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Just to clarify, this doesn’t mean buildings no longer have to abide by Section 62, it just means that no one can come along and say that common property that’s working perfectly well has to be upgraded to suit more modern demands, or that broken CP has to be fixed to a higher standard that it was originally (apart from abiding by new safety standards, for instance).
However, in some cases it might make more sense to improve the quality of the installations if for no other reason than it might be cheaper to do so in the long run.
For instance, it might be cheaper and more efficient to replace a clunky old lift with a new one. However, this ruling means that Mr and Mrs Trendypants can’t buy into your building an immediately demand that you install an el swisho elevator because they don’t like the old one.
And the other ruling means that owners can’t sue for damages if the owners corp refuses or neglects to maintain common property – but they can still take them to the CTTT and get orders compelling them to do so. However, I believe you could still sue for actual physical injuries incurred as a result of a failure to maintain CP … i think … maybe.