There are also a few different rates and fees that come with the ownership of real estate. These include council rates and body corporate fees.
Council rates
Council rates pay for a range of important services in the local council area. These services include community services, sporting and recreation services, environmental planning, public health, environmental protection, and waste collection, treatment and disposal.
The council calculates a rate charge by multiplying your property’s average rateable value by a dollar rate. This rate may vary across different states and territories.
Body corporate and strata fees
Body corporate and strata fees cover payments for a range of things, including building insurance, maintenance of common property areas and amenities, contracted on-site staff (e.g. cleaners, gardeners and maintenance workers), utility bills for common areas, management fees, and works and repairs for the building.
Note that this fee is only applicable if your real estate comes under strata or body corporate management (i.e. apartments or townhouses).