Sample Strata Analysis
42 Ocean Street, Bondi NSW 2026 — SP 12345
Summary
This is a 24-unit residential complex built in 2003, managed by Acme Strata Management. The scheme is generally well-maintained with adequate insurance and a functioning committee. However, there are several areas that warrant attention before purchase.
The capital works fund balance is below the recommended threshold at $85,000 against an estimated 10-year plan requirement of $320,000. A special levy of $3,500 per lot was passed at the 2024 AGM for waterproofing repairs to the podium level. There are also two lots currently in arrears totalling $12,400.
On the positive side, the building has no outstanding litigation, no cladding issues, and comprehensive insurance coverage. The strata manager's contract was recently renewed for 3 years at competitive rates.
Financial
Capital Works / Sinking Fund
Current balance of $85,000 is significantly below the 10-year capital works plan estimate of $320,000. The fund is only 26.5% funded, which increases the risk of future special levies.
Special Levies
A special levy of $3,500 per lot was approved at the October 2024 AGM for podium waterproofing repairs. Total cost estimated at $84,000. Payment due in two instalments (Jan 2025 and Jul 2025).
Levy Arrears
Two lots are currently in arrears totalling $12,400. The strata manager has issued debt recovery notices. While not unusual for a scheme this size, monitor for improvement.
Quarterly Levies
Admin fund levies of $1,150 per quarter and capital works levies of $380 per quarter are in line with comparable 24-unit schemes in the Bondi area.
Building
Major Defects
Minor cracking reported in the basement car park walls (cosmetic, non-structural per engineer's report dated March 2024). Waterproofing failure on podium level is being addressed via the special levy.
Cladding
Building uses brick and rendered concrete construction. No combustible cladding identified. Not subject to any cladding rectification notices.
Water Damage
Podium-level waterproofing membrane failure reported in 2023. Temporary repairs completed; full remediation funded by the 2024 special levy and expected to commence Q1 2025.
Fire Safety
Annual Fire Safety Statement current (issued November 2024). All fire systems — sprinklers, alarms, hydrants, and exits — compliant. No outstanding Fire & Rescue NSW orders.
Asbestos
Asbestos register on file (last updated 2022). Built in 2003 — no asbestos-containing materials identified. Management plan in place as required.
Legal
Litigation
No current or pending legal proceedings involving the owners corporation. Previous defect claim against the builder was settled in 2019.
By-law Breaches
No outstanding by-law breach notices. By-laws were consolidated and updated in 2021. Standard pet and renovation by-laws in place.
NCAT Orders
No current NCAT applications or orders. No history of tribunal disputes in the past 5 years.
Management
Committee
Active strata committee of 5 members. AGM attendance is consistently above 40%. Minutes indicate constructive discussions with no evidence of dysfunction or disputes.
Strata Manager
Acme Strata Management — contract renewed September 2024 for 3 years at $38,500 p.a. (competitive for a 24-unit scheme). Responsive management with timely meeting minutes.
Insurance
Building Insurance
Building insured for $18.5 million (replacement value) with CHU Underwriting. Policy current until March 2025. Includes public liability ($20M), office bearers liability, and voluntary workers cover.
Insurance Claims
Two claims in the past 3 years: storm damage to roof ($22,000, 2022) and water damage to common area ceiling ($8,500, 2023). Both resolved. Claims history may affect future premiums — worth monitoring.
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