3 JULY 2019

Sydney Mascot Tower owners have started crowdfunding to raise money after an owners’ meeting on Thursday elected to raise a special levy of $1.1 million to fix the defective building. The Owners Corporation Network agrees it is time for governments to look at better consumer protections for homebuyers. Strata management also needs another look-in while homebuyers, particularly the growing number of apartment owners, need to continue take an active interest in the upkeep of their building.

“As people take possession of their shiny new homes or investments at the end of the building boom they should budget for more than mortgage repayments,” Owners Corporation Network Karen Stiles said. “All but a lucky few new apartment owners will face additional levies to deal with the inevitable building inspections, drawn out disputes with builder, the possible liquidation of the builder.” “This is happening every day but, until two recent emergency evacuations, owners and tenants have suffered in a terrible conspiracy of silence. It’s time for governments to act to protect its citizens.”

> Read the full article at afr.com
Su-Lin Tan