19 JUNE 2019 I write this piece as one of the lucky apartment owners. Lucky not because I managed to break into the apartment market, but because I survived it financially intact.The predicament facing Opal Tower and Mascot Towers apartment owners is only the visible tip of a very big iceberg. So my advice to my kids today, and anyone who'll listen, is this: do not buy a new apartment, especially [...]
17 JUNE 2019 Strata lot owners could have to pay for building repairs after the Mascot Towers residents were evacuated. Owners Corporation Network President Gary Petherbridge tells Ross Greenwood the problem is systemic. “People shouldn’t be buying off the plan anymore, you’re better off to wait 10 years until the property is sorted out.” > Listen to the full interview at 2gb.com Brooke Corte
16 JUNE 2019 Lawyer and strata specialist Stephen Goddard claimed developments could be rushed through by governments eager to profit from stamp duty and other taxes. “Everybody is on a money hit,” Mr Goddard said. “The government wants to keep the builders building because it gets stamp duty … what happens in the end? People who buy in these apartments get it in the neck.” > Read the full article at [...]
16 JUNE 2019 Stephen Goddard, spokesman for the Owners Corporation Network — an advocacy group for owners in strata schemes — said owners of apartments in the decade-old Mascot Towers development were no longer covered by the statutory warranty period and would now be left with a hefty bill. "Consumers have nowhere to go in these sorts of situations, there's nobody for them to sue, there's nowhere for them to turn," [...]
11 JUNE 2019 Off-the-plan property buyers will soon be better protected when long-awaited legal changes come into effect this September – and inject much-needed confidence into the Sydney new apartment market, project marketers predict. As a result of changes to conveyancing laws approved by the NSW Parliament late last year and to be introduced in the next quarter, developers will be made more accountable to buyers, and there’ll be more certainty. [...]
01 JUNE 2019 "The ancient Greeks believed opal came from the tears of Zeus. When opal turns to tears again it will ... bring down Australia's booming high rise apartment business." - From the Opal Tower Sydney Residents Facebook page Three months after the initial evaculation of Opal Tower on Christmase Eve 2018, nearly half of the tower's apartments are still not fit for reoccupation and hundreds of people remain in [...]
01 JUNE 2019 Five months ago, Shady Eskander's short-term plans involved watching the New Year's Eve fireworks from his new apartment on the top floor of Opal Tower in Sydney's Olympic Park. Longer term, he and wife Amy hoped to start a family. But plans were up-ended on Christmas Eve when major cracks found on the 10th floor of the $165 million skyscraper forced an emergency evacuation. Hundreds of residents remain [...]
17 APRIL 2019 Owners, tenants and industry lobby grops are calling for the NSW government to step up efforts to resolve tenancy chaos at Sydney's troubled Opal Tower. The government, which also owns more than 40 apartments in the tower, should take a bigger lead in clarifying tenancy issues both as a stakeholder and as a statutory body instead of relying on Fair Trading NSW and the NSW Civil & Administrative [...]
12 MARCH 2019 Residents at high risk from potentially deadly flammable cladding are being denied information about what they should do to make their buildings safe, consumer advocates claim. Instead, say apartment residents, they are being threatened with huge fines for doing nothing, while owners in some blocks have been told it could cost more than $50,000 per unit to fix the problem. “This decision is bewildering,” says Phil Gall, the [...]
7 MARCH 2019 Despite the wailing of design consultants about the implications of the Lacrosse judgement and the Opal Tower engineering report, the importance of a viable Design and Construct constructor in these cases has proved critical to a way forward. The experiences and the processes that apartment owners have endured is unreasonable in a modern construction industry. It is evident that better design management skills, risk management and trustworthy performance [...]
Owners Corporation Network
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