The 21st century will go down in history as the Century of Urbanisation; for the first time in human history the majority of people will live in urban areas. It is estimated that by 2030 half of all Australians will reside in the cities.
With this shift towards urban living comes the rapid growth in Strata Title properties across Australia’s major cities. There are currently 270,000 owners corporations (known as body corporates in some states), amounting to 2,000,000 lots and property worth in excess of $500 billion.
Urban planning policies around Australia are targeting annual growth of more than 10% for the next 15-25 years. In Melbourne it is estimated that there will be 17,000 new strata lots coming online in 2017.
This growth in strata and increase in new developments will mean challenges for both owners and body corporate management companies alike. We’re here to bring help parties together to ensure harmonious living.