Everything you need to know about Owners Corporations and how we can help.
An Owners Corporation (formerly known as a Body Corporate) is a body of owners that manages the common property of a residential, commercial, retail, industrial, or mixed-use property development. Common property includes areas not on title to any individual owner — such as stairs, paths, elevators, lobbies, driveways, pools, common garden areas, and other shared facilities. An Owners Corporation may be created in any subdivision, and more than one can exist within a single development.
An Owners Corporation is automatically created when a plan of subdivision containing common property is registered at Land Victoria. The plan of subdivision shows the parcels of land that can be sold separately, called ‘lots’. Lot owners are the members of the Owners Corporation for the property.
In general terms, the Owners Corporation should manage and administer works on common property areas and enforce the related rules, regulations, and by-laws. This includes maintaining common area facilities, coordinating maintenance and repair works, obtaining competitive quotations, managing insurance policies, ensuring compliance with relevant legislation, and holding annual general meetings.
Owners Corporations in Victoria are governed by the Owners Corporations Act 2006 and the Owners Corporations Regulations, administered by Consumer Affairs Victoria.
The Owners Corporations Act 2006 and related Regulations are available through Victorian legislation online and AustLII.
An Owners Corporation Manager is a specialist who handles the day-to-day running of an Owners Corporation. Many Owners Corporations use professional managers to assist with finances, insurance, administration, meetings, and maintenance. Larger and more complex Owners Corporations typically require professional management due to the legal, technical, and interpersonal skills involved.
Duties include managing financial accounts, handling insurance matters (claims, renewals, and enquiries), managing correspondence with owners and contractors, preparing annual budgets, coordinating AGMs and EGMs, issuing meeting minutes, setting levies, preparing disclosure statements for lot sales, managing committee meetings, advising on Owners Corporation law and procedure, and managing disputes and resolutions.
While self-management is an option, appointing a professional management company is highly recommended to ensure the Owners Corporation is administered in accordance with the Owners Corporations Act 2006 and its regulations. A professional manager, as an impartial body, can also enforce rules and by-laws fairly — helping to maintain harmony among owners and occupiers.
Whether you're looking to change managers, building a new development, or need an insurance quote — we're here to help.