Professional Indemnity Insurance Online :: News

Share this news item!

Strata Properties in Australia Reach $1.4 Trillion in Value

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The insured value of strata properties across Australia has soared to an estimated $1.4 trillion, according to a recent industry report.

This significant figure highlights the growing importance of the strata sector, which now encompasses properties worth $486 billion in New South Wales, $471 billion in Victoria, $245 billion in Queensland, and $112 billion in Western Australia.

South Australia, the Australian Capital Territory, Tasmania, and the Northern Territory round out the country's strata market.

The report also points out that 4.2 million Australians, about 15% of the national population, reside in strata-titled properties. This marks an increase of 200,000 residents since 2022. Strata living is particularly significant in urban locales, where it has become an integral part of the lifestyle for many.

The composition of strata properties is varied, with half of all buildings containing fewer than 20 lots. In contrast, larger complexes with a minimum of 100 lots accommodate 21% of strata residents. The demographic distribution shows that nearly half of the apartment inhabitants are aged between 20 and 39, and a similar proportion were born overseas, underscoring the diversity within these communities.

As considerable portions of Australia's urban population opt for strata living, the need for sustainable management and upgrades of older buildings becomes apparent. Nearly half of these structures are over 25 years old, prompting calls for enhanced maintenance, quality assurance, and regulatory measures. With strata developments serving as a 'way of life for millions,' ensuring their long-term viability is now more crucial than ever.

The Strata Community Association, in collaboration with the University of NSW City Futures Research Centre, underscores the necessity for concerted efforts among government, industry players, and stakeholders to uphold the quality and standards of strata properties. Proactive solutions are needed to address the challenges of older buildings and the expectations of a diverse population increasingly choosing strata living for its convenience and communal benefits.

The focus is now on implementing strong regulatory frameworks and advocating for improvements in building quality and insurance protections. The Strata Community Association calls for unified action to shape the future of strata living in Australia. This entails a strategic approach involving policy adjustments and innovations in building management practices to cater to the evolving needs of the strata sector.

As the majority of privately-owned apartments and certain townhouses and houses in planned estates are now strata-titled, the role of strata communities is set to expand further. Future developments may include legislative updates, investment in infrastructure improvements, and educational initiatives to guide property owners and managers in fostering sustainable and thriving communities.

Published:Tuesday, 8th Apr 2025
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

NSW Introduces Strata Law Reforms to Strengthen Community Governance

19 Nov 2025: Paige Estritori

On 27 October 2025, the New South Wales (NSW) Government implemented significant reforms to strata laws, aiming to enhance transparency, accountability, and financial management within strata schemes. These changes are designed to better meet the evolving needs of strata communities across the state. - read more

Strata Insurance Affordability Holds Steady Despite Rising House Insurance Costs

19 Nov 2025: Paige Estritori

In its 2025 State of the Strata Market report, CHU has revealed that strata insurance premiums have experienced a modest increase of 2.8%, rising to an average of $981 per lot in the year leading up to June 2025. This increment is notably lower than the 14% surge observed in house insurance premiums during the same period. - read more

Consumer Advocates Push for Ban on Strata Insurance Commissions in NSW

19 Nov 2025: Paige Estritori

Consumer advocacy groups, including the Australian Consumers Insurance Lobby (ACIL) and the Owners Corporation Network (OCN), are urging the New South Wales (NSW) Government to implement a ban on commissions related to strata insurance. They argue that such commissions create conflicts of interest and compromise transparency within the strata management sector. - read more

AFCA Criticises TAL for Unfair Termination of Income Protection Benefits

16 Nov 2025: Paige Estritori

The Australian Financial Complaints Authority (AFCA) has recently ruled against TAL, a prominent life insurer, for terminating a policyholder's income protection benefits without prior notice. This decision underscores the critical importance of procedural fairness in the management of insurance claims. - read more

Actuaries Institute Highlights Financial Strain of Mental Illness on Insurance Systems

16 Nov 2025: Paige Estritori

The Actuaries Institute has issued a call for immediate action to address the escalating financial strain that mental illness is placing on Australia's insurance and compensation systems. This appeal underscores the pressing need to ensure the sustainability of the nation's financial safety net in the face of increasing mental health-related claims. - read more

Click for more Insurance News

Professional Indemnity Insurance Articles

Why Professional Indemnity Insurance is Vital for Protecting Your Reputation as a Consultant

As a consultant, safeguarding your professional reputation is crucial. One effective way to do this is through Professional Indemnity Insurance. But what exactly is it? In simple terms, professional indemnity insurance is designed to protect professionals against claims made by clients for professional negligence or breach of duty. It acts as a safety net, covering legal costs and any damages awarded, if a client alleges that you've made a mistake or left them shortchanged by your services. - read more

Top 5 Reasons Australian Professionals Need Tailored Indemnity Insurance

In the fast-paced and dynamic landscape of today’s professional world, indemnity insurance has become a cornerstone of financial security for many Australian professionals. This type of insurance provides protection against claims of negligence or breach of duty made by clients or third parties. Without this safeguard, professionals may face substantial legal fees and damages that can significantly impact their financial stability. - read more

Common Misconceptions About Professional Indemnity Insurance Debunked

Professional indemnity insurance is a type of coverage specifically designed to protect consultants and business professionals from legal claims and financial losses due to errors or omissions in their services. It provides peace of mind for those who offer expert advice or services to clients. - read more

Understanding Risk Management: A Guide for Australian Professionals

Risk management is a crucial concept that involves identifying, assessing, and prioritizing risks with the aim of minimizing their impact. For professionals, understanding and effectively managing risks can make the difference between stagnant growth and thriving success. But why is it particularly significant for those in Australia? - read more

How to Tailor Your Professional Indemnity Insurance for Better Liability Coverage

Professional indemnity insurance is designed to protect professionals from legal claims made against them due to mistakes or negligence in their work. It acts as a safeguard, covering legal costs and any damages awarded, ensuring that professionals can continue their practice without financial burden. - read more

Knowledgebase

Term Life Insurance:
A life insurance that provides a cover for a specific period of time - usually one to five years or until the insured reaches age 65 or 70.

This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.

IMPORTANT: We do not provide financial product advice or credit assistance. We act solely as an introducer and refer enquiries to licensed third-party intermediaries, insurers, and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.