Twenty per cent of Australians and five per cent of New Zealanders now live in strata-titled properties, according to a new report from UNSW’s City Futures Research Centre.
Of the almost three million strata and community-titled properties in Australia, over 960,000 are in NSW, with the insured value of the properties nation-wide growing by over $100 million in the past two years.
New Zealand boasts 185,937 strata units. For comparison’s sake, South Australia has 131,622 and Western Australia has just over 250,000.
“Both Australia and New Zealand have seen a growth in apartment dwellings over the past decade,” says Associate Professor Hazel Easthope, co-lead of the study.
“This increase reflects the population growth, especially pronounced in the larger urban areas of both countries, as well as government policies to promote urban consolidation – that is, building up, rather than out – within existing urban areas.”
The survey notes that while only nine per cent of the population lives in apartments (15 per cent of households), both detached housing and townhouses can be owned under strata and community title.
Alisha Fisher, CEO of Strata Community Association Australasia, says the results are indicative of how Australians choose to live.
“The data shows just how important strata-titled living is to Australia, as people place increased value on access to their places of work, shopping and entertainment precincts, and recreational amenities either within the surrounding community or strata complex.
“Strata-titled complexes cater for all ages and groups, with apartments in particular attracting diverse demographics, with more than half of residents born overseas and half of residents aged 20-39.
“As COVID-19 continues to present significant challenges to our health and wellbeing and our economy, it is critical that people living in strata-titled properties are well represented and managed effectively so as not to add any additional stress or pressure.
“The strata industry and community faces challenges right now, like all industries, but we are well prepared to adapt and deliver for the millions of residents living within strata-titled complexes.”
Strata title property ownership was first introduced to Australia in 1961.
In 2015, new apartments overtook the amount of new detached dwellings for the first time in the country’s history.