PSA: Summarised Findings on Strata reports on 5 Complexes in the Lower North Shore

I have summarised my findings on 5 strata reports over the last month. Opinions on each for anyone hunting in the same areas.

I have spent the past month reviewing strata inspection reports across five properties in the north shore and upper north shore corridor as part of my own purchasing research. I am sharing my observations here as I think they may be useful to others currently searching in the same areas. I have been deliberately vague on specific addresses but have included enough detail that anyone who has inspected the same buildings will recognise them immediately.

Building A

Clean report. Funds healthy, compliance in order, remedial works appear largely behind them, no special levies proposed. Well managed in my opinion.

Levies are high. I think that's why the building is in good shape.

How to identify: 2016 build, Lane Cove area, mid-size modern complex, listed mid $600s. Street rhymes with "Driftwood."

Building B

Good building in a good suburb but the minutes state clearly that current funds are insufficient to cover known remediation costs. The tender hasn't landed yet so nobody knows what the special levy will be.

I wouldn't exchange on this one until that number is known.

How to identify: 130+ lots, 2014, Greenwich, strata plan 88000s, building has a registered name, listed ~$700k. Street rhymes with "shield."

Building C

Special levies raised repeatedly since 2020. Minimal reserves. Fire certificate issues. No builder recourse — both builder and developer liquidated.

In my opinion this building has been chronically underfunded since opening and the pattern is unlikely to change.

How to identify: 39 lots, 2016, Epping, strata plan 94000s, managed from Blacktown, listed under $600k. Street rhymes with "stiff load."

Building D

Small boutique building, no special levy history, no disputes, cheap levies.

However no current fire safety certificate, a motion to assess fire safety was defeated at the last AGM, and the capital works plan identifies concrete cancer on the balconies. Building registered 1970. At approximately 6% lot entitlement the financial exposure per owner is significant if major works are required.

How to identify: 15 lots, strata plan 4000s, Wollstonecraft, listed in the low-mid $600s. Street rhymes with "Pelmont."

Building E

$5M remedial contract currently underway. Strata loan in place. Original builder in administration. Developer settlement was $1.4M short of actual repair costs — owners have been funding that gap via special levies since 2017. Current active special levy of $1.5M collected in monthly instalments through mid-2026. Admin fund in deficit. Scheme-wide arrears over $100k. Insurance had lapsed at time of inspection.

In my opinion this building should not be purchased without very careful consideration of the full financial exposure.

How to identify: 129 lots, 2015, upper north shore, strata plan 90000s, multiple residential buildings on a single estate, managed from Mosman, listed mid $600s. Street rhymes with "Dunstan Groove."

General observations:

The buildings with the lowest levies had the worst financial exposure in my view. Cheap levies are not always a good sign — sometimes they reflect years of underfunding.

Get the strata report before you bid. If the inspector summary is more than a few sentences, read everything carefully.

Disclaimer: Personal opinions only. Not financial or legal advice.

I apologise for being cryptic, I don't want any legal action pursued against me.