The rise of the high rise is tipped to reshape the future of urban Australia. The apartment boom is in full swing, with 40% of new dwellings across Australia being apartments or units, according to the Business Insider.
Housing density is increasing, as is the demand for inner city properties close to jobs and infrastructure. Coupled with Australia’s increasing population, which the government expects to growfrom roughly 23.8 million to 30.5 million by 2031, it would seem that demand for apartments won’t be waning anytime soon.
This is good news for strata management companies in cities such as Melbourne, Sydney, Brisbane and Perth, where most of that population growth is set to occur. They will find themselves with increased opportunities and busier schedules over the coming years and will need to be ready to tackle the shift head on.
So how can strata managers prepare for the busy times ahead?
Strata management is a specialised field. Adhering to guidelines, legislation and juggling multiple owners and landlords is complex work. By streamlining business procedures with tools such as effective strata management software, like Strata Master, the process of managing these properties can be simplified and made much more effective. Mundane and repetitive tasks such as reporting and database maintenance can be tackled more efficiently, leaving strata managers with more time to concentrate on owners and their needs.
Property prices, housing affordability and economic growth aren’t issues that a strata manager needs to deal with on a daily basis, but a good strata manager will know that staying informed about current issues is important. Keeping up-to-date with these issues and more specific strata-related reforms and changes will ensure that any questions thrown at you will be met with an informed response. Remember that effective communication between managers, owners and property managers is essential, and that providing relevant and correct information will assist with a smooth relationship.
Whatever the future holds for Australia’s housing affordability and density, there is no doubt that strata managers have busy and exciting times ahead. Make sure you are well prepared.