Unlock the key to successful buying and investing in strata properties. Explore our curated resources covering essential insights on property acquisition, investment strategies, and navigating strata regulations. Tap into valuable guidance and practical guides to make informed decisions in the dynamic world of strata ownership. Elevate your buying and investing journey with our comprehensive content hub.
Your Guide to Strata Cash Flows During a Pandemic
This guide is to help strata owners and managers deal with the important cash flow decisions that will arise during the Coronavirus pandemic and its aftermath. We cover what to do about the payments that the corporation needs to make and the various ways of funding those payments. Payments by the Strata Corporation There are three simple options available: 1.
Body Corporate Law: We need to talk about building defects
Inevitably, there are going to be mistakes made in constructing and finishing a 20-storey tower. Critical Building Elements and Contractor Responsibility Construction involves critical elements that demand careful attention from contractors to prevent serious issues. For instance, proper waterproofing is essential. To prevent water damage in a unit, the balcony’s sliding door frame needs a meticulously sealed waterproofing…
Owners Corporation Management – Statement of Advice & Information For Prospective Purchasers and Lot Owners
What is an Owners Corporation? The lot you are considering buying is part of an owners corporation. Whenever a plan of subdivision creates common property, owners corporation management is responsible for managing the common property. A purchaser of a lot that is part of an owners corporation automatically becomes a member of the owners corporation when…
Don’t Get Caught Out: Your Essential Guide to Body Corporate Insurance in Australia
Body Corporate Insurance in Victoria Residential Owner’s Corporation/body corporate insurance (now known as strata insurance) is general insurance that covers common property under the management of a strata title or body corporate entity. These properties can either be: Managed by a body corporate manager: Larger properties with many units…
Creation of DBDRV to Address Strata Building Defects
Body Corporate Managers of residential unit developments need to be aware of these changes as they apply to disputes between owners and building professionals such as builders and architects. Presently an owner who is in dispute with their builder about defective work has two options: They can seek free advice and conciliation from Building Advice and Conciliation Victoria (BACV); or…
Overview of Melbourne’s Apartment Market
There’s no denying that Melburnians are fascinated by high-rise strata living. The sheer number of multi-storey apartment developments being marketed, built, and sold “off the plan” in and around Melbourne is undeniable evidence of the city’s fascination with high-rise living. Buying “off the plan” means you’re buying a property that hasn’t been built yet. You’re basically…
Body Corporates Cannot Prohibit Use of Short Term Letting of Apartments
Bodies Corporate In July 2016, The Supreme Court of Victoria handed down an important decision in Owners Corporation PS 501391P v Balcombe [2016] VSC 384 (Balcombe case) regarding whether a Body Corporate had the power to make a rule prohibiting short term letting of apartments. The Court held that the relevant legislation did not give the Bodies Corporate power to…
Are Apartments Still A Good Investment?
The Simple Answer Is Yes Yes, apartments are ok to buy but you need to be selective. We explain some of the diligence we apply to the purchase of an apartment. Selecting The Right Apartment Apartments grow at a slower rate than houses and townhouses but they still grow in value, provided you choose the right one. One bedroom apartments…
FIRB a Four Letter Word…?
The Australian residential market, for apartments in particular, is at an interesting juncture with most debt that was available for foreign purchasers having withdrawn from market.This withdrawal coincides with unprecedented forecast levels of development completion over the next 24 months – with our analysis indicating approx 86,000 apartments being delivered in 2017 up from 49,000 in 2016. Out of this…
Taxation Ruling Tr 2015/3 – Matters Relating To Strata Title Bodies
On Wednesday 25 November 2015, The Australian Taxation Office issued Taxation Ruling TR 2015/3 which finalised Draft Taxation Ruling TR 2015/D1 (issued 27 March, 2015). As noted in our summary of Draft Taxation Ruling TR 2015/D1 circulated in June 2015, previous Taxation Ruling IT 2505 along with Taxation Determinations TD92/181, TD 93/7, TD93/73, and TD96/22 were withdrawn effective 27 March,…