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Calls for urban agreements on renovation to be lowered

A lower threshold for agreements on urban redevelopment has been called for in New South Wales.

Lobby group Urban Taskforce is calling on the government of New South Wales to amend its legislation regarding building redevelopment agreements.

"The current law, [which] requires 100 per cent of strata members to agree on a sale, is stopping the renewal of ageing apartment buildings and their replacement by new building stock," Chris Johnson, Urban Taskforce chief executive officer, told Australian Property Investor.

He argued that a 75 per cent agreement level should be sufficient to ensure the majority of residents remain happy with any plans for regeneration in Sydney's urban areas.

Mr Johnson added that in both the UK and Singapore, the current threshold for agreement for this type of project stands at 80 per cent, with both nations able to embark on important regeneration projects more easily as a result.

Meanwhile, data from the Real Estate Institute of Australia recently revealed Sydney continues to hold the dubious honour of having the highest median house values in Australia of AU$642,425.

Posted by Steve Douglas

- redevelopment, building, regulation

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