In the realm of property ownership in New South Wales (NSW), there exist various forms of tenure, each carrying unique legal and financial implications. One such arrangement is Company Title, a distinctive pathway to home ownership that gained traction in the 1920s and 1930s. Areas with substantial company title units in Sydney include suburbs like Potts Point, Elizabeth Bay, Darlinghurst, and Kirribilli. These areas often feature a mix of older buildings that were initially developed under the company title structure. Unlike the more commonly known Strata Title introduced in 1961, Company Title involves separate ownership of apartments facilitated by a company owning the land and building. For those considering property investment or purchasing a home in NSW under Company Title, this is what you need to know. Ownership Structure and Governance Company Title, unlike freehold or strata title, involves the ownership of shares in a company that holds the title to the property rather than direct ownership of the property itself. In essence, purchasers acquire shares in a company that owns and manages the property, granting them the right to occupy a specific unit within the building. Unlike the Strata Title and Community Title schemes, Company Title schemes do not have their own dedicated laws regulating them, apart from general company law, namely the Corporations Act 2001. The companies regulator is the Australian Securities and Investments Commission (ASIC), which is responsible for legal compliance by directors and shareholders. One of the defining features of Company Title is its governance structure. The company's shareholders elect a board of directors, who are registered with ASIC, responsible for managing the property and making decisions on behalf of the shareholders. The Board convenes routine meetings to manage the company's daily operations. Additionally, shareholders gather annually and as needed to vote on significant matters, such as the yearly budget. Considerations and Restrictions While Company Title offers certain advantages, such as greater control over property management and potentially lower entry costs compared to strata title, it also comes with its share of considerations. Prospective buyers should be aware of the restrictions and regulations imposed by the company's Articles of Association (also known as its Constitution), which may govern aspects such as alterations to the property, subletting, and pet ownership. Investors in particular should seek to understand the tenant approval process which differs among companies, with factors ranging from minor criminal records to lack of rental history potentially impacting approval. Consequently, tenants may face rejection by the board, and there could be limitations on renting out the unit altogether. Unlike Strata Title or Community Title schemes, which have specialised tribunals, NSW Civil and Administrative Tribunal (NCAT), to handle disputes, disagreements regarding the management of a Company Title scheme are resolved in various courts based on the nature of the dispute. Financing and Lending Considerations Furthermore, financing options for Company Title properties may differ from those available for freehold or strata title properties. Lenders often impose stricter Loan to Value Ratios (LVRs) for company title properties due to the challenges associated with selling in case of default. Since you don't receive a Certificate of Title for the property, banks can't secure a traditional 'mortgage over land.' Instead, they use your shares in the company as collateral. The ownership structure necessitates obtaining permission from other owners to acquire these shares, along with additional administrative expenses. These restrictions lead to reduced demand for Company Title units meaning the selling process typically takes longer. Company Title blocks with five units or less may have additional lending restrictions, therefore it is essential for buyers to conduct thorough research and seek expert advice before proceeding with a purchase. In conclusion, Company Title offers an alternative avenue to home ownership in NSW, characterised by shared ownership in a company that holds the title to the property. While this arrangement provides certain benefits and flexibility, it also requires careful consideration of the associated rights, responsibilities, and financial implications. As with any property investment, prospective buyers should conduct thorough due diligence and seek professional guidance to ensure a sound and informed decision. Compass Strata specialises in managing a diverse range of communities, offering unparalleled expertise and guidance to all property owners.

As Sydney's rainy season draws near, it's time for the owners' corporation to dust off their stormwater management plans – if they haven't already! Sure, dreaming about turning the courtyard into a pool paradise might be fun, but nobody wants to wake up to a surprise flood party or find their car swimming in the car park! Stormwater management is a critical aspect of maintaining the integrity and functionality of properties and sites within strata communities. From drains to rainwater tanks, each component plays a vital role in safeguarding against water damage and ensuring efficient water flow. To effectively manage these assets, it is imperative for Strata Committees to grasp the requirements and responsibilities associated with their maintenance. In this article, we delve into the essential aspects of stormwater asset management, detailing inspection schedules, service procedures, and key considerations for various stormwater devices. Preventative Maintenance: Inspection and Service Frequency Regular inspection and servicing are paramount for the upkeep of stormwater assets. A structured approach involving six-monthly inspections and annual servicing ensures that potential issues are identified and addressed promptly. This proactive strategy minimises the risk of damage and optimises the performance of stormwater systems. Key Stormwater and WSUD Assets: Stormwater and Water Sensitive Urban Design (WSUD) assets encompass a diverse range of components, each requiring specific attention during inspection and servicing: Drains, Pipes, and Stormwater Pits: During six-monthly inspections, the operational efficiency of drains and pits is assessed, with particular emphasis on identifying any damage caused by storms or other events. Annual servicing involves thorough cleaning to remove sediment, leaves, and debris, with additional attention given to pits equipped with filter devices. OSD, Tanks, and Filters: The inspection of Onsite Stormwater Detention (OSDs), water tanks, and filters every six months ensures their effective operation. Annual servicing entails comprehensive cleaning, including pressure and vacuum cleaning of detention tanks to eliminate sludge and debris. For systems incorporating filtration, regular cleaning and potential media replacement are essential to maintain functionality. What is OSD? Onsite Stormwater Detention is a large underground tank designed to temporarily hold excess stormwater runoff during heavy rain events. When it rains, stormwater flows into the detention tank instead of overwhelming the drainage system or causing flooding. The tank slowly releases the stored water into the drainage system at a controlled rate, helping to reduce the risk of downstream flooding and erosion. Water Pumps and Pumping Stations: Six-monthly inspections focus on checking pump operation, floats, and alarm systems, with annual servicing involving meticulous cleaning of wells, floats, and pumps. Utilising vacuum trucks may be necessary to remove accumulated material, ensuring uninterrupted pump performance. Car Wash Bay/Plate Separator: Regular inspections every six months assess the condition and functionality of car wash bays and plate separators, with particular attention to pump operation and alarm systems. Annual servicing encompasses thorough cleaning of plate separators, along with proper disposal of oil and sludge waste, preserving the efficiency of these crucial components. What is a Plate Separator? Also known as an oil-water separator or grease trap, is a device used to remove oil, grease, and other contaminants from wastewater before it is discharged into the sewer system or the environment. Wastewater enters the plate separator and flows through a series of plates or baffles. These plates create a zigzag pathway that slows down the flow of water, allowing oils and greases to rise to the surface. Meanwhile, heavier solids settle to the bottom of the separator. The separated oil and grease are then collected and removed from the system, while the cleaned water continues on its way. Roofs, Gutters, and Downpipes: Annual inspections of guttering systems and downpipes are essential to prevent blockages caused by debris or vegetation. Servicing activities include clearing leaves and debris from gutters, eaves box systems, and downpipe outlets to maintain unobstructed water flow. Innovative techniques such as piloted drone inspections offer a non-intrusive method for visual assessment, enhancing efficiency and safety. Gutter cleaning companies frequently provide additional services, such as conducting visual roof inspections to identify obvious issues like cracked or broken tiles, which are then marked for replacement. Effective management and maintenance of stormwater assets are fundamental to preserving the integrity and functionality of strata properties. By adhering to structured inspection schedules and implementing comprehensive servicing procedures, Strata Committees can mitigate risks, prolong asset lifespan, and ensure optimal performance. Prioritising stormwater management not only safeguards against water-related damage but also promotes sustainability and environmental responsibility within strata communities. For professional assistance in managing your strata property effectively, partner with Compass Strata. Our expert team offers tailored solutions to meet your specific needs and ensure the smooth operation of your property. Contact us today and let's work together to create a safer, more sustainable environment for your community.

You've discovered your ideal home, but now you learn it's part of a community scheme or neighbourhood scheme. What exactly does this mean? In this article, let's delve into what these schemes entail and how they may differ from traditional home ownership or strata schemes. What Are Community Schemes? Community schemes offer a unique approach to property ownership, particularly in developments with shared amenities and facilities. In simple terms, these schemes allow lot owners to own and maintain their individual buildings while sharing the use and maintenance costs of communal facilities like gyms, swimming pools, club houses, marina or even a golf course. This arrangement is ideal for developments such as gated estates, retirement villages, or resort-style communities. Often, in a new land release, the entire development will be incorporated into a community title scheme, allowing the developer to implement a master plan for the entire area. Examples of such developments in Sydney include Breakfast Point, Huntleys Cove, and Wentworth Point. Types of Community Schemes Community schemes come in various forms, each catering to different development structures and lifestyles. The three primary types include: Community Scheme: Suitable for large-scale developments with multi-tiered management structures, including precincts and neighbourhoods. Precinct Scheme: Used for staged developments where different sections of the community are developed over time, allowing for flexibility in planning and management. Neighbourhood Scheme: Commonly consisting of freestanding houses or terrace-style homes with minimal shared property, such as a driveway. This type offers a balance between individual home ownership and shared community living. In New South Wales (NSW), the law allows for a three-tier management structure. This means that a community title scheme may comprise a Community Association, along with precinct and Neighbourhood Associations, each with its own management structure and decision-making authority limits. Typically, the Community Association serves as the highest tier in a community title scheme, with its management statement establishing the fundamental regulations for the entire scheme. For example, under a Community Association, there may be neighbourhood schemes that free-standing homes are part of. There may be another group of strata schemes that make up a precinct and be part of a Precinct Association that is also part of the Community Association. The Community may have access to shared facilities such as a club house, meeting rooms, pools that are maintained by the Community Association. Key Differences from Strata Schemes While community schemes share similarities with strata schemes, there are notable differences, particularly in maintenance responsibilities and management structures. In a strata scheme, owners are typically responsible for maintaining the interior of their units and contributing to the upkeep of common property. In contrast, community scheme owners may have broader maintenance obligations, including the upkeep of their entire property and shared facilities. Community Schemes are governed by different sets of legislation, namely the Community Land Management Act 2021 and Community Land Development Act 2021 and associated Regulations. These legislation were updated to align to the Strata Schemes Management Act 2015 and Strata Schemes Development Act 2015, ensuring consistency and between strata and community title schemes. Your Obligations When you purchase a property within a community, precinct, or neighbourhood scheme, you automatically become a member of the scheme's association, typically established by the builder or developer. The association's primary purpose is to oversee the maintenance of association property and its associated costs, as well as to enforce rules governing life within the scheme. As a member, you have the right to attend and vote at general meetings, including the annual general meeting (AGM), where decisions regarding the scheme are made. Financial contributions, which cover expenses such as maintenance and repairs, are required from all members and may include regular contribution levies, special levies for unforeseen expenses, and funds for administrative and capital works purposes. Failure to pay contributions may result in interest charges and potential legal action by the association. Each scheme has its own set of by-laws governing behaviour and property use, which can vary widely and must be adhered to by all residents, tenants, and visitors. Breaches of by-laws may result in penalties issued by the association or, in severe cases, legal action. The association is responsible for maintaining communal property, while individual members are responsible for maintaining their own lots. Understanding Community Management Statements Central to the operation of community schemes are Community Management Statements, equivalent to by-laws in a strata scheme, which outline the rules and responsibilities governing the scheme. These statements cover a range of topics, from pet ownership and noise control to architectural standards and facility usage. Unlike strata schemes, there are no model by-laws for community schemes, allowing for tailored management approaches suited to each development. A management statement will often incorporate architectural guidelines detailing approved construction styles, fencing, and colour schemes permissible within the development to ensure the look and feel of the community is maintained. These architectural guidelines are often detailed, specifying approved paint shades and providing comprehensive instructions. If you violate these guidelines, such as by altering your roof to an unapproved colour or material, such as tiles instead of slate, you may be required to rectify the issue at your own expense. Embracing Community Living Despite their complexities, community and neighbourhood schemes offer unique opportunities for residents to enjoy shared amenities and a sense of community spirit. Reach out to us at Compass Strata for expert advice and assistance in navigating the intricacies of community schemes. From understanding Community Management Statements to resolving disputes, our team is here to support you every step of the way. Embrace the benefits of community living with confidence and clarity – contact us today!

Are you tired of seeing empty corners and unused rooms in your community gathering dust? It's time to roll up our sleeves and get creative! With a little imagination, some community collaboration and thoughtful planning, transform these neglected spaces into practical facilities that benefit everyone. We've brainstormed a range of innovative ideas to breathe new life into underutilised space. 1. Work and Play: Create Co-Working Spaces With remote work on the rise, a shared co-working space is like hitting the jackpot! Imagine waving a magic wand and turning that forgotten library or lonely meeting room into a buzzing hive of creativity and camaraderie. Picture this: sleek sit-stand desks, chairs that hug you just right, lightning-fast internet, and a high-quality pay-as-you-go printer. And hey, why stop there? Let's throw in a coffee machine for that extra touch of luxe. 2. Parcel Paradise: Designate a Parcel Storage Area Say farewell to the chaos of package pile-ups cluttering your front door! Instead, why not create a dedicated parcel storage area where residents can stash their deliveries safely and securely until they're ready to grab them? These clever smart lockers are like the Swiss Army knives of package storage, equipped with all the bells and whistles you could ever need. From high-tech tracking systems to lockers of all shapes and sizes, they've got you covered - literally! Plus, with refrigerated lockers that keep your online grocery or meal delivery nice and cool. 3. Reduce, Reuse, Recycle: Start a Small Goods Exchange Room One person's trash is another person's treasure! Set up a small goods exchange room where residents can donate unwanted items like furniture, books, and household goods that are still in good working condition for others to enjoy. It's a win-win for everyone and a great way to promote sustainability within the community. 4. Sweat It Out in Style: Add a Gym or Yoga Studio Why trek to a crowded gym when you can have one right onsite? Convert that unused storage room into a sleek and modern gym space equipped with treadmills, weights, and yoga mats. It's the perfect place to break a sweat and unwind after a long day. 5. Rock Out in Peace: Sound-Insulated Music Practice Rooms Calling all aspiring rock stars and budding musicians! Create sound-insulated music practice rooms where residents can jam out to their heart's content without disturbing their neighbours. With padded walls, soundproof doors, it's the perfect place for residents to unleash their inner rock god or favourite Vivaldi piece. 6. Chill-Out Zone: Casual Lounge Area for Gatherings Whether it's blowing out candles on a birthday cake, plotting your next chess move with fellow neighbours, or just kicking back with visiting guests, every community deserves a chill-out zone where residents and their mates can kick back and unwind. Imagine transforming that blank canvas of an empty space into a swanky lounge filled with cushy couches, twinkling mood lighting, and a treasure trove of board games. It's the ultimate hangout spot for crafting memories with friends and neighbours - where laughter echoes and good times flow freely! 7. Lights, Camera, Action: Theatre Room Whoever said size doesn't matter clearly hasn't experienced the joy of a big screen! Picture this: transforming that forgotten room into your very own screening sanctuary, complete with plush sofas, cozy bean bags, and a massive screen that'll make you feel like you're right in the heart of the action. Just imagine the excitement of rallying your fellow residents to root for the Aussie team as they tackle the finals, their epic triumphs playing out in stunning HD right before your eyes. And why stop there? Kick off the weekend in style with a classic movie night or a marathon of your favourite films, with popcorn galore and laughter aplenty. And hey, why not dial up the fun even more by connecting the Nintendo Switch for an interactive round of Mario Party? With a screening room this epic, every day is a blockbuster waiting to happen! And there you have it - seven fun and creative ideas for transforming unused space into practical facilities that enhance your community. And who knows? With a little ingenuity and some elbow grease, Owners Corporations may even be able to charge for the use of such spaces to generate additional income. So what are you waiting for? Let's get started and turn your neighbourhood into a thriving hub of activity and excitement! Don't forget, if you need expert guidance and support in managing your community's transformation, reach out to Compass Strata today and let us help bring your vision to life!

In the ever-evolving real estate landscape of Sydney, a notable chasm has emerged between apartment and house prices, particularly in the coveted eastern suburbs. Let's delve into the factors driving this disparity and what it means for prospective buyers and sellers alike. The Great Gulf: Widening Price Disparities The top-tier echelons of Sydney's real estate market, notably Bellevue Hill, Vaucluse, and Bronte, showcase staggering price discrepancies, with the gap soaring as high as $7,815,000! This stark contrast prompts an exploration into the underlying forces propelling the widening chasm between apartments and houses. Biggest Price Gaps in Sydney House and Unit Prices Source: Domain House Price Report Q4 2023 Unveiling the Drivers: Understanding the Divide Growth at the Pinnacle: High-end luxury properties reign supreme, outpacing market trends with remarkable vigor. Over the years, Sydney's high-end property market has demonstrated strong capital appreciation, making it an attractive investment option for wealth preservation and wealth accumulation. Investors view Sydney's real estate market as a reliable asset class with the potential for long-term growth. Sydney's global reputation as a leading financial and cultural hub further enhances its appeal among high-net-worth individuals from around the world. The scarcity of prestige homes, particularly those boasting harbour views and beachfront locations, fuels the ascent of house prices, lifting the proverbial "price ceiling" on luxury abodes. Post-COVID Realignments: The seismic shifts brought about by the COVID-19 pandemic catalyse a reevaluation of housing priorities. With prolonged periods spent at home, the pursuit of spacious living quarters and privacy gains precedence, amplifying demand for standalone houses and precipitating a surge in house values. Scarcity Squeeze: Amidst burgeoning population growth and urban development, the scarcity of standalone houses becomes palpable. A burgeoning population, coupled with limited development, accentuates the allure of house ownership, further exacerbating the price disparity between houses and apartments. In 2022-23, Sydney experienced the largest single-year population growth, adding 142,600 residents, that's 391 people, or almost a fully loaded A380, calling Sydney home each day. The mix of housing stock has also seen a big shift over the past decade. Based on Census data, in 2001, Sydney's housing inventory consisted of 63% standalone houses, 11% semi-detached or townhouses, and 24% apartments. However, by 2021, apartments accounted for nearly 31% of the housing stock, semi-detached dwellings comprising 13%, and standalone houses making up 56% (down 7%). Navigating the Divide As the gap between house and apartment prices widens, the allure of apartments is becoming increasingly evident, particularly for first-home buyers or those without substantial financial assistance from the bank of mums and dads. With the right amenities and maintenance, apartments in premium suburbs offer a practical and attractive alternative to standalone houses. At Compass Strata, we excel in the cultivation of harmonious communities and the relentless pursuit of continuous improvement to foster sustainable capital growth for property owners. Contact us today to benefit from our wealth of experience in strata management.

As urban landscapes evolve, apartment living has become increasingly prevalent in New South Wales (NSW), shaping the state's housing landscape. According to the Australasian Strata Insights 2022 Report by UNSW City Futures Research Centre, based on 2021 Census data, nearly 1.3 million residents in NSW call apartments home, residing in diverse communities across 89,049 strata schemes. This surge in apartment living reflects the evolving preferences and lifestyles of NSW residents, with urban centres becoming hubs of convenience, diversity, and opportunity. Diverse Communities and Lifestyle Appeal One of the most striking aspects of apartment living in NSW is the diversity within these communities. With residents from various cultural backgrounds, apartment living epitomises the multicultural essence of NSW. From Australian-born individuals (41%) to those hailing from China (second largest cohort - 7%), linguistic diversity further enriches these communities, with English and Mandarin being the dominant languages spoken at home. Beyond diversity, the popularity of apartment living can be attributed to its lifestyle benefits, offering convenience, low maintenance, and access to shared amenities. Children Live in Apartments Contrary to misconceptions, apartments are not just for singles or couples without children. In fact, families make up a significant portion of apartment residents in NSW. While couples without children and lone individuals comprise a notable percentage, 17% of apartment residents are couples with children, and 7% are single parent households. That means approximately one in four apartment households have children living in them. With amenities catering to families and a supportive community atmosphere, apartments are far from being the poor cousins' setting for raising children. Youthful Demographics While apartment living undoubtedly appeals to downsizers and empty nesters seeking a lock-up-and-leave lifestyle with minimal maintenance, the demographics of apartment residents in NSW paint a different picture. Surprisingly, the over 60s demographic only constitutes 15% of all apartment residents. Instead, the largest cohort, comprising 47% of apartment dwellers, falls within the 20-39 age bracket. This trend highlights the broad appeal of apartment living among younger demographics, who are drawn to the convenience, affordability, and vibrant urban lifestyle that apartments offer. Renting Reigns The data highlights a surprising yet concerning fact: 15% of apartments are categorised as unoccupied. While this could be due to reasons like seasonal vacancies or properties undergoing renovation or awaiting sale, it underscores the need for policies that encourage occupancy, particularly given the current shortage of housing supply. Additionally, the significant proportion of rented apartments, at 48%, may shed light on the severity of the housing affordability crisis, particularly in Sydney. Opportunities and Challenges Ahead Looking to the future, apartment living in NSW presents a myriad of opportunities and challenges. The increasing demand for higher-density housing underscores the need for sustainable urban planning strategies that prioritise affordability, infrastructure development, and community resilience. However, the supply of new apartments faces challenges, with approvals and commencements experiencing a notable downturn in recent years. The UDIA Apartment Supply Pipeline Report 2022 reveals a concerning trend in NSW. In FY22, the number of newly completed apartments fell significantly below both the 5-year and 10-year averages, with only 12,600 completions, down from a peak of 31,700 in 2018-19. The approval of new apartments has also seen a downturn since 2020, reaching record lows in 2022. Despite a slight uptick in approvals in August/September, they remain 66% below the peak observed in 2016. This decline in approvals has led to a decrease in commencements, down by 23% between March and June quarters. Furthermore, a substantial number of approved projects are yet to commence, highlighting challenges in the NSW apartment market and suggesting a significant gap in new apartment supply by 2025-26. These trends emphasise the importance of addressing supply shortages to meet the growing demand for apartment living in NSW. Future of Apartment Living Despite the challenges, the future of apartment living in NSW is bright and promising. As demand continues to rise, stakeholders must collaborate to address supply shortages, foster sustainable growth, and create vibrant, inclusive communities. At Compass Strata, we are committed to supporting the evolution of apartment living in NSW, providing innovative strata management solutions that enhance the living experience for residents and contribute to the thriving communities of tomorrow. Join us in shaping the future of apartment living in NSW!

Are you in the market for a strata property in Sydney? With the abundance of options available, finding the perfect strata property can be a daunting task. Fortunately, there are several websites specifically designed to help you streamline your search and find the ideal strata property tailored to your needs. Let's explore some of the top platforms: Residential Strata Property Soho Discover a fresh approach to finding your ideal strata property with Soho.com.au. As a platform that offers free property listings for real estate agents, Soho connects you with a vast network of over 20,000 agents, providing access to a wide array of properties. Utilising Soho's innovative PropertyMatch™ AI, users receive personalised property recommendations based on their preferences. With a database of over 150,000 property listings nationwide, including a rich selection of Sydney apartments for sale, finding your perfect match is easier than ever. Get started by creating your profile on Soho in just 30 seconds and explore properties in your desired suburbs today! Real Estate Realestate.com.au is the most visited real estate website in Australia who offers a comprehensive range of listings, including strata properties in Sydney. One of the key advantages of Realestate.com.au is its extensive database of listings, featuring a wide variety of properties to suit every budget and preference. The platform offers advanced search filters, allowing users to narrow down their search based on factors such as price, property type, and proximity to amenities. Realestate.com.au also provides users with access to valuable market insights, property trends, past sale and rental history as well as expert advice to help users make informed decisions. Domain Domain.com.au is the second most visited real estate website in Australia, offering a diverse selection of properties, including strata properties across Sydney. One of the standout features of Domain.com.au is its intuitive interface and user-friendly design, making it easy for users to navigate through thousands of listings effortlessly. The platform offers advanced search functionality, enabling users to search for strata properties including apartments, units and flats based on specific criteria such as location, property type, and amenities (e.g. gym and pool). Domain also provides valuable resources and tools to guide buyers through the purchasing process, including suburb profiles, market insights, and expert advice. 💡Consider these factors when evaluating a property's merit: Assess days on market Examine the volume of listings for sale and rent Review recent sales and rentals within the complex Evaluate strata fees Commercial Strata Property Real Commercial Realcommercial.com.au, owned by REA Group (owner of realestate.com.au) is a leading platform for buyers interested in commercial strata properties in Sydney. It offers a comprehensive range of listings, including office spaces, warehouses, and retail shops within strata complexes. One of the standout features of is its extensive database of commercial properties, featuring a wide variety of options to suit different business needs and preferences. The platform also provides users with access to valuable resources and tools, including market trends, leasing information, and expert advice to assist them in their search for the perfect commercial strata property. Commercial Real Estate For buyers interested in commercial strata properties, Commercialrealestate.com.au is an invaluable resource. The platform, owned by Domain Group (owner of domain.com.au), specialises in commercial real estate listings, including strata office suites, retail shops, and industrial units that are strata titled. The platform offers advanced search functionality, detailed property profiles, and valuable market insights to help users find the perfect commercial strata property in Sydney. 💡Consider these factors when evaluating commercial properties: Is the property being sold as a going concern Are there any restricted use on the property The tenant mix Navigating the vast array of strata properties in Sydney can be overwhelming, but with the right online tools, your search can be efficient and rewarding. From Domain and Realestate.com.au to Soho.com.au and beyond, these platforms offer invaluable resources to simplify your property hunt. However, when it comes to managing your strata investment with expertise and care, Compass Strata stands out as a trusted partner. With our years of experience and dedication to ethical practices, we ensure seamless operations and thriving communities. Take the next step towards stress-free strata ownership by partnering with Compass Strata today.

In a world where consumerism often leads to clutter, finding sustainable ways to dispose and recycle unwanted items is becoming increasingly important. Especially when storage, or the lack of it, is often an issue in strata living. Fortunately, there are numerous services and initiatives available that make it easy to responsibly manage our possessions. From The Bower to Givit, let's explore a variety of options for decluttering while minimising environmental impact. Jump to: The Bower: Whitegoods and furniture Reverse Garbage: Textiles and off-cuts Soft Landing: Mattresses TechCollect: Computers and televisions Mobile Muster: Mobile phones B-cycle Battery Recycling: Rechargeable and regular batteries FreeCycle: Furniture, clothing and household goods Givit: Varied items, plus time and skills The Bower - Accepts: Whitegoods and Furniture etc The Bower is a community-based environmental charity that specialises in collecting, refurbishing, and reselling unwanted items. From furniture and appliances to building materials and bicycles, The Bower accepts a wide range of donations. Their team of skilled artisans works to repair and refurbish items, giving them a new lease on life and keeping them out of landfills. They have physical stores in Marrickville (drop-off pre-loved items here) and Summer Hill, a workshop in Redfern and operate an online store as well as sells on eBay. If you can't drop off your items, residents of the following councils are eligible for free collection: Bayside, Burwood, Canada Bay, Canterbury Bankstown, City of Sydney, Cumberland, Georges River, Hornsby, Hunters Hill, Inner West, Ku-Ring-Gai, Lane Cove, Mosman, North Sydney, Parramatta, Randwick, Ryde, Strathfield, Waverley, Willoughby, Woollahra. Request pick up here. Click here to see a list of the type of items The Bower accepts (e.g. whitegoods in good working condition, kitchenware, bikes) and do NOT accept (e.g. Baby and children's items, Gas appliances, mattresses). Reverse Garbage - Accepts: Textiles, off-cuts, moving boxes etc Reverse Garbage is an environmental initiative that promotes creative reuse by collecting industrial offcuts, surplus materials, and unwanted items from businesses and individuals. These materials are then made available to the community for art, craft, and educational projects. By diverting these items from landfills, Reverse Garbage helps reduce waste and inspires creativity. For household donations, items can be dropped off at Reverse Garbage's warehouse in Marrickville but make sure you call ahead on 02 9569 3132, email or fill in the online form to make sure they can accept the donation (given limited warehouse space). All donated products and materials must be clean, safe and suitable for reuse. Items accepted include fabric and textiles, moving boxes, magazines. Some items Reverse Garbage can't accept include chemicals, clothes, e-waste. Soft Landing Accepts: Mattresses Soft Landing is a mattress recycling program that collects and recycles old mattresses and bed bases. Instead of sending your old mattress to landfill, you can arrange for Soft Landing to pick it up and recycle it into new materials. This not only reduces waste but also supports job creation and social enterprise in the recycling industry. A fixed collection fee ranging from $68 - $90 per mattress is calculated based on your location or you can drop off at Smithfield. On top of recycling mattresses, Soft Landing creates meaningful jobs for people experiencing barriers to employment where 65% of revenue goes to wages. TechCollect Accepts: Computers and televisions TechCollect is a nationwide e-waste recycling program that accepts a wide range of electronic waste, including computers, laptops, printers, and televisions. By dropping off your e-waste at a TechCollect collection point, you can ensure that it's recycled responsibly and processed in accordance with environmental regulations. Plus, TechCollect offers free recycling for households and small businesses, making it easy to dispose of your old electronics in an eco-friendly way. Operating under the National Television and Computer Recycling Scheme (NTCRS), TechCollect will accept all computers and cables, tablets, notebooks, monitors printers, computer accessories and televisions. The Recycling Journey: Mobile Muster Mobile Muster Accepts: Mobile phones Mobile Muster is a mobile phone recycling program that collects and recycles old mobile phones, batteries, and accessories. By participating in Mobile Muster, you can ensure that your old phones are recycled responsibly and kept out of landfills. Plus, Mobile Muster provides free postage for sending in your old devices, making it easy to do your part for the environment. B-cycle Battery Recycling Accepts: Rechargeable, regular, button batteries B-cycle Battery Recycling is an innovative initiative aimed at addressing the growing issue of electronic waste (e-waste) by providing convenient and environmentally friendly solutions for battery disposal and recycling. Through their platform, individuals can easily locate designated drop-off points or collection centres where they can safely dispose of their used batteries. B-cycle Battery Recycling ensures that these batteries are properly processed and recycled, preventing harmful chemicals and metals from leaching into the environment. Note: that B-cycle is not able to accept mobile phone batteries (use Mobile Muster) or laptop/TV batteries (use TechCollect) FreeCycle Accepts: Furniture, clothing and household goods FreeCycle is a free platform that connects people who want to give away items with those who are looking for them. Whether it's furniture, clothing, electronics, or household goods, FreeCycle provides a simple and convenient way to find new homes for unwanted items. By giving things away for free, you're not only decluttering your space but also reducing waste and promoting reuse. Givit Accepts: Varied Givit is an online platform that connects donors with charities and community organisations in need of specific items. Whether it's clothing for families in crisis, furniture for bushfire-affected communities, or school supplies for disadvantaged children, Givit allows donors to see exactly where their donations are going and who they're helping. By matching supply with demand, Givit ensures that donations are used where they're needed most. You can choose to drop off, post/courier or organise a collection. Apart from donating items, you can also volunteer your time and skills Sydney strata owners are spoilt for choice when it comes to finding sustainable ways to dispose and recycle unwanted items. From furniture to electronics, there are numerous options available for those looking to declutter responsibly. By choosing these sustainable alternatives, you can declutter your space, reduce waste, and make a positive impact on the environment and your community. So, the next time you're cleaning out your closet or clearing out the storage cage, consider giving these services a try. Your unwanted items might just find a new home and a new purpose! And if you're tired of dealing with an unresponsive or non-transparent strata manager, it's time to upgrade to Compass Strata. Let us take care of your strata management needs with efficiency and transparency.

A Building Management Committee (BMC) is a specialised entity established within mixed-use developments, particularly in strata schemes with a diverse range of property uses (residential, commercial, retail, etc.) within the same building or development. Unlike traditional strata committees, a BMC committee, made from representatives from the strata plans that make up the development, is created to address the unique challenges posed by mixed-use developments. The Basics of BMCs Formation: The legal foundation for BMCs is outlined in the Strata Schemes Development Act 2015.  The Strata Management Statement (SMS), a registered document, governs the operations of the BMC and is binding on the owners within the scheme, it outlines the management structure, functions, and decision-making processes specific to shared facilities and services. Examples of shared facilities can include shared loading dock, parking, gardens, swimming pool, gym, clubhouses, and function space. Shared services may include waste management, security, elevators, fire safety, HVAC, utilities infrastructure like water, electricity and gas. Purpose: The primary purpose of a BMC is to compartmentalise operational decisions within different usage areas of the building. This segregation ensures that the governance of the entire building focuses on issues that impact all occupants and owners collectively. If the residential, commercial, and retail occupants have differing goals (e.g. maximising revenue for commercial spaces, ensuring a peaceful living environment for residents), the BMC structures decision-making to accommodate these diverse interests. Decision-Making: The BMC is responsible for making decisions related to shared facilities, services, and other matters that affect multiple components of the mixed-use scheme such as architectural code. Cost Allocation: BMCs address fair and accurate cost allocation for shared expenses, such as insurance, water, and maintenance, considering the varying needs of different usage types within the building. For example, if a building has a shared rooftop garden, the BMC ensures that the costs associated with its maintenance are distributed fairly among residential, commercial, and retail owners based on factors including access and likely usage. Such cost allocations are set out in the Shared Facilities Schedule in the Strata Management Statement (SMS), identifying and allocating the shared costs amongst members. The schedule is typically prepared by a Quantity Surveyor and any alterations to the schedule will most likely require the engagement of one. Using the development depicted in the image above, each of the commercial, residential and retail strata schemes has its own Owners Corporation that makes decisions about their own respective strata schemes. The Building Management Committee (BMC), made up of representatives from each individual scheme, sits on top of all the strata schemes like an umbrella. Decisions concerning shared infrastructure, facilites, services for the development, such as shared basement parking, are made by the BMC, guided by the Strata Management Statement (SMS). Common BMC Challenges Like any community, BMCs encounter a spectrum of challenges that can impact their smooth functioning. Let's delve into some of the more common ones. Diverse Stakeholder Interests: One of the primary challenges faced by BMCs is managing the diverse interests of property owners with distinct objectives. From residential comfort to maximising commercial revenue, finding a harmonious balance requires effective communication and consensus-building. Complex Decision-Making: BMCs often grapple with intricate decisions concerning shared facilities, maintenance priorities, and financial allocations. Effective decision-making hinges on transparent communication and collaborative efforts to ensure the well-being of the overall community. Communication Breakdowns: BMC representatives must report back, get support and sought approval from their respective strata committee or decision-making bodies. They are acting on behalf of the entire Owners Corporation and decisions made at the BMC level impacts individual owners. Disputes Over Shared Spaces: Disputes over shared spaces, such as lobbies or recreational facilities, can strain relationships within the community. BMCs must navigate these issues diplomatically, focusing on equitable solutions for all stakeholders. Effectively addressing these challenges demands a proactive stance, clear communication, and a dedication to discovering practical solutions. Compass Strata excels in guiding BMC committees through intricacies, ensuring efficient governance, and promoting collaboration among diverse stakeholders. Uncover new possibilities with Compass Strata and enhance your BMC's path to success.

In the dynamic real estate landscape of Sydney, apartments have emerged as a popular choice for prospective homebuyers and investors seeking affordability and convenience. With skyrocketing property prices and limited housing supply, apartments offer a more accessible entry point into the market compared to traditional houses. However, securing a home loan for an apartment purchase in Sydney requires careful consideration and due diligence. Home Loans for Apartments Here are some key factors to keep in mind when navigating the home loan process for apartments: Size Matters When it comes to apartment financing, size plays a crucial role. Lenders typically have minimum size requirements for apartments eligible for mortgage financing. As a general rule of thumb, the apartment will need to have at least 45 to 50 square metres of living area (excluding balconies, car spaces or storage unit). However, individual lenders may have different sets of criteria so it's essential to ensure that the apartment meets these size criteria for your financial institution to avoid potential loan approval issues. Some lenders won't lend on studio apartments (those with no separate bedroom), or require a larger deposit. Location, Location, Location The location of the apartment can significantly impact its loan eligibility and borrowing capacity. Properties in high-demand areas with strong growth potential may be more attractive to lenders, while those in oversupplied or less desirable suburbs may face stricter lending criteria. Individual lenders may have their own internal policy that limit their abilty to lend on certain post codes that have a high concentration of apartments or even on specific (high-rise) buildings or developemtns as they aim to minimise their risk exposure. That is, lenders want to minimise having too many eggs in one basket. Title Considerations Many apartments in Sydney are governed by strata title arrangements, which are generally widely-accepted by financial institutions. However, some apartments can fall under Company Title, which comes with competely different ownership structure and rules. Generally speaking, lenders are more hesitant to lend to anyone buying a Company Title property. Serviced apartments that are managed as part of a hotel that are strata titled may also raise alarm bells for lenders. Deposit Requirements Lenders assess the property value against the loan amount through the loan-to-value ratio (LVR). For small apartments under 40 square metres, borrowing over 80% of the property's value is unlikely, meaning a minimum 20% deposit. For larger apartments, typically, the maximum LVR for borrowing is 90%, but note any LVR over 80% will require Lenders Mortgage Insurance (LMI) which can add thousands of dollars to your purchase depending on your overall loan amount. Building Quality and Maintenance Prior to finalising an apartment purchase, it's crucial for potential buyers to perform comprehensive due diligence on the building's quality and maintenance protocols. Factors like building defects, inadequate maintenance, or ongoing strata disputes can significantly impact the property's value and loan approval chances. Warning signs emerge if a building faces challenges in obtaining strata building insurance. Additionally, buyers must anticipate any forthcoming special levies to ensure they have sufficient funds to meet them, as they will be held accountable. Off-the-Plan Purchases Buying an apartment off-the-plan can offer potential savings as you are locking in your purchase price now for a product/home that will be delivered down the track. This works well when you have a rising property market but if the market has fallen towards settlement, purchasers will need to fund the price gap as lenders will only lend on a current valuation. For example, if the apartment was purchased for one million dollars off-the-plan and the purchaser had expected the lender to fund 80% of the purchase price ($800,000). However, at settlement, the apartment was valued at $900,000. The lender will now fund only 80% of $900,000 or $720,000. As a result, the purchaser will need to fund the shortfall of $80,000 using alternate means. Given the complexities of apartment financing, seeking advice from qualified mortgage brokers or financial advisors specialising in strata property transactions can be invaluable. These professionals can provide tailored guidance, assess your financial situation, and recommend suitable loan products tailored to your needs and circumstances. Once you've made your apartment purchase, it's crucial to ensure that an effective strata management team is in place to guarantee the seamless operations of your community. With Compass Strata, you can trust that your strata needs are expertly handled, allowing you to enjoy peace of mind in your new home.

Considering purchasing your first strata property, whether as an owner-occupier or owner-investor, what are purchasers looking for? New findings from the City Futures Research Centre at the University of NSW highlight the preferences of strata buyers, emphasising a preference for medium-density or smaller apartment complexes over towering high-rises. According to the study commissioned by the Government Architect that surveyed 260 apartment purchasers, more than half of apartment buyers expressed a desire to live in smaller blocks, where they can strike a balance between having neighbours and maintaining a sense of community without feeling overwhelmed by the sheer number of residents. It appears buyers are seeking a property that's neither too big nor too small but just right. Key Findings on Strata Property Preferences: Preference for Medium-Density Housing: Nearly 60% of apartment buyers showed a preference for smaller blocks, including courtyard apartments, terraces, townhouses, and narrow infill apartments. Medium-density housing, characterised by its sense of community and manageable strata schemes, was favored over high-rise towers. Importance of Location: The age-old Location, Location, Location emerged as the top consideration for buyers, with factors such as size, layout, aspect, and outlook following closely behind. Respondents emphasised the importance of proximity to amenities, public transport, and established suburbs. Focus on Quality and Community: Buyers prioritised the quality of materials and construction over fancy amenities, emphasising a sense of permanence, security, and maintenance. Knowing their neighbours and fostering a sense of community was valued more than extravagant features or add-ons. Views and Green Outlooks: Many buyers expressed a desire for a view or green outlook, highlighting the importance of natural surroundings and aesthetics. Well-designed projects with ample green spaces attacked significant interest. Implications for Future Development The research underscores the need for a shift towards medium-density housing in Sydney, aligning with proposals to amend zoning laws and promote diverse housing options in established suburbs. By catering to the preferences of strata purchasers and prioritising quality, community, and green spaces, developers and policymakers can create more desirable living environments that meet the evolving needs of residents. In conclusion, purchasers' preference reflects a growing demand for medium-density housing that strikes the right balance between community, convenience, and quality. By understanding these preferences and trends, stakeholders can shape the future of strata development in Sydney, creating vibrant and sustainable communities that cater to the diverse needs of residents. Beyond the 'hardware', an effective strata management team is quintessential for community success. Partner with Compass Strata for expert guidance and support and build thriving communities together.

In the vibrant world of strata management, several key associations play pivotal roles in advocating for stakeholders, promoting best practices, and fostering community engagement. Among these, the Australian Apartment Advocacy (AAA), Owners Corporation Network (OCN), Strata Community Association NSW (SCA NSW), and Real Estate Institute of New South Wales (REINSW) stand out as influential bodies shaping the landscape of strata living in Australia and in particular New South Wales. Advocating for Strata Owners Australian Apartment Advocacy (AAA): The Australian Apartment Advocacy is dedicated to championing the rights and interests of apartment owners and residents across Australia. Through advocacy, education, and policy development, the AAA ensures that apartment living remains desirable and sustainable. Lobbying efforts and research initiatives aim to influence legislative changes and industry standards to better serve apartment dwellers. Started by Samantha Reece in 2016, the AAA is known as a trailblazer, creating a number of innovative tools and resources including the Apartment buyer and owner education kit, Apartment Living Research report and Apartment Awards for Excellence. If you ever meet Sam in person or hear her talk about strata, you'll quickly learn why she's become the Erin Brockovich of apartments. Owners Corporation Network (OCN): As a grassroots organisation, the Owners Corporation Network (OCN) is a not-for-profit that empowers strata communities and owners to voice concerns, share insights, and access resources. Through seminars, workshops, and networking events, the OCN provides education and support to enable effective strata management and address common challenges. Additionally, they take a proactive role in advocating the interests of owners, engaging with government and industry on critical topics such as consumer protection, strata body governance, and building defects. Advocating for the Strata Industry Strata Community Association NSW (SCA NSW): As the peak industry body, the Strata Community Association NSW represents over 3,000 strata managers, principals and suppliers in the sector. It is a affiliate member of Strata Community Association (SCA), the national body for Strata and Community Sector. Advocating for excellence in management practices, the SCA offers training programs, accreditation schemes, and networking opportunities to enhance the capabilities of its members. It sets professional standards, promotes education, and facilitates collaboration within the strata sector. A recent key development championed by SCA NSW was the approval of a Professionals Stanards Scheme, the highest level of consumer protection regulation by the Government. This scheme, endorsed by the NSW Government under the leadership of Hon Kevin Anderson, mandates strata manager members of SCA (NSW) to adhere to a Code of Ethics and professional standards monitored by Professional Standards Australia. It ensures elevated professional standards, robust complaints handling, and increased CPD requirements, marking a significant step forward for consumer protection in the strata industry. Real Estate Institute of New South Wales (REINSW): Real Estate Institute of NSW represents the interests of real estate professionals in New South Wales, including those involved in strata management. Providing education, advocacy, and resources, REINSW supports the development of industry professionals and advocates for best practices in strata management. These associations serve as vital resources and advocates for stakeholders involved in strata ownership and living in New South Wales. By providing education, advocacy, and support services, they play integral roles in shaping the future of strata management and fostering vibrant, harmonious communities. If you're seeking expert guidance and support in navigating the complexities of strata management, partner with Compass Strata today and benefit from our in-depth, on the ground experience.