It's advisable to engage a Solicitor or Conveyancer of your choosing, who in the normal course of their inquiries will commission a Strata Search under the provisions of State Legislation; S108 of the Strata Schemes Management Act (1996) in NSW.
The Strata Search will normally look at the financial status of the scheme including all income / expenses for the past 2 years, any special levies proposed (e.g. to cover any shortfall arising from abnormally low levies), past and any proposed works on the Common Property, and the 10 yr Plan covering sinking fund levies for the Scheme.
You can ask for any other items about which you have concerns to be concurrently reported upon, such as the amount / adequacy of the Building Insurance, any Special By-Laws in place or planned, and any disputes with Residents and Contractors etc etc.
A properly conducted Strata Search and some interpretation / explanation from your Legal person will give you all the information that you need to decide upon the purchase; money well spent!