ABC News Daily How apartment owners are being ripped off
Sep 8, 2024
In this episode, investigative reporter Linton Besser explores the murky depths of strata management in Australia, revealing a landscape of greed that impacts millions. He shares harrowing stories of financial exploitation, including phantom fees and alarming mismanagement of funds. Besser emphasizes the importance of owners actively scrutinizing their strata management to prevent being drained financially. The conversation highlights the pressing need for stricter regulations and oversight in the industry as apartment living continues to rise.
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Apartment Living Boom
- Millions of Australians live in apartments, and the number is constantly increasing.
- Many apartment owners are unaware of how their buildings are managed.
Strata Management Explained
- Apartment ownership involves joining an owners corporation responsible for common property upkeep.
- This corporation hires strata management firms to handle finances, maintenance, and other tasks.
Alison Parks and Strata Plan
- Alison Parks, a forensic accountant, discovered questionable financial practices by her strata company, Strata Plan.
- Strata Plan charged excessive fees for chasing minuscule debts, including phantom fees for non-existent arrears.