Affordability of Housing in the Strata Industry in ACT

Executive Summary

As the cost of property ownership becomes increasingly prohibitively expensive for first home buyers and lower income households, the strata sector will become a more important asset class than ever.
Recent stamp duty reforms in the ACT have led to negative press attention around increasing property rates, taxes and strata fees.
It is critical that affordability of owning strata and unit titled property is protected, and that strata is appealing for current and potential homeowners and investors.
The strata community is home to millions of Australians, and is on course to increase over the coming years. It is climacteric that the sector is supported in its growth, with both legislative and practical backing and assistance.
Any policy that limits the ability for an owners corporation to generate additional revenue, or to reduce its operating cost, is a missed opportunity to offset the increasing cost of property taxes being introduced by the ACT Government.