Strata & apartments
The cost of owning an apartment in Australia
Apartments often look cheaper to run than houses - no lawn, no exterior to maintain. But strata fees and the risk of special levies can make the true cost higher than people expect.
The ongoing costs of apartment ownership
- Mortgage repayments
- Strata / owners corporation / body corporate fees (quarterly)
- Council rates (individual lot)
- Water - method varies by building
- Contents insurance (building insurance is usually covered by the strata)
- Electricity, gas and internet
- Maintenance inside your lot
Where apartments differ from houses
The big one is strata. Your strata fees cover shared building costs and insurance for common property, plus a capital works fund for future major works. In return, you generally have lower external maintenance - but you carry the risk of special levies if the building needs unplanned works.
Apartment vs house running costs
There is no universal winner. Apartments trade external maintenance and grounds for strata fees; houses trade strata for higher maintenance and upkeep. The only way to compare honestly is to annualise both and look at the total - which is exactly what HOLD does.
Frequently asked questions
Do apartments cost less to run than houses?
Not necessarily. Apartments avoid external maintenance but add strata fees and special levy risk. Annualising both is the only fair comparison.
Do apartment owners need home insurance?
Building insurance is usually held by the strata for common property, but owners generally need contents insurance and sometimes cover for fixtures inside their lot. Check what your strata covers.
Last reviewed: 19 August 2026
