13 November 2022
The curse of the crisis that rendered apartments unsellable has moved into a new phase as the regulator grapples with the technical and reputational risks of giving buildings a green tick to go back into the pool
of tradeable properties.
Strata advocates say regulators need to be quicker to act.
“If they can taint the title they have a duty to remove the stain if there is adeemed compliance solution,” strata lawyer Stephen Goddard said. “The VBA is there for the purpose of the threat to life safety but what they are not doing is acknowledging the impact on capital values.”
Owners Corporation Network, an advocacy group for strata owners, agreed.
“The regulator failed owners with flammable cladding in the first place,” executive director Karen Stiles said. “They’re obliged to be part of, if not driving, the solution. How hard can it be to confirm the building has deemed compliance so an owner is not trapped in a unit they can’t sell?”
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