Multi-owned developments are a unique property type due to the incorporation of a private governance association. Although there are jurisdictional differences, these associations are generally responsible for, amongst other things: the management, maintenance and control of the commonly owned property, determining the contributions payable by each lot owner to the operation of the association; enforcing the rules of the association; and ensuring that records meet legislative requirements. As a volunteer based entity, these associations can be plagued with dysfunction which can impact upon the viability of the association and in turn the individual lots within a development. Anecdotally it appears that property stakeholders often do not undertake an inspection of association records to determine the level of functionality. By categorising the identified governance factors, understanding can be gained of the risks associated with this property type. This paper seeks to identify governance factors that impact upon multi-owned developments in Australia by evaluating relevant legislative requirements and analysing a collection of association inspection reports. The implications for the wider property market is also assessed. Internationally, there is scant literature on multi-owned developments and the impacts dysfunctional associations have on a development and the wider property market.