Boom in New Strata Buildings in Sydney’s Lower North Shore
2016 and 2017 have seen a number of developments and growth in strata buildings on Sydney’s north shore. This is in line with the trend for Sydney’s flourishing strata preference, with half of the city’s population expected to live or work in strata by 2020. We take a look at the latest progress.
New apartments in North Sydney
There is well and truly a boom still occurring across greater Sydney with cranes working on residential buildings increasing in number over the past 12 months. There have been a number of new developments in the area opening in the last 18 months, from the once-commercial North complex and Berry St to East Lane and Reside on Myrtle. Owners and tenants alike are being drawn to the north shore’s leafy surroundings, vibrant pace and cafes and bars.
The new 2016 NSW strata reforms could see those who were once hesitant to invest looking into new strata developments. As of 30 November developers are held more accountable for new strata buildings with the introduction of mandatory maintenance schedules and building inspections, plus the defect bond scheme to be brought in on 1 July this year. Strata management services and strata committees have also undergone new measures to address potential conflicts of interest and under performance.
The appeal of older strata blocks
Of course, with Sydney’s competitive rental market there is also plenty of interest in older strata buildings on the city’s north shore. Many young professionals are looking to get into the unit market with buildings that they feel offer character, quiet living and quality workmanship. As the number of available apartments in the north shore increase, many investors may be looking to renovations to add to the appeal of their property.
News for renters in Sydney’s north
With all of the new developments on Sydney’s north shore over the past two years, there’s a good chance that if you’re a renter you have your pick of the area – or soon will. The good news is that if your strata votes in the new reform’s by-laws to improve resident representation, yourself and other tenants might have more say about issues that affect you in regards to your body corporate in Sydney. Keep in mind that tenants can be asked to leave when financial matters are being discussed, but if there’s a problem that needs addressing your strata committee may allow a tenant’s representative to speak at general meetings. Over time these reforms will only enhance the appeal of strata living to renters throughout Sydney and NSW.
If you’re in need of strata management services on Sydney’s north shore, contact the Jamesons Strata Management team in Mosman today.