On 30 November 2016, the following Strata legislation was enacted.
The Strata Reform legislation created significant changes dealing with Unit Entitlements. These changes prohibited developers and their consultants from writing their own unit entitlements, and which now requires a 'Qualified Valuer' to carry out the determination of Unit Entitlements based upon Market Value as defined by the Strata Schemes Development Act 2015.
The new legislation allows a certain class of person to object to and have the Unit Entitlements reallocated if the Unit entitlements are proven to be unreasonable and the Tribunal exercises its discretion to allow the change to the Schedule of Unit Entitlements set out in the Strata Plan.
We have been Registered Valuers since 1984 and specialise in Strata and Community Title.
Wal Dobrow is the Managing Director of Unit Entitlement Valuations Pty Limited and has been a Registered Valuer without limitation since 1984. He has specialised in strata and community title valuations, and has carried out the unit entitlement assessments of the largest community and strata schemes in NSW. He serves on the Strata Industry Working Group and wrote the Common Property Memorandum that solves the majority of issues relating to the repair or maintenance responsibility between Lot Owners and the Owners Corporation, and which has now been adopted into the new strata legislation in NSW. He also serves on the Australian Property Institute's Professional Standards Sub Committee on Strata which has recently issued the Guidance Notes and Member's Advice for Unit Entitlements in NSW.
Paul Sarkany is a Director of Unit Entitlement Valuations Pty Limited and has been carrying out valuation research and analysis since 2016. He has been on the Dean's Merit List at the Western Sydney University for 2015 and 2016 where he has been studying for a Bachelor in Business - Major in Property, and a specialisation in Finance.