The terms “unit”, “flat” and “apartment” are widely used in Australia as a definition of a residential dwelling in a horizontal or vertical structure that is strata titled. Flat is rarely used these days but is a common term in Melbourne and Sydney historically. Apartment is now the most common term.
Owners of strata titled apartments in Australia are referred as and are part of the “body corporate” for that building which is usually administered by professional Body Corporate managers. Owners pay body corporate fees usually quarterly to provide maintenance for the common areas, insurance, and a future/sinking fund to cover future repair to their building after all initial warranties and guarantees have expired. Some apartment buildings will have onsite property managers who administer day to day maintenance (paid by the Body Corp) and find and manage tenants (paid by the investor).
Apartment living is a popular lifestyle choice for singles, students, professional couples and retirees requiring a low maintenance environment making them attractive investment propositions.
There are many benefits in owning an apartment including;
- Rent Returns and Capital Growth
- Low Maintenance
There is a quantifiable change in property type preferences and a growing demand for low maintenance, small block or apartment/townhouse properties close to public transport, lifestyle areas and work.
For more information why not access our website property search feature or contact our team today on 1300 836 838