Beware the running costs

Many buyers are looking for low strata levies rather than luxuries such as pools and gyms.

It was once all about lifestyle: the best-equipped gym; the biggest, warmest pool; and the smartest, most obliging concierge. But with the economic downturn biting, apartment-buyers are today more aware of running costs than they've ever been and the need to factor those into often already-strained budgets.

"People should always be aware of the size of their strata levies but it's only recently that they seem to be taking them into account," says mortgage broker Justin Doobov.

"The size of levies can be so important. What's the point of worrying about a 0.1 per cent rise in interest rates when your levy could represent an extra 1.5 per cent of the value of your property per year?"