Strata

Strata title is the AU ownership structure for apartments, units, and townhouses where you own your lot (unit) outright and share ownership of the common property (lobbies, lifts, gardens, pools, roof) with the other owners. The collective body that manages the common property is the owners corporation (also called body corporate or strata company depending on the state). You pay quarterly strata levies which fund admin costs and a sinking fund for major works. Strata reports (before you buy) show the financial health of the scheme - red flags include special levies, ongoing legal disputes, low sinking fund balance, or major works pending without funding plan.