What is Strata? Understanding Strata properties in NSW & Victoria

If you are interested in buying apartments, townhouse or a unit in New South Wales or Victoria, you probably came across the term ‘‘strata.’’ But what is it and how does it affect the ownership?

What is Strata?

Strata, also known as strata title, is a unique form of property ownership that is common in Australia, particularly in NSW. It was first introduced in 1961 as a way to manage apartment buildings and townhouses, where multiple owners share ownership of the common areas and facilities while maintaining ownership of their individual units.

In a strata property, when you purchase an apartment or a unit, you're not just buying the walls and the space within them. You're also buying a share in the ownership of the building’s common areas—think of it as owning a piece of the whole pie.

How Does Strata Work?

So, what exactly does your strata title cover? Your strata lot typically includes everything within the four walls of your unit. This means you own the space inside, including your living room, bedroom, kitchen, and bathroom. But who owns the roof? The lift? The pool or the gym? These are considered common property, shared among all the owners in the building.

Common property can also include things like the building’s exterior walls, gardens, stairwells, hallways, and parking areas. As an owner, you have a stake in these areas, and their upkeep is managed collectively through the owners’ corporation (or body corporate). The owners’ corporation is responsible for maintaining the common property, ensuring that everything runs smoothly for the benefit of all owners.

Why is Strata Important?

Strata properties offer a range of benefits, particularly for those who enjoy the convenience of shared facilities and the peace of mind that comes with managed common areas. However, it also means that you’ll need to contribute to the maintenance and management of these shared spaces. This is typically done through strata levies, which are regular fees paid by all owners to cover the costs of maintenance, insurance, and other essential services.

Why Hire a Strata Management Company?

Managing a strata property involves many moving parts, from maintaining common areas to handling disputes among owners. This can be time-consuming and complex, especially for those without experience in property management. A professional strata management company can take the burden off your shoulders by handling all aspects of strata management, including financial administration, maintenance coordination, and compliance with legal obligations. They act as a mediator between owners and the owners’ corporation, ensuring that decisions are made efficiently and in the best interest of everyone involved. By hiring a strata management company, you can enjoy peace of mind knowing that your property is in expert hands and that your investment is being well cared for.

Need Help Managing Your Strata Property?

Whether you’re a seasoned property owner or new to the strata lifestyle, managing a strata property can be complex. That’s where we come in. At QT Strata, we specialise in providing expert strata management services to ensure your property is well-maintained and your investment is protected.

Whether you're in NSW or Victoria, contact us today to find out how we can help you manage your strata property with ease.