phase. A NSW Government initiative, Strata Hub is designed to make it easier for strata property owners and prospective buyers to access information about a strata property. It would also help NSW Fair Trading better monitor each property’s maintenance or defect rectification work.
Strata Hub has now been legislated, and all strata schemes would be required to submit documentation to the platform once the trial phase is over.
PICA Group is keeping abreast of developments that come from the trial so that our customers’ Strata Hub requirements can be effectively maintained and managed.
You can learn more about Strata Hub below.
June 2022
PICA Group’s CEO Wayne Walker will once again be participating in the Vinnies CEO Sleepout, this year on 23 June. Needless to say, we’re incredibly proud of him.
This annual event raises vital funds for people experiencing homelessness or at risk of finding themselves without a safe place to call home. Every dollar we raise goes to Vinnies’ services, which include food, accommodation, education, counselling, employment and health programs. If you’d like to make a donation to Wayne’s fundraising effort, you can do so below.
March 2022
The Federal Government has now passed the Treasury Laws Amendment (Cyclone and Flood Damage Reinsurance Pool) Bill 2022, which is due to assist property owners in cyclone-prone regions with insurance affordability.
This program was first announced as part of the 2021-22 Federal Budget last year and is backed by a $10 billion government guarantee. This will allow the government to establish a reinsurance pool, which is set to assist with supporting the funding of claims for over 880,000 eligible policies.
The true specifics of how this legislation would operate across the insurance sector are yet to be fully determined as the insurance pool has only recently been announced. In the meantime, you can access the specific legislation below.
Head office
Level 27, 66-68 Goulburn Street, Sydney, NSW 2000
Monday - Friday, 8:30 am - 5:00 pm
