Legislation change requires a majority of Victorian Owners Corporations to obtain a formal building valuation
The long awaited regulatory reform of Victorian strata legislation has finally passed through Parliament and will come into effect on 1 December 2021.
Under the new legislation it will be a legal requirement for Owners Corporations of 3 lots and over to have a building valuation done at least every five years. This is a big shift as the expiring legislation only stipulated this for “certain prescribed” Owners Corporations.
A full valuation, undertaken by a strata specialist company has always been the best way for an Owners Corporation to ensure they adequately protect their assets and meet legislative requirements.