Body Corporate Management, also known as "Strata Management", is the day-to-day operation and management of a property that is jointly owned and comprises multiple units, common areas and common facilities. Strata schemes are governed by State based legislation.
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The concept of the Strata Scheme and Body Corporate began 50 years ago. There are now more than 270,000 such schemes encompassing more than two million individual lots across Australia. In Sydney strata now accounts for more than half of all residential sales and leases because of its popularity with investors.