More than 85,000 strata schemes exist across NSW, and by 2040 an estimated 40% of people in greater Sydney will call one home. Yet many buyers still sign a contract without knowing how the building’s finances look, whether a special levy is coming, or if the owners corporation is mid-dispute with a neighbour. A strata report is how you find out before it’s too late to walk away.
What is a strata report?
A strata report (also called a strata inspection report or strata search report) is a summary of a scheme’s financial, legal, and physical position at a point in time. It draws on the strata roll and the scheme’s records to show:
- The scheme’s finances, including administrative and capital works fund balances
- Whether the building has adequate insurance, and when it was last reviewed
- Building defects and any planned or upcoming works
- Safety requirements and compliance issues
- Existing or pending legal disputes
- Meeting minutes, which reveal how the scheme is run and any history of conflict
It’s worth distinguishing this from a building inspection report, which is a physical inspection of the property itself, and a section 184 certificate, which is a formal document from the owners corporation confirming levies owed, the 10-year capital works plan, and other financial details. Most buyers get all three before committing to a strata purchase.
Why it matters
A strata report is not legally required in NSW, but NSW Fair Trading recommends every buyer get one before purchasing a strata property. Strata levies, by-laws, and shared decision-making mean you’re not just buying a lot — you’re buying into a community with its own financial history and obligations. A scheme with underfunded capital works, unresolved defects, or an active tribunal dispute can mean unexpected costs and headaches down the line. The report gives you the chance to negotiate, ask further questions, or reconsider before you’re locked into a contract.
Two ways to get a strata report
1. Hire a professional strata searcher or conveyancer
Most buyers engage a professional strata inspection company or their conveyancer to prepare the report. The inspector will typically get the seller’s consent (via the real estate agent), contact the strata manager, review the scheme’s records, and turn around a report within a few days. If you’re comparing providers, ask about:
- The total cost and what it covers
- Turnaround time
- Whether they’ll walk you through the findings, not just hand over a document
- Their experience with schemes similar in size and age to the one you’re considering
2. Do it yourself
You can also inspect the strata records yourself. Ask the real estate agent for the strata manager’s contact details (or the secretary of the owners corporation if the scheme is self-managed). You’ll need the seller’s permission to access the records and will need to pay a fee to the owners corporation to view them. This route takes more time and strata knowledge, but it’s a legitimate option if you’re comfortable reading financial statements and meeting minutes yourself.
What a strata report costs
Expect to pay roughly $250 to $450 for a standard strata inspection report in NSW, with larger buildings, lifts, pools, or more than 50 lots typically pushing costs toward the higher end because there’s simply more to review. Separately, if you access strata records directly rather than through a bundled report, the strata manager can charge a records-access fee — this fee increased under strata law changes effective 1 July 2025. Always ask for a clear breakdown of costs upfront so there are no surprises.
When to order your report
Order your strata report as early as possible, ideally before you make an offer or during any cooling-off period, so you have time to review the findings and act on them. If you’re bidding at auction, there’s no cooling-off period, which makes getting the report done beforehand even more important. Ask the real estate agent whether a strata report has already been prepared for another prospective buyer — you may be able to purchase a copy at a lower cost, though it’s still worth commissioning your own if the details matter to your decision.
The bottom line
A strata report is one of the cheapest forms of insurance available to a strata buyer. For a few hundred dollars, you get a clear picture of a scheme’s financial health, its history of disputes, and any looming costs — information that can save you from a far more expensive surprise after settlement.
If you’re a current owner or prospective buyer with questions about a scheme’s records, finances, or reporting, Elevated Strata Communities can help you understand what you’re looking at and what it means for your purchase. Get in touch with our team on 1300 951 203 to talk through your strata report or ask about a scheme we manage across Sydney, Alexandria, Mascot, Zetland, and surrounding suburbs.
Sources: NSW Fair Trading — Buying a strata property, Strata search