The strata management industry in Australia continues to grow at an impressive rate, as outlined in the Strata Community Association of Australia’s first ever National Strata Data Report.
This extensive document highlights the significant role that the strata industry plays with almost 10% of Australians living in an apartment.
The report also found that:
- There are 316,000 strata properties containing a grand total of 2.5 million lots
- The total value of strata related call out jobs (gardening, plumbing, electrical etc) was $5,728,427,524
- More apartments are rented (48%) as opposed to being owner-occupied (26%) or having another tenure type (26%).
Urban planning policies around Australia are targeting annual growth of more than 10% for the next 15-25 years, so the prevalence and importance of this industry remains on a growth trend. This is increasingly seeing commercial spaces being transformed into residential developments, with space for new developments in our urban centres becoming ever more scarce.
In Australia, 40% of all new dwellings are apartments or units, and this figure is expected to increase as the prospect of owning a house, particularly in Sydney and Melbourne, becomes a less attainable goal for the younger generation with each passing year.
Of course, there are many people who prefer the convenience of apartment living in the heart of the city, and enjoying all the amenities that a modern urban development typically offers, such as a selection of shops and restaurants, shared outdoor entertaining spaces, a pool, cinema, gym, and so on, and have no desire to move into a house in the suburbs.
“Increasingly, Australians are expressing a preference to live in the heart of the city to be close to their place of work, as well as being close to a wide range of shopping, dining and entertainment options,” says PICA Group CEO, Greg Nash. “The traditional idea of owning a house on a quarter acre block has lost its lustre for many, partly because of a lack of affordability or available space close to the city centre, but also because most of us are accustomed to apartment living, and the amenities offered by new developments are typically so impressive.”
To read the full report click HERE.