There is about 2.6 million strata title lots across Australia with an insured value of 4955bn, according to a landmark report by the City Futures Research Centre at the University of New South Wales Sydney.
The Strata data has previously been difficult to compile, as state and territory agencies each record the information different in addition to the multiple companies who services the sector.
Majority of private apartments in Australia, as well as many other attached properties such as townhouses and commercial propertied are owned under the strata title.
Figures have revealed that more apartment households rent (48%) than they are owner occupied (12%). Another 14% are under mortgage. Meanwhile half of apartment residents are in the 20-39 years of old age, followed by those ages 40-59 (20%).
Over a third (35%) of apartment households consist of just one person, followed by couples without kids (24%) and couples with kids (13%).
The report shows the size and economic responsibility of what is effectively a fourth tier of government. Strata schemes operate like another tier of government in that they collect levies or taxes for the buildings upkeep and they have elected representatives who sit on strata committees. They also have by-laws that govern behavior about what you can and can’t do on the property.
Unlike a government, they are run by volunteers individual owners who have been elected to make decisions about how to manage the building.