Forthcoming changes to strata laws have the potential to bring widespread benefits to the Sydney property market, one major group has suggested. According to the Property Council of Australia, allowing residential and commercial buildings to be modernised will be a major advantage to the real estate sector.
"Urban renewal is integral to Sydney's future and the landmark reforms provide a pathway for the rejuvenation of our building stock," noted NSW executive director Glenn Byres.
He urged the state government to remove any regulatory barriers that are currently in place and may be preventing existing strata property in Carlton from being given a new lease of life. Introducing new thresholds for renewing strata schemes will improve building supplies, while enabling older constructions to be given a new purpose.
Mr Byers emphasised that existing legislation needs to be modernised in order to meet the growing needs of the population, and not to mention reaffirm Sydney's status as a global city.
In recent days, Sydney was named one of the world's most liveable cities by international global affairs magazine Monocle. The NSW capital jumped six places from last year and ranked in fifth place in the 2015 list. Tokyo came at the top of the rankings, followed in second place by Vienna and Berlin in third.
The Sydney property market has been thriving for some time, and this is a trend we've certainly witnessed here at Ray White Carlton. With demand higher than ever, it's crucial to have an expert on your side.
If you want to enter this desirable suburb, get in touch with our team to discuss your options. We have extensive knowledge of the area that will help you come to the right decision for your current situation.