Bayly AndrewANDREW BAYLY (National—Port Waikato): Thank you Madam Speaker. It is a pleasure to be talking on the Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Bill in this final reading. It's always an exciting time when we see members' bills coming through to fruition. I first of all congratulate Nicola Willis for seeing it through. But as the Minister just noted it has had a long gestation stretching back to actually the Hon Dr Nick Smith when he was the Minister for Building and Construction and then of course through to Nikki Kaye member for Auckland Central Judith Collins as noted and where we are today. So what a great outcome.But it has taken a long time—it has taken a long time. Including about a year through the Finance and Expenditure Committee.Chlöe Swarbrick: Great committee.ANDREW BAYLY: Yes I hear the current member for Auckland Central  saying Great committee." Yes we did work diligently to get to a good outcome and I think we did. I think we did in the main. As Nicola Willis said not everything is perfect. We may have issues with this bill that some people obviously think there are parts of it that are not right or would like to have gone further. But at least now we have amended the 2010 tenancy bill which this basically fits under—the Unit Titles Act and updates it to make it much clearer about the arrangements.I think back I bought an apartment in Wellington a few years ago and I was particularly concerned about the seismic issues. I remember asking the real estate agent for details on it. I've got to say that the response from the agent was a little less than forthcoming and it took quite some time to be able to actually assess the seismic rating of the building. In fact it was good in the end. But that information should have been made available. That's the type of thing that is captured in this bill.It requires as we've heard before long-term maintenance plans detailed for the first 10 years and then stretching over 30 years. But going into an apartment building where you've got multiple tenant—many of whom are renters; many of whom the apartments are owned by people investors both locally and offshore ones—to be able to get a grip of what you are entering into what sort of liabilities as well as what the asset is you're trying to buy is absolutely vitally important. One of the things I found fascinating during the process is that in New Zealand we've obviously got homeownership rates of just over 50 percent which unfortunately are declining but apartments only represent about 6 percent of the way that people live. When you compare that which I found fascinating with even places—Australia's 10 percent; America the home of houses and cars apartments is about 14 percent so much higher than us more than double. But the one I did find Canada is 32 percent of all the housing market. Of course we've heard those appalling stories about housing costs in places like Vancouver.So apartments are a small share but we need to help and be able to assist people to be able to get into homeownership. With the move to living in towns around nodes this is the way we need to get people into their first home and particularly apartments because they're cheaper and they're convenient for many younger people particularly before they start having children. So that's why this bill is so essential.I think it's great that we've landed at a place that we actually think this is going to help us. I think it generally will help the market. There are as I said some changes that we made in select committee. I think the first one was to still require information to be provided to purchasers. They may have committed to buying a building or an apartment but there'll be a time delay before settlement and that can be quite a long period of time it could be up to a year in some cases but more likely a few months. So there is a requirement for a pre-settlement disclosure to the potential buyer of that property so that they're well aware of that.Conversely or relatedly we allowed sellers to delegate providing information to prospective purchasers and it could be done through a real estate agent. My real estate agent that I talked about he would now have the requirement to actually provide the information—or to a lawyer or to an engineer or some other person. So I think those are really important ingredients to this bill.So I just want to congratulate everyone involved in this bill particularly the sponsors and the people behind that the committee members—it was a pleasure working with you—the officials. Obviously I'd like to commend this bill to the House."