Offering proximity to major cities and employment, strata living is one of the fastest growing sectors in the Australian property market.
Its rise is so rapid that in New South Wales, 15 per cent of residents now live in strata communities, with apartment construction outstripping detached home construction as of 2015.
So, as strata becomes the residential living situation of choice for many Australian’s, let’s dive into the state of strata and the facts behind a growing sector.
The strata sector
Earlier this year the City Futures Centre at the University of NSW released a report delving into the statistics of strata living in Australia.
The first report of its kind, it provides a comprehensive snapshot of the strata sector, and notes nine per cent of all Australians (2.2 million people) now live in strata communities.
The property value of strata nationally is worth an estimated $995 million, and includes almost 2.6 million lots, and 316,227.
Meanwhile, NSW has the highest proportion of strata residents, with 15 per cent of the population living in strata communities.
It’s followed by the ACT and NT where 10 per cent of residents live in apartments, Victoria where eight per cent of the population live in strata dwellings, then Queensland (seven per cent), WA and SA (four per cent), and Tasmania where three per cent reside in strata communities.
Who lives in strata?
On the national front, half (50 per cent) of all strata residents are aged 20-39, 10 per cent are aged 40-59, 15 per cent are under 20, and a further 15 per cent are over 60.
Most of those residents (48 per cent) rent their apartment, 14 per cent own it with a mortgage and 12 per cent own their unit or townhouse outright.
A growing lifestyle
In 2015, the construction of strata dwellings began outstripping that of detached housing, with the eastern states of Victoria, NSW and Queensland leading the charge in response to population increases.
Strata in NSW
With over one million NSW residents living in strata communities, it is the state with the largest strata population and sees nearly one in seven people residing in apartments.
Much of this is centred around Sydney as people embrace the convenience and affordability that strata living offers within a major capital city.
In total there are 819,490 residential lots, administered by 76,545 schemes.
Closely reflecting the national statistics, just under half (48 per cent) of NSW strata residents are aged 20-39. A further 21 per cent are aged 40 to 59, 16 per cent are under 20, and 15 per cent are over 60.
Just under half (48 per cent) rent their strata dwelling, 16 per cent own it with a mortgage, and 13 per cent own it outright.
Meanwhile, the collective strata community is of major benefit to the NSW economy. It directly employs over 3600 people and in 2017 generated almost $2.5 billion worth of callout jobs such as plumbing and electrical work, and nearly $411 million in professional services such as legal work, valuations and engineering.
About United Strata Solutions
United Strata Solutions is a NSW-based company with over 20 years real estate experience and specialist expertise in strata management.
Our services extend from property appraisals, sales and marketing through to comprehensive strata and centre management throughout New South Wales.