Strata Sticker Shock: Urgent Call for Reforms as New Owners Face Hefty Levies
A recent Guardian Australia article highlights a major issue for new strata property owners facing unexpected, hefty levies for undisclosed repairs, often exceeding $100,000. These levies address urgent waterproofing and structural issues. Research shows 50-60% of new apartments have defects, necessitating such costs. Current laws don't require funds to cover these maintenance plans, forcing some owners to sell. This calls for urgent legislative reform to protect owners and ensure transparency and compliance in the strata sector.