This sample is a Report Review: BuyIQ's review of a strata report prepared by someone else. Only Report Reviews carry a risk verdict. BuyIQ's own buyer reports give facts and findings, with no verdict.
INDEPENDENT STRATA ANALYSIS
12/45 Harbour Street
Sydney NSW 2000
At a Glance
One unresolved compliance gap and a capital works fund below projection — neither exchange-blocking, both worth negotiating.
This building is reasonably well-managed with no active tribunal matters or legal disputes. The capital works fund sits at 78% of its 10-year projection — a moderate shortfall requiring a levy increase within 3 years. One statutory compliance item needs confirmation before settlement. You may proceed but should use the findings below as negotiation leverage.
A third-party inspection report was supplied with the strata records. The report covers 6 of 10 statutory pillars, omits 3 entirely, and contains two opinion-disguised-as-fact statements plus one factual error against the source records. Ben's assessment of the records flags two HIGH-severity items the third-party review missed.
| Pillar | Grade | Notes |
|---|---|---|
| Building Insurance | B | Cover amount + currency recorded. Replacement value assessment age not confirmed. |
| Building Defects | C | Active defects listed without monetary exposure or rectification timelines. |
| Capital Works Fund | D | Balance noted; 10-year projection shortfall not flagged. |
| Financial Position | B | Admin + capital balances correctly stated as at 30/06/2025. |
| Annual Fire Safety | A | AFSS lodgement date verified against source. |
| Asbestos Register | D | Register referenced; overdue 5-year review cycle not flagged. |
| Window Safety | B | Compliance confirmed against AGM walk-through. |
| Strata Manager | A | Appointment, AGM cadence, conduct cleanly summarised. |
| Tribunal Matters | A | NCAT clean status verified against current search. |
| Approved Works | F | Pending $250,000.00 fire matrix upgrade entirely omitted. |
- The unresolved $250,000.00 fire matrix upgrade levy with no confirming resolution on file (settlement risk).
- The unconfirmed builder's defect security deposit for a 14-storey building, and whether any claim against the builder remains open.
- The asbestos register dated 2019 — overdue for its recommended 5-year compliance review cycle.
- The capital works fund 22% adequacy shortfall, with a forecast levy increase within 3 years.
- The strata manager appointment renewal due November 2026 (EGM required) — relevant to scheme continuity.
NSW Strata Schemes Management Amendment Act 2025 — defect rights expansion
The 2025 amendment extends the statutory builder-defect window from 6 to 10 years for residential strata buildings of 4+ storeys. This building (14 storeys, OC dated 22/09/2017) sits comfortably inside the extended window, materially strengthening the owners corporation's remediation position should the bond status be confirmed. Buyer should ensure their solicitor confirms the bond particulars during the special conditions.
[Strata Schemes Management Amendment Act 2025, s.232A]○source-cited
Cladding rectification scheme — 2026 funding announcement
NSW Cladding Support Initiative round 4 opened January 2026 for affected residential strata schemes. While the building does not appear on the current cladding register, the open class action referenced in AGM minutes means the OC may become eligible for partial reimbursement of any future rectification works. Informational — no immediate action required.
[NSW Cladding Support Initiative — Round 4 Guidelines, 12/01/2026, p.4]✓source-confirmed
Level 7 Balcony Membrane Failure
Waterproofing membrane failure on Level 7 balcony. First recorded 2021. Status: Outstanding. No rectification date confirmed. Repair quote $22,400.00.
[Defect Register, 15/01/2026, p.4]✓source-confirmed
Ground-Floor Car Park Water Ingress
Active water ingress at ground-floor car park. First recorded 2022. Status: In Progress. No confirmed completion date. Repair quote $16,200.00.
[Defect Register, 15/01/2026, p.4]✓source-confirmed
Safety & Statutory Compliance — 10 Pillars
| Pillar | Status | Finding | Source |
|---|---|---|---|
| Building Insurance | UNCONFIRMED | All-risks at $50,000,000.00. Replacement value assessment 3 years old. | [Certificate of Currency, 20/04/2026, p.1] |
| Building Defects | CURRENT | No active outstanding defects beyond the two flagged above. | [Defect Register, 15/01/2026, p.4] |
| Approved Works | UNCONFIRMED | Fire matrix upgrade in principle. EGM resolution for $250,000.00 not sourced. | [Notice of Motion, 14/03/2024, p.1] |
| Capital Works Fund | NON-COMPLIANT | $163,200.00 against $209,000.00 projection — shortfall $45,800.00. | [10-Year Capital Works Plan, 01/07/2023, p.12] |
| Financial Position | UNCONFIRMED | Admin fund stable at $94,600.00. CWF shortfall flagged. | [Financial Statements 2024, 30/06/2024, p.3] |
| Annual Fire Safety | CURRENT | Fire safety statement lodged 12 March 2026 — current. | [AFSS, 12/03/2026, p.1] |
| Asbestos Register | UNCONFIRMED | Register dated 2019. 7 years old — overdue 5-year review. | [Asbestos Register, 01/06/2019, p.1] |
| Window Safety | CURRENT | Window safety devices confirmed at last AGM walk-through. | [AGM Minutes 2024, 14/03/2024, p.5] |
| Strata Manager | CURRENT | Lamb & Walters appointed. March 2024 AGM — no conduct concerns. | [Management Agreement, 01/11/2022, p.2] |
| Tribunal Matters | CURRENT | No proceedings or enforcement orders recorded. | [NCAT Search, 02/05/2026, p.1] |
| Category | Status | Detail | Source |
|---|---|---|---|
| PETS | REQUIRES APPROVAL | One small dog or cat per lot. Written application to the strata committee required. No restriction on assistance animals. By-law 14 of the consolidated by-laws (2022). | [Consolidated By-laws, 18/03/2022, p.5] |
| SHORT TERM LETTING | PROHIBITED | No lot may be let for periods of less than 30 days. Includes Airbnb, Stayz, and similar platforms. Breach attracts maximum penalty under NSW SSMA Sch 2 by-law 4(1). | [Consolidated By-laws, 18/03/2022, p.7] |
| PARKING | RESTRICTED | Visitor parking limited to spaces 51-54 (Level B1). Maximum stay 24 hours. Lot owners may not use visitor spaces. EV-charging in resident spaces requires committee approval. | [Consolidated By-laws, 18/03/2022, p.9] |
| RENOVATIONS | REQUIRES APPROVAL | Minor cosmetic works: notice to strata only. Major works (waterproofing, structural, plumbing, gas): general meeting resolution required + 21 days notice + insurance evidence. | [Consolidated By-laws, 18/03/2022, p.12] |
| SMOKING | PROHIBITED | Smoking and vaping prohibited on all common property including balconies, courtyards, and within 10m of any building entrance. By-law 22 added by special resolution at the 2024 AGM. | [AGM Minutes 2024, 14/03/2024, p.7] |
Ben
Independent Review + Executive Report
Independent strata review and executive summary. Every finding sourced, ready for your solicitor to read.
Julia
Solicitor Briefing Pack
Forwardable brief for your conveyancer. Active legal and NCAT matters, levy exposure, compliance gaps. Saves 30-60 minutes per file.
Matt
Negotiation Script
Word-for-word scripts grounded in the figures in your records. Opening offer, counter, walk-away line, leverage points with dollar impact.
Emma
Follow-Up Questions
Every unanswered question identified, prioritised, and wrapped in a ready-to-send email to your strata manager.
This report has been prepared to give you the clearest possible picture at time of inspection. For expert guidance on any matter raised, engage the relevant professional directly.
This report summarises the records made available at the time of inspection and does not replace the original source documents. It does not constitute legal, financial, or professional property advice.
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