Strata in 2020 is big business. Is it time strata grew up?

Strata throughout Australia is now big business with big dollars attached. Is it time strata grew up?

Why do I ask?
  • Because the first strata building in Burwood was built in 1961, it was 18 apartments with a capitol value around $180,00.00 and an annual turnover around $4,000.00
  • Today I sit on two strata committees with a combined turnover of 1.2M and combined assets of over $104M dollars.
What has changed since 1961?
  • Strata in 2020 is worth a whole lot more money than it was in 1961
  • Strata company’s assets can and often do exceed $50M dollars
  • Strata company’s yearly budgets can run into 1M dollars
  • Strata has evolved into mixed use where commercial, residential and hotel accommodation come under one title
Has much has NOT changed since 1961?
  • Strata committees remain unqualified
  • Strata committees remain unpaid
  • Governance oversight remains a mystery to many strata committees and lot owners
  • Strata levies are still regarded as a cost rather than the investment they could be
  • The working relationship between strata managers and strata committees
Could Strata do with some structure? We gave it a go

QUESTION:
Moving into 2020 what does your strata company need to run more effectively?

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