Commissions for strata managers should be banned ‘sooner rather than later’, NSW productivity commissioner says
Quick Insights
The Bottom Line
NSW productivity commissioner recommends banning strata manager commissions as apartments become the primary housing option.
How This Affects You
If you own or plan to buy an apartment in Sydney, banning strata manager commissions could reduce your annual building management costs, as apartments are expected to comprise half of all Sydney homes by 2041.
AI Summary
NSW Productivity Commissioner Peter Achterstraat has called for a ban on commissions for strata managers, arguing the measure is needed urgently as apartments become increasingly unaffordable housing options across Sydney. Achterstraat contends that protections for apartment owners are essential, with apartments projected to comprise half of all Sydney homes by 2041. The recommendation addresses concerns about high fees charged by strata managers who oversee common property in apartment buildings. The NSW government has not yet committed to implementing the proposal. Rising apartment ownership combined with rising management costs has made strata regulation a key consumer protection issue in the state's housing market.
What's Being Done
The NSW government has not yet committed to implementing the productivity commissioner's recommendation.
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