Strata Title

What is a strata title?

A strata title refers to a type of property ownership commonly used for buildings with multiple units or apartments. Each owner in the scheme owns their individual unit or apartment, as well as a share of common areas like corridors, elevators, and gardens. 

What does a body corporate do in a strata property? 

A body corporate, consists of individuals responsible for managing and governing a strata property. Together, they address residents' shared needs and concerns and make decisions affecting the property's overall welfare. 

The primary responsibility of an owners corporation is to supervise the maintenance of communal areas within the strata property. These areas include corridors, entrances, recreational facilities, and other shared amenities. 

How much are strata fees?

Strata fees can vary widely depending on several factors such as the location, size, age, and amenities of the property, as well as the services provided by the strata management company. 

In states such as NSW, strata complexes with amenities typically have fees ranging from 0.8% to 1.2% of the property's value.