Beware the Strata Fee Trap!There is no free lunch in strata fees for apartment living in Australia. Before purchasing an existing or off-the-plan apartment your buyers agent should investigate what strata fees are levied and if possible the forecast for future strata fees. Strata levies are determined by the cost of running building facilities, divided by the number of apartments and then multiplied by the size of your apartment.
As a general rule, strata levies should be around 1% of the cost of your apartment. So for an apartment costing $600,000 you would expect the annual strata levy to be around $6,000. However this is rarely the case.