In Queensland, about 230,000 people now live in apartments according to the 2021 census, an increase of 0.8% compared to 2016. Meanwhile, the percentage of Queenslanders living in detached houses has decreased by almost 4%. On the Sunshine Coast alone, the popularity of detached dwellings has stagnated in the last five to six years, with sales of apartments having seen double-digit growth.
Indeed, interest in apartment living will only grow as the cost of new builds and renovations continues to surge, spurred on by the labour shortage. As a result, owning the cliché quarter-acre-block has become almost impossible for those who most need it – young professionals and their new families.
And as the population grows, more suburbs and regional areas become further developed and gentrified. This leads to a staggering demand for affordable housing; homes that are close enough to everything – jobs, shops, schools and services. In fact, a housing plan that caters to those young families and professionals is critical to making our cities more economically and socially sustainable. As options for these families diminish, Australians, young and old, are turning to strata residences in record numbers.
Last week, the Federal Government announced an initiative to free up housing supply by targeting today’s older Australians. The new bill outlines financial incentives for pensioners who wish to downsize their homes to apartment or community living, or more precisely, strata-managed communities.
While there are challenges and limits to such housing transitions, living and investing in strata complexes can be a rewarding journey. A sense of community, prime location, resort-style amenities, shared resources, and enhanced security are just some perks of living in medium and high-density apartments.
With increased demands for strata complexes, it is important that you understand all the advantages and the burdens of your property. So, what do you look for when you are considering a strata-titled unit? Besides your own lot, have an interest in the community, the common assets and property, as well as the details of the Community Management Statement. Ask questions about matters relating to your body corporate – levies, recent and planned maintenance updates, condition of shared facilities, rates of insurance, and more. Having some knowledge about the body corporate will not only boost your confidence as a unit owner but also save you trouble down the road.
Start with simple questions. What is the body corporate, and how does it work? Does it have an effective Committee? How much are the levies and shared utilities costs per year? Is regular maintenance carried out in your building? Does your building have hidden defects? Will it be cost-effective to fix them? What was the last major renovation or maintenance in the building? Any undisclosed management contracts?
It is essential to address these questions with assurance and transparency, so you understand what you’re buying into.
Building safety is also a hot topic. Matters such as combustible cladding, the condition of roofs, down pipes and plumbing all require a cautious approach. Recent La Nina seasons have focused owners across Australia on the waterproofing quality of their buildings. If your building has timber components, you may need to think about pest control.
While these matters may seem overwhelming at first, they are manageable, even preventable, if you have a well-managed body corporate.
At StrataLiving, we strive to make strata living more desirable for you. Yes, you, current or prospective owners and tenants, ought to be guided with surety and confidence in running your body corporate. We believe that a well-informed body corporate contributes to not only a well-maintained and valued property but also a harmonious and empowered community.
Remember, the more informed you are as an owner, the better you are at making impactful decisions for your communities. As a result, we can hope to see more strategies and strata policies in favour of you and your communities in the future. Perhaps one day, we can even demand better housing and urban planning that supports your needs and the sustainability of our cities and economy.