When you buy a villa or an apartment, you’re probably thinking about the location, the layout and whether it feels like home.
But with a strata property, there’s more to consider – how well the whole complex is run and managed.
Who organises repairs? Where do your strata fees go? And how do owners sort out disagreements?
About one in four Western Australians live in a strata community. That’s why REIWA welcomes the State Government’s review of the Strata Titles Act 1985, which has now entered its second phase.
The proposed changes include clearer information for buyers, more detail about fees and charges, and better ways for owners to make decisions. These are sensible improvements which REIWA supports.
Several align with recommendations in our 2024 submission to the review, including giving buyers simpler information and a copy of any 10-year maintenance plan before they buy. It’s easier to make a good decision when you understand what you’re buying into and what bills might be coming.
Our members see what works – and what causes headaches – in strata communities every day. We bring that experience to government so changes to the law work in practice, not just on paper.
There’s also an opportunity to give owners more protection by licensing strata managers.
WA already has qualification and insurance requirements for strata managers, but unlike real estate agents, they do not need a licence.
REIWA believes bringing them into the existing real estate licensing system would give owners greater confidence in who is looking after their property and their money. It would also support strata managers through ongoing training and clear professional standards.
Importantly, this is about more than qualifications.
Licensed real estate agents who hold money for strata companies must keep it in regulated trust accounts, with independent audits each year.
There is also a financial safety net. The Fidelity Guarantee Account can compensate eligible claimants when trust money is lost through fraud or theft by a licensed agent or their staff. This protection does not automatically extend to money held by an unlicensed strata management business.
That matters when the money involved is what owners have put aside for a new roof, a lift repair or other major work. We want those protections extended across the strata management industry.
The discussion paper includes licensing as a future consideration, and we look forward to working through the options with government.
REIWA will make a further submission and continue talking directly with government about the changes. We’ll be a strong voice for our members, property owners and the people who call strata communities home.
The aim is simple – well-run properties, better protection for owners’ money and more peace of mind.