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ARTICLE · 10 JULY 2024

New Building Legislation Amendment Act 2023 - key changes for NSW construction industry

Bartier Perry Solicitors
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Amendments made to better protect the interests of both contractors, owners and occupants alike.

AustraliaReal Estate and Construction
Sharon Levy
Sharon Levy
Morgan Griffiths (Formerly With Bartier Perry)
Morgan Griffiths (Formerly With Bartier Perry)
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In November 2023, the NSW Parliament passed the Building Legislation Amendment Act 2023 (NSW) (Amendment Act).

All players in the building industry in NSW are affected by the significant changes arising from the Amendment Act, some which came into effect early this year, and some more recently on 1 July 2024.

Decennial Liability Insurance and Strata Building Bond Inspection Scheme - Strata Schemes Management Act 2015 (NSW)

The Strata Building Bond and Inspection Scheme (SBBIS) is related to new strata builds and provides that a developer must pay a bond to be held by NSW Fair Trading against defects which may arise at the property. Previously, this bond stood at 2% of the total price payable on all contracts for the build. The Amendment Act has increased the amount payable under the bond to 3% of the total price payable on all contracts for the build. This change came into effect on 1 July 2024.

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