The NSW Upper House will resume debate on the Design and Building Practitioners Bill in late February 2020; that the Government says, if passed, will mean dodgy developments will be a thing of the past.
The proposed Bill seeks to establish the implementation of ratings systems for professionals in the building industry and stronger new powers for regulators to prevent occupation certificates from being issued on suspect developments.
The Bill is designed to help restore confidence in the building sector in the wake of the flammable cladding issues and structural defects at Sydney’s Mascot and Opal Towers in 2018 and 2019.
The new rating system will help identify the risky players in the industry and prevent ‘dodgy apartments’ from being sold to unsuspecting buyers.
These proposed changes form part of the NSW Building Commissioner’s work plan designed to reform the industry under the Government’s recently announced Six Reform Pillars plan.
In a prepared statement, the Minister for Better Regulation and Innovation Kevin Anderson said the reforms will improve transparency, accountability and quality of work within the industry.
“These reforms are a complete game changer for consumers, the government and the building industry as a whole,” Mr Anderson said.
“Simply put, customers need better built buildings, and our reforms will deliver that. Anyone who doesn’t want to get on board with that concept will get left behind.”
The six reform pillars cover legislation and regulations changes, ratings systems, improving skills within the industry, ensuring contracts help meet standards and digitising the industry.
What Does This Mean For Property Investors?
What this means for investors is to be extra cautious in buying newly constructed property. Clearly the government is focussed on cleaning up the design and safety specs of newly constructed property, and as many apartments have slipped through the net of previous codes, ensure you are thoroughly researching what you buy.
Don’t know where to start? Seek advice from property advisors or use a Buyer’s Agent to do some homework for you. Valuers can also provide excellent information for you too. If you choose to buy without advice, make sure you are familiar with a builder’s history, consider checking out other buildings they have built in the past few years. There are many ways of researching the construction of your home or unit before you commit because it’s your responsibility to make sure you know what you are buying.
