Strata properties take up more than half all new properties built in NSW, and they’re an appealing choice for a growing number of Australians.
Strata managers in NSW will be familiar with the wide range of tenants who apply to stay in a strata property. Although these arrangements in particular will be more common in urban centres, they’re becoming an increasingly attractive option for all sorts of Australians across the country.
Recently, the national Strata Community Association released a snapshot of the state of strata properties in New South Wales. While some of the findings, like the fact most strata titles are rentals rather than owner-occupiers might come as no surprise, the research did reveal some interesting findings about the state’s strata residents.
For example, strata residents now make up 15 per cent of the state’s population, so these titles are certainly a popular choice with owners and landlords. According to the research, almost half (48 per cent) of strata residents are in the 20-39 age bracket, but 15 per cent are in the over-60 bracket.
Groups were also in a small minority, representing just 8 per cent of properties. The largest number of occupants were singles at 48 per cent, while couples made up 25 per cent of residents.
It’s a snapshot of the quickly changing strata space in Australia’s most populous state. As more and more houses are built as strata properties – tipping over 50 per cent of all new homes since 2015, there’s a lot going on in this vibrant sector of the market.