15 January 2015 marked the commencement date of the first stage of a series of significant amendments to the Home Building Act which regulates the NSW home building industry.
According to some commentators, the changes once fully understood will cause interest in new properties to plummet which will impact on the construction industry. Whether that occurs remains to be seen as the changes take hold.
One day on under the new laws it is worth recapping in outline that changes have been made in areas including:
Further changes are set to commence on 1 March 2015. There will be changes in relation to home building contracts, including regulations concerning progress payments and deposits that builders can charge consumers.