On 25 October 2024, the Strata Schemes Management Regulation 2016 (NSW) was amended to further postpone the increase of the contract price for building work payable by developers of strata schemes as a building bond from two per cent to three per cent.
Assuming that there are no further postponements, which depends on the level of maturity in the decennial liability insurance market (being the government's preferred alternative to the building bond), the increase will now commence on 1 July 2025.
For more information about the building bond and decennial liability insurance, read our previous discussion here.
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