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NSW - SMH - Skyrocketing levies to cover maintenance and repairs

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Levies of $10k + per quarter? 

This news story relates to a large scheme, predominantly used as student accommodation with some commercial tenants. For many years the owners were not raising sufficient funds for repairs and ongoing maintenance. The NSW tribunal has now appointed a Strata Manager to take full control and get the repairs and maintenance done to ensure the buildings' structural integrity. Owners who bought in for approximately $200k for a lot, are now faced with ongoing quarterly levies of $10k +.

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“We empathise with these lot owners, however, the financial position of individual lot owners does not absolve the owners’ corporation of its legal obligations to maintain the structural integrity of the building for safe occupation.”


SMH article


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