Strata apartments make up a large share of Sydney sales, from Bondi Junction towers to smaller blocks in Coogee and Randwick. A strata report review is where most red flags surface.
Buying a unit is different from buying a house: you're also buying into a shared building, its finances, and its rules. The contract for a strata property must include a strata inspection report, and it deserves a careful read before you commit.
It covers the owners corporation's financial position (admin and capital works funds), minutes from recent meetings, any special levies raised or proposed, insurance details, and records of disputes or defects, including building defect claims, which are common in newer Sydney developments.
Older walk-up blocks common around Bondi and Coogee can carry lower levies but larger looming capital works, a lift, roof, or facade that hasn't been touched in decades. Check the capital works fund balance against any 10-year plan; a healthy-looking quarterly levy can still mean a large special levy is coming.
By-laws govern renovations, pets, short-term letting (relevant if you're considering Airbnb near the beach), and parking. If any of these matter to your plans for the property, confirm the by-law allows it before exchange, not after.
Order one as close to purchase as possible, ideally within a few weeks, since levies and defects can change between listing and exchange.
Typically the buyer orders and pays for it as part of their pre-purchase due diligence, separate from the seller's disclosure documents.
A strata report is dense reading, but it's where the real financial and practical picture of an apartment lives. We read it as part of every unit purchase and translate the findings into plain terms before you decide.
Get a fixed-fee quote and speak directly to the person who'll handle your matter.
This article is general information only and does not constitute legal advice. For advice on your specific circumstances, please get in touch.