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Strat’s communities are a new hot trend in Australia. It has become the most common form of homeownership, with having more than 2.2 million; this is about 10% of the current population. The concept of strata ownership was introduced about 60 years ago, and ever since, the number of people opting for such homeownership has been on the rise. As a result, this has made it a new and essential feature of the current housing landscape.
Below are some of the reasons that have drastically contributed to the popularity of these types of housing.
·An affordable option when looking to be a homeowner
The COVID 19 pandemic is has led to a severe economic recession. As a result, this has reduced migration. But with the current economic conditions, there are still ways you can own your own home; strata communities are a great inexpensive alternative. With a small piece of land, several strata housing can easily be constructed, allowing for cheaper homeownership options. However, if a Stand-alone house was built on the same ground, it would be more expensive to purchase.
·There is a quick adoption of strata ownership in the existing home properties.
There has also been an increase in strata homeownership on already existing properties. With an apartment building, the current flats are dived into smaller units and converting into strata ownership homes. The smaller homes make homeownership more affordable to people. As a result, the property gets a broader market; the more tenants occupy the units. When we compare the land, the strata community occupies, we see it is much cheaper to get a strata property.
·The population in Australia is slowly growing.
Each year, new babies are being born, meaning the population in Australia slowly grows. The gradual growth leads to an increased demand for more housing units. Strata communities have been designed to offer each family with facilities they did not have access to before, all this at a more affordable rate. These communities have been loaded with several amenities that most families lock forward to as homeowners.
·There is a demand for homeownership.
Homeownership is the primary motivation for putting in the long hours at work; it is almost every person’s dream of owning their own home in Australia. But owning property in the past ten years has been impossible due to the high price tag, leading most families to downsize. Strata housing is still fulfilling this dream but in smaller units that are affordable for most people. The amenities that these communities offer makes downsizing not such a big problem for most homeowners.
·There are favourable government policies in place.
The country has put in place favourable policies to promote the building of storied properties within the urban areas. With such fair policies in place, it has encouraged people to build high-rise apartments to help provide more strata communities for the country’s eager homeowners. The government introduced a new bill that will regulate the Strata managers to ensure they are more accountable, giving homeowners more voice on how the scheme should be managed. Thus this allows for voting to be carried out, and strata companies keep better records that can be shared electronically.
Final thoughts
Strata’s popularity continues due to the various advantages, the main one making homeownership possible and affordable for many. As an owner, the only downside to the strata communities is to get permission if you are thinking of renovating your unit to ensure everything is followed by guidelines stipulated within the community.
