Nearly 20 per cent of all ‘households’ in the ACT are not, in fact, in houses at all.
And it’s estimated that during the 2030 decade, half of all Australians will reside in apartments and Canberra is leading the trend, but we’re completely unprepared as an industry.
The strata sector is still behaving as though the landscape consists of petite unit buildings with quaint lawns and two flights of stairs that need cobwebs swept away periodically.
Today, we’re effectively building massive communities within suburbs.
But little is properly understood about the needs of people and communities choosing strata living.
The UNSW City Futures, Australasian Strata Insights Report, is about the only decent detailed analysis reports ever produced on the Australian strata sector.
That alone is concerning. And the lack of decent analysis means we’re lagging decades behind on national regulatory frameworks as a result.
Economically speaking, this industry (sic, should be 'sector') generates more than $6 billion annually just in sending out tradespeople, cleaners and all the rest of it. Another billion-plus dollars a year is generated through the engagement of accountants, lawyers and other professional services.
No one’s ever really paid much attention to the strata management industry, and that’s about to become a problem. The strata sector is profoundly influencing our social and economic landscape. The reality is that we have to start talking about it. The industry is growing faster than our determination to put regulatory frameworks in place to protect both residents and investors.