Demographic changes in Australia are pointing to a significant reshaping of family structures and relationships. Married couples with two kids on a quarter acre block is no longer a realistic picture of contemporary Australia.
As a nation we are recording a significant increase in couples with few or no children, as well as retirees and single people living alone. This is complemented by a large drift of the population to the cities and coastal towns and the desire for smaller, affordable housing.
These changes, among others, will impact greatly on community and urban life and we are seeing strong signs of this already with the demand for units and apartments.
REIWA agents find that the growth in demand for units and apartments is being driven largely by people who are buying for the first time. Many of these people are not familiar with the special features of these dwellings.
When referring to an apartment in particular, it is usual to refer to the floor space. A size of 85 square metres is common in Perth, which generally includes two bedrooms, one bathroom and a separate living area. A three-bedroom apartment would normally cover around 95 square metres and a one bedroom apartment would require around 55 square metres. A balcony will usually be described separately.
Units and apartments in WA are strata developments, meaning each dwelling has a separate strata title that defines the property belonging to the owner, and the property common to all owners of the complex. This allows for easy resale of each apartment and for proper maintenance of the common areas which are the responsibility of the strata company. Wherever there is shared property there is the responsibility for owners to come together and resolve common matters, such as issues with walls and driveways.
The strata company comprises each apartment owner and will usually employ a strata manager to administer its affairs. The strata company will charge a levy to each owner to cover the costs of maintaining common property and its own administration.
Prior to buying an apartment you should become familiar with the operations of the strata company. The minutes of recent meetings should reveal if the strata company is being administered effectively, if there are sufficient funds to cover on-going costs and if there is the likelihood of special levies to cover future expenses. A careful inspection of the strata plan is recommended to show the clear boundaries of what’s yours and what’s shared.
Buyers should also note the separate insurance obligations for the common property and an owner’s private property within a complex. It helps to ensure that the two policies are effective and compatible.
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