How apartment owners are being ripped off

Millions of Australians live in apartments and the number is set to grow as housing density increases in our biggest cities.  Being part of a strata scheme is part and parcel of owning an apartment, but many owners are not taking an active interest in how the blocks are being managed.  A Four Corners investigation has revealed a rot at the heart of the strata management industry that’s draining the funds of owners.  Today, investigative reporter Linton Besser shares stories of greed in many of Australia’s strata firms and explains why it’s worth owners’ time and effort to scrutinise how their money is being spent.  He highlights the systemic issues within strata management, including phantom fees and mismanagement of funds.  The investigation uncovers shocking stories of financial exploitation and neglect, raising the need for stricter regulations and oversight. Featured: Linton Besser, Four Corners reporter Key Topics: Strata management Apartment living Housing density Financial exploitation Strata committees Phantom fees Owners corporation Strata regulations