Whilst older flats can represent better value than new units, one significant drawback is that they may not be governed by the strata laws set out in the Owners Corporations Act 2006 (Vic).
Msnyolder buildings operate under company title, governed by the Corporations Act 2001 (Cth) together with their Memorandum and Articles of Association and a registered Service Agreement.
A company-title structure — where as few as two directors can make binding decisions — introduces an entirely new level of frustration.