The insured value of strata properties in Australia has reached an estimated $1.4 trillion, an industry report says.

NSW accounts for $486 billion, Victoria $471 billion, Queensland $245 billion and WA $112 billion, followed by SA, the ACT, Tasmania and the NT.

The report says 4.2 million people, or about 15% of the population, live in strata properties – a 200,000 increase since 2022.

Half of all strata buildings have fewer than 20 lots. Sites with at least 100 lots house 21% of residents, the report shows.

About 48% of apartment residents are aged 20-39, and 46% were born overseas.

The Strata Community Association – which produced the report with the University of NSW City Futures Research Centre – says nearly half of all strata buildings are more than 25 years old, creating a growing need for maintenance and upgrades.

The association says it continues to advocate for building quality improvements, insurance protections and stronger regulatory standards.

“This report provides a clear picture of the sector’s growth and challenges,” SCA Australasia president Joshua Baldwin said. “Strata is a way of life for millions, and we must ensure it remains sustainable and well-managed.

“Government, industry leaders and stakeholders must work together to create solutions that shape the future of strata living.”

Almost all private apartments in Australia are strata titled, as are some townhouses and detached houses such as those in planned estates.