Owners Corporation

What is an owners corporation?

An owners corporation, also known as a body corporate, is a group of individuals tasked with the management and governance of a strata property, such as an apartment. Its members work together to address the shared needs and concerns of residents and make decisions that impact the overall well-being of the property. 

What are the responsibilities of an owner’s corporation? 

The main duty of an owners corporation is to oversee the upkeep of communal areas within the strata property. This encompasses spaces like corridors, entrances, recreational facilities, and other shared amenities. 

Responsibilities can involve determining maintenance plans, undertaking improvement initiatives, and establishing regulations for common areas. 

How much are strata fees? 

Strata fees can fluctuate based on the amenities and services provided by the building. Typically, these fees range from 0.3% to 1.2% of the property's value and are paid quarterly into a fund overseen by the body corporate.