- A new report found up to 26% of Australians could be living in strata-titled properties*
- There has been a 7% growth of strata-titled properties in the last two years
- This reflects both government policies and people's current preferences
At least one in six Australians are living in strata titled properties such as apartments and townhouses and there’s been a 7% growth in the number of properties in the last two years, according to a new report from the University of New South Wales.
Professor Hazel Easthope, who led the research project team at UNSW, says both Australia and New Zealand have seen rapid growth in strata-titled dwellings in the last two years.
She adds strata-title property ownership began in Australia in the 1960s and has since become an important feature of the housing landscape across Australia.
“This increase reflects population growth as well as government policies to promote urban consolidation – that is, building up, rather than out – within existing urban areas,” she said.
Why strata living is increasing
Strata Community Association National President Chris Duggan says in 2023, people are prizing access to work, shopping, entertainment and recreational amenity more than any time in history.
“Strata living serves as both a preferred housing choice for discerning owners wanting best in class location and amenity and also as a cost effective entry point to the market, whether rental or ownership, providing immediate answers to the cost of living crisis and housing affordability as more stock enters the market,” he said.
Duggan adds that this puts responsibility on the government and property industry to come together and ensure fresh entrants can be provided with better planning, better building quality and better governing regulation to enhance quality of living.
“Governments and the property industry must come together to coordinate policy solutions that take into account these factors, as well as ageing building stock, the current construction slowdown, population growth and housing shortages, and we will be out there on the front foot with the data and insights from this report.”
Other report tidbits
Some other findings garnered from the report include:
- There are now more than 3 million strata and community titled lots in Australia.
- More than 200,000 new lots were created in the last two years.
- 48% of people living in private apartments in Australia are 20-39 years old.
- NSW recently became the first state to surpass 1 million strata lots with a 9% growth over 2 years.
- The strata industry directly employs over 10,000 people and creates more than $7 billion in economic activity annually.
- Strata-titled properties have an estimated insured value of almost $1.3 trillion.
- The ACT had the highest growth rate in the last 2 years with a 19% increase in lots since 2020.
~~
* The conservative figure is 16%, with figures potentially as high as 26%.
