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VIC Townhouse like where only levy is contribution towards insurance premium

Discussion in 'Where to Buy' started by bythebay, 29th Jul, 2015.

  1. bythebay

    bythebay Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    160
    Location:
    By the bay
    hi guys

    I've been looking at some properties in Melbourne where say the site has 3 units on it (sometimes the units are single storey like villas in nsw or double storey like townhouses in nsw).

    In nsw, villas and townhouses attract strata levies (which includes insurance for the building plus a bunch of other costs). As opposed to semis and duplexes which do not.

    These "units" in Melbourne the only levy you need to pay is contribution towards insurance premium for the whole site. That's it. Is this still a strata titled property?

    Are they perfectly normal in Melb?

    Any issue with this type of arrangement? The one I'm looking at now, There are 3 units on site. It seems the only common wall is between the garages. I assume owners work out amongst themselves who's responsible for collecting the money and paying to insurance company on time?

    Does anyone own one in This type of arrangement? Pros and cons?

    Please forgive my interstate ignorance.

    Thank you in advance.
     
  2. bythebay

    bythebay Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    160
    Location:
    By the bay
    Thanks for everyones replies
    Did another fifo (fly in fly out) today in melb
    The townhouse in question was quoted between 700 to 770k
    sold at auction today for 931k
    consistent with about 30pc underquoting by agents many have talked about on the forun
    lots of ppl turned up
    market seems pretty hot in melb