Big reforms announced, tipped to impact property investors in NSW

Also included in the changes was the inclusion of a building commissioner to regulate consolidated buildings and being responsible for licensing and auditing practitioners and clarifications in the law to the right of compensation for those affected by negligent building practitioners.

“We’re making tough new laws to ensure buildings meet Australian standards, and to guarantee that people who build and design buildings have the proper qualifications to do so,” Mr Kean said.

“This plan will ensure those who control the risks – building practitioners – are held responsible for their work. People deserve to feel safe in their homes and have confidence that they are buying a quality building.

“I’m committed to getting these reforms right. I’ll be continuing my consultations with both industry and community stakeholders to make sure we get the best results for home owners.”

What does this mean for investors?

These changes, according to Peter Koulizos, chairman of the Property Investment Professionals of Australia, are expected to mean good news for property markets, and have been pushed forward through the catalyst of the situation surrounding the Opal Tower.

“It'll provide more confidence, in particular to consumers, about whatever is going to be built after this comes in, complies with all the building code standards,” Mr Koulizos said to Smart Property Investment.

“It's great that people that are designing these buildings have to be [registered]... I think that can only be good for the property industry.”

Mr Koulizos added the proposed changes would bring NSW somewhat in line with South Australia due to the need of having building professionals hold some sort of qualification, and as a result, “the [South Australian] system seems to work here very well”.

While he said there is the potential for more red tape, the fact people may be able to buy property with confidence would outweigh that caveat.

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