Strata Title
Ownership of your unit plus shared common areas. Common for apartments.
What is Strata Title?
Strata title is a property ownership structure common in apartments, units and townhouses. You own your unit outright, and share ownership of common property (hallways, gardens, lifts, pool) through a body corporate (owners corporation in VIC).
Why it matters for you
Strata fees (quarterly) cover shared maintenance, building insurance, and sinking fund contributions — from $400 to $3,000+ per quarter. Lenders treat these as ongoing expenses, reducing borrowing capacity. Always request a strata report before buying to check the body corporate's financial health and any pending special levies.