Notice an uptick in millennials in your buildings? It’s no surprise as the latest data showing apartment dwellers are overwhelmingly Millennials and Gen Z, with 50 percent aged between 20–39 years old. This and more interesting insights were revealed in the June 2020 Australasian Strata Insights Report. Prepared by City Futures Research Centre and supported by the Strata Community Association, the project provides a comprehensive national picture of the strata industry in Australia. These insights can then be used to inform your strata management plans, including maintenance and contractor selection. See below for some of the stand out themes:
Key strata statistics in 2020
- Approximately, 17 percent of the Australian population live in strata title properties. However, these numbers are a conservative estimate and could be as high as 26 percent. The ACT and Victoria have the equal highest proportion of people in strata at 19 percent, followed by NSW with 18 percent and the Northern Territory with 16 percent.
- Nationally, there are 340,601 strata schemes, with 2,869,845 lots—an average of 8.4 lots per strata scheme. 67 percent of schemes have 1–5 lots, while 92 percent have 20 lots or fewer. Interestingly, while only two percent of strata schemes have more than 50 lots, these schemes are responsible for almost 23 percent of lots. Or put another way, while you may only manage a couple of large strata complexes, they may account for up to 25 percent of the apartments you oversee.
- 46 percent of strata schemes have been registered since 2000, suggesting that more than half of strata buildings are at least 20 years old. On a state level, this ranged from NSW at the lower end, with only 40 percent of strata schemes registered after 2000, to the ACT at the upper end with 54 percent of schemes registered in the last 20 years.
Apartment living in Australia
The report also provides data on apartment living as a proxy for strata residents, given no data on land titles is collected by the Australia Bureau of Statistics.
- Nationally, nine percent of the population lives in apartments, or 15 percent of households. Unsurprisingly, NSW had the highest proportion of apartment-dwellers at 15 percent of its population (22 percent of households). However, interestingly, it was the smaller territories that followed, with the ACT and NT recording an equal 10 percent of their residents in apartments (17 and 19 percent of households, respectively). Tasmania had the lowest, with only three percent of residents living in apartments, just under WA and SA’s equal four percent.
- As mentioned above, apartment dwellers are overwhelmingly Millennials and Gen Z, with 50 percent aged between 20–39 years old. Across the states, this ranged from 41–62 percent, but always represented a sure majority. Additionally, 59 percent of households were a single person or couple living together, while households with children made up almost one-fifth (19%) of apartments.
What does this mean for strata management?
The average resident in an apartment block is likely a young worker under 40 years of age, living by themselves or with their partner. If you’re trying to attract that market to the property you manage, consider these two strata management tips:
Go green: Millennials are known to be socially and environmentally-conscious, so if you can demonstrate that your property is adopting green initiatives and choosing to work with eco-friendly contractors, this will be attractive to potential residents.
Top-notch maintenance: In the current market, renters have more choice than ever and they’re going to be comparing your property with everybody else’s. Keeping on top of your general maintenance and repairs is critical to ensure you’re putting your best foot forward. You might even consider a new maintenance project to boost your property’s value.
Our Strata Painting and Maintenance Lookbook is filled with beautiful photos of some the strata painting and maintenance projects Higgins has worked on in recent years. As well as information on seven strata case studies, it also includes information on how to engage a reliable painting contractor and an interview with Dulux on the best paint colours for strata properties. Download it for free, so you’re equipped for your body corporation’s next project.
Higgins Coatings is Australia's premier commercial painting contractor with over 70 years of experience in providing a cost-effective painting service and tailored maintenance solution. We help strata managers plan their painting requirements and execute them with minimal disruption to residents. Contact us for a consultation.