We are looking at a property in a strata complex in Sydney but one thing that is turning us off is that there are over 100 units in the complex. We would live in the unit for a few years first, then potentially rent or sell in long run.
The strata on this particular unit is also high $1200pq due to large garden attached to unit we are interested in.
Just wondering what people!’ opinions are on large strata groups and potential capital gain on the property?
Is the garden part of the unit or just part of the grounds/common area? Who is responsible for maintenance of the garden?
As it is a large strata, you will want to know a) whether the body corporate is harmonious & works well or is disruptive and skewed by various factions b) that there are no large outstanding contributions c) that the BC is proactive with regards to maintenance d) that there are no outstanding orders eg fire upgrades etc.
Are the high levies due to the operation of other services eg lifts, pool, gym, conceirge etc?
The garden is part of the unit. It is not maintained by strata.
I will need to check your points re strata. I presume this will be in the strata reports I can get online.
There is a pool in the complex, no lifts, no concierge.
My concern I guess is that as these types of large strata places are typically not favoured by investors, will we expect to see capital growth?
Capital growth will depend upon the area ie have large swathes of the area been rezoned/gazetted to be rezoned for medium density, is there other land available for development in the area, is it close to the city, will the area change its character, is development of the area restricted by other planning issues eg heritage, industry etc?
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