We are a nation that speaks 8 separate strata dialects, yet the basic strata concepts are the same across the nation. So are the issues that trouble us. As we seek to understand what unites us and what divides us, this week our focus is Victoria.
Victoria this year became the second of our states and territories to crack the 1 million apartments mark with 1,044,400 lots in 128,896 schemes. Here are some other highlights of the latest research about the Victorian strata market:
- 18% of the population live in strata (compared to 15 nationally).
- 74% of Victorian strata schemes contain 5 lots or fewer.
- 55% of residents are aged between 20 – 39.
What makes strata law in Victoria special?
There are a few things:
- becoming members of more than 1 OC when you own property in a mixed-use scheme
- different rules for different sized schemes categorised in five tiers
These things make strata management a little more complicated, but the standout is the benefit principle. When an owners corporation undertakes works that benefit only some lots, costs must be allocated according to the benefit received, rather than by standard lot liability. This is quite a departure from the normal strata ethos ‘what’s yours is mine’, at least when it comes to funding repairs and maintenance.
I will be visiting Melbourne in the week commencing 2 June 2025 to preview our new online Victorian Strata Management Practice Manual and Operating Procedures.
Let me know if you would like me to call in and show you how it works?
Michael Teys advises strata management businesses on improving profitability through professionalisation and streamlined operating systems.
He has more than 30 years’ experience as a strata lawyer and academic and has owned 11 strata management agencies throughout Australia. He has a Master of Philosophy (Built Environment) and Bachelor of Laws. He lectures and writes widely about strata management issues in Australia and internationally.
