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yer...that's correct, I guess there is a different between a house and a unit in this case.

Fair enough, it sure can be more, I meant "at least" 0.5% but I didnt write that. We do the PM ourselves and dont pay more than $220 for the insurance (basic landlord cover with Whitbread insurance brokers, cant remember the insurer name)

You should probably allow for 0.5% of the property value towards any type of expenses per year not only for maintenance but body corp, land tax, council rates, water and related. You can get some softwares to keep track of all of your expenses so you can forecast it more acuratly.