Strata title commonly refers to units/flats, apartments or townhouses, with common areas such as stairways, foyers, roof-top gardens, lifts and even swimming pools shared by each owner. A body corporate, or strata or owners corporation, is set up to handle maintenance of common areas and insurance of the buildings.
Strata title can also refer to duplex and triplex houses that share, for example, only a driveway or garden area.
This is just a summary. For full details, check the PDS (Product Disclosure Statement). It's dry, we know, but it's essential reading.