The UNSW City Research Centre in conjunction with Strata Community Association recently released the fourth instalment of their Australasian Strata Insights report, providing a comprehensive picture of the strata industry in Australia and New Zealand.

The 2024 report provides fascinating data on the number of strata properties, their insured value, the demographic characteristics of their residents, and the professionals employed to serve them.

Some of the key take aways from the 2024 report include.

• 15% of Australians live in strata.
• Nationally there are 368,234 total strata schemes with a combined 3,191,244 total lots.
• The estimated combined insured value is $1.4 trillion.
• 47% of strata titled properties nationally are rented.
• The 20 – 39-year age bracket represents the largest group nationally at 48%. Second is 40 – 59 at 21%.
• Single person household types represent the largest group at 39%, second being couples with no children at 25%.

Locally, the QLD statistics highlight.

• 13% of Queenslanders live in strata.
• There are 52,920 total strata schemes with a combined 539,154 total lots.
• The estimated combined insured value is $245 billion.
• 47% of strata titled properties are rented.
• The 20 – 39-year age bracket represents the largest group nationally at 44%. Second is over 60 at 23%.
• Single person household types represent the largest group at 40%, second being couples with no children at 26%.

The report also highlights that Australia experienced a period of rapid growth in attached dwellings (apartments and townhouses) from the mid-2010s, which has now slowed. The report notes that growth in attached dwellings reflects market conditions, alongside population growth, which is especially pronounced in the larger urban areas, as well as government policies to promote urban consolidation (building up, rather than out) within existing urban areas. The report further notes that apartment completions have slowed from their peak, in part due to supply constraints including high materials costs and difficulties in securing construction workers. This, combined with demand from buyers pushed out of the detached dwelling market to the relatively affordable apartment market indicate that we can expect strata developments to play an important role in urban development for many years to come.