Investors from retirees to single mothers on low incomes fear losing their properties after their strata levies jumped from under $2000 per quarter to more than $10,000 for building repairs they had no say in approving.
Bright and Duggan told the Herald it was appointed to do work that the owners’ corporation had “failed to undertake over many years with the highest priority of ensuring the building can be safely occupied”.
Executive director of the Owners Corporation Network Karen Stiles said properties had to be maintained and ideally improved over time to hold their capital and rental values.
“The consequence of ignoring essential repairs and maintenance will be large, unbudgeted levy increases in order to make the building safe or worse,” she said. “Owners were still arguing about costs when the Miami building collapsed, claiming 98 lives.“
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