Last reviewed October 2026 by Megan Birot, Content Editor, OurTop10. Figures checked against the sources named in the article.A strata report is the one document that tells you what an apartment, unit or townhouse is going to cost you after you own it. The contract tells you the price. The strata report tells you about the $40,000 special levy for the leaking roof that the owners voted on in March, the dispute with the builder over cracked balconies, and the by-law that says your dog cannot live there. It costs between $250 and $400 and it is the best money a strata buyer spends.
This guide covers what a strata report contains, how to get one, what a bad one looks like, and what changed under the 2026 NSW strata reforms. There is a red-flag checker further down that scores a report you have in front of you. If you would rather have someone read it for you, a conveyancer will order and review the report as part of the purchase: our ranked lists for Sydney, Melbourne and Brisbane are below.
What a strata property is
A strata title means you own your lot, the apartment or townhouse itself, and a share of everything the lots have in common: the roof, the lifts, the driveway, the pool, the walls between you and the neighbour. That shared part is run by an owners corporation (a body corporate in Queensland, an owners corporation in Victoria and NSW), which every lot owner belongs to automatically. It collects levies, keeps the building insured, pays for repairs and makes the rules.
Roughly one in five Australian homes is now strata titled, and in the inner suburbs of Sydney and Melbourne it is most of what a first home buyer can afford. The trade-off for the lower price is that you are buying into a small company whose finances and disputes become yours at settlement.
What a strata report is
A strata report, also called a strata search, an owners corporation records inspection or a body corporate search, is a summary of the owners corporation’s records prepared by someone who has physically inspected them. It is not the same as the section 184 certificate (NSW) or the owners corporation certificate (Victoria) attached to the contract. Those are a one-page statement of the levies and the balance. The report is the history behind them, usually 30 to 80 pages, and it is the difference between knowing the levies are $1,400 a quarter and knowing why they doubled last year.
What is in a strata report
- Levies. The current administrative fund and capital works (sinking) fund contributions, when they were last raised, and any arrears across the scheme.
- Fund balances. How much is in the capital works fund against the 10-year capital works plan. A building with $60,000 saved and $600,000 of scheduled work is a building about to raise a special levy.
- Special levies. Any one-off levies struck in the last few years and any that have been proposed or voted on but not yet issued. This is the item most likely to cost you money.
- Building defects and maintenance. Repair history, outstanding defect claims against the builder, waterproofing, cladding, fire safety orders and the current maintenance schedule.
- Meeting minutes. The last two or three years of AGM and committee minutes, which is where you find out what the owners actually argue about.
- Disputes and legal action. Tribunal matters, litigation with the builder, disputes between owners, and any orders against the scheme.
- Insurance. The building policy, the sum insured, the excess and whether the valuation is current. Under-insurance is a shared liability.
- By-laws. Pets, short-term letting, renovations, parking, noise, and anything unusual such as an exclusive-use by-law that gives one lot the rooftop.
- Strata management. Who manages the scheme, what they are paid, and whether the building is self-managed, which usually means fewer records.
How to get a strata report
There are two ways. The first is to order it from a strata search company, which sends an inspector to the strata manager’s office or logs into the online records, reads everything and writes it up. That costs $250 to $400 in Sydney and Melbourne, a little less in Brisbane, and takes two to five business days. Your conveyancer will usually order it for you and add the cost to their invoice. If several buyers are interested in the same property, the agent sometimes has a report already commissioned by the vendor that you can buy a copy of for $50 to $100, which is fine as a first look but should not replace your own if you are serious.
The second way is to inspect the records yourself. Every state gives a prospective buyer the right to inspect the owners corporation’s books for a fee of around $30 to $40, by appointment with the strata manager. It is cheap and it takes a full afternoon, and unless you know what a capital works plan should look like you will not know what is missing. For a first purchase, pay for the report.
Reading it: the things that cost money
Read it in this order, because these are the items that turn into bills.
- Capital works fund balance against the plan. Divide the fund balance by the total of the next five years of scheduled work. Under 50% is a warning; under 25% means a special levy is coming.
- Special levies in the last three years. One is normal. Two or more, or one over $10,000 per lot, means the scheme has been under-collecting for years.
- Defects and orders. Any live claim against the builder, any fire safety or cladding order, any waterproofing that keeps appearing in the minutes. Cladding rectification on a 2000s Sydney or Melbourne tower has run to $50,000 to $100,000 per lot.
- Levy arrears across the scheme. More than 10% of lots behind on levies means the fund cannot rely on the money it is owed.
- Insurance. Check the sum insured is a current replacement valuation, not a figure from five years ago, and note the excess. A $20,000 water damage excess is common and it is shared.
- The minutes. Read them last but read all of them. A dispute that has run for three AGMs, a committee that keeps changing, or an owner threatening the tribunal tells you more than the balance sheet.
Then check the by-laws for the things that affect how you will live: pets, whether you can rent it out short-term, and what approvals a renovation needs. A by-law is not a reason to walk away, but it is a reason to know before you sign rather than after.
Juleigh Reynolds-McFadden
Director, Network Conveyancing
“Many buyers see a strata report as just another document to tick off before settlement, but it’s one of the most valuable due diligence tools available. A properly reviewed strata report can uncover upcoming special levies, ongoing building defects, disputes between owners, or by-laws that could significantly affect your lifestyle or investment. Spending the time to understand the report before committing to a purchase can save you from expensive surprises after settlement.”
Juleigh Reynolds-McFadden
Director, Network Conveyancing
Check a report you have in front of you
If you already have the strata report, or the section 184 or owners corporation certificate, use the checker below. It asks the nine questions a conveyancer asks first and tells you which answers need a follow-up question before you make an offer.
Strata report red-flag checker
Answer the nine questions from the strata report or the levy certificate. The checker tells you which answers a conveyancer would chase before you exchange.
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What changed in 2026: the NSW strata reforms
From 1 April 2026 the second stage of the Strata Schemes Legislation Amendment Act 2025 took effect in NSW. Three changes matter to a buyer reading a report on a newer scheme:
- Standard maintenance schedules. Every new scheme must be handed over with an initial maintenance schedule in a prescribed format, so the absence of one on a recent building is now a defect in the records, not just a gap.
- Verified levy estimates. For new multi-storey developments, an independent quantity surveyor has to confirm the developer’s levy estimates are realistic. This was brought in because levies in new buildings were routinely doubling after the first AGM. If you are buying off the plan, ask for the surveyor’s certificate.
- Embedded network disclosure. If the building locks residents into a private electricity, hot water or internet supplier, that has to be disclosed in the strata information certificate. These arrangements can cost several hundred dollars a year over a normal retail plan.
Victoria’s owners corporation rules were overhauled in 2021 and Queensland’s body corporate changes landed in 2024, so a report on a scheme in either state should already reflect current rules. The financial red flags are the same everywhere.
Strata report or building inspection?
Both. A building and pest inspection looks at the physical condition of the lot you are buying. The strata report looks at the finances and records of the whole building. A pristine apartment in a scheme with no money and a cladding order is a worse purchase than a tired one in a scheme with $400,000 in the capital works fund. For a house, you need the inspection and not the strata report. For a townhouse or unit, you need both.
Who to use
A conveyancer orders the report, reads it, and tells you which items need a question back to the agent before you exchange. On an auction purchase, which is unconditional, they need it before auction day, not after. Our ranked conveyancer lists for Sydney, Melbourne and Brisbane are reviewed regularly, and our guide to conveyancing fees covers what the rest of the process costs.
What to do next
Order the report before you fall in love with the apartment, not after. Run the checker above on it, put the questions it raises to the agent in writing, and have your conveyancer read the minutes. If the numbers are fine and the finance is sorted, our guide to home loans for first home buyers is the next read, and our ranked broker lists for Sydney, Melbourne and Brisbane will get the loan moving.
FAQs about strata reports
How much does a strata report cost?
$250 to $400 from a strata search company in Sydney or Melbourne, slightly less in Brisbane. A copy of a vendor-commissioned report costs $50 to $100. Inspecting the records yourself costs about $30 to $40 but takes an afternoon and you need to know what to look for.
How long does a strata report take?
Two to five business days from ordering. Order it as soon as you are interested, because at auction the purchase is unconditional and there is no chance to check afterwards.
Is a strata report the same as a section 184 certificate?
No. The section 184 certificate in NSW, and the owners corporation certificate in Victoria, is a short statement of the current levies, fund balances and any levies already struck. The strata report is the full history behind those numbers, including minutes, defects, disputes and insurance.
What are the biggest red flags in a strata report?
A capital works fund that covers less than a quarter of the planned work, two or more special levies in three years, any live defect or cladding order, more than 10% of lots in arrears, and out-of-date building insurance.
Do I need a strata report for a townhouse?
If the townhouse is strata titled, yes. Many are. Check the title on the contract: a strata plan or owners corporation number means there is a scheme, and a scheme means levies, shared insurance and a report worth reading.
Who orders the strata report, the buyer or the seller?
Usually the buyer, through their conveyancer. A seller sometimes commissions one to hand to interested buyers, which is convenient but was written for the seller. Serious buyers order their own.
MANSOUR SOLTANI
Mansour has spent more than two decades involved in the purchase and sale of real estate, acquiring both investment and commercial properties throughout Australia, including in major cities and smaller regional locations.
He is the proprietor of a finance brokerage firm, overseeing a portfolio worth in excess of 200 million in loans and serving a diverse clientele across Australia and a regular contributor to money.com.au. This has equipped him with extensive knowledge in various investment tactics, allowing him to offer significant insight.