Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

Invest

Building defects lead to calls for purchaser protection

By Cameron Micallef · July 23 2019
Reading:
egg
egg
Mascot Towers

Building defects lead to calls for purchaser protection

author image
By Cameron Micallef · July 23 2019
Reading:
egg
egg
Mascot Towers

With four recently built Sydney buildings now ghost towns due to dangerous defects, the Strata Community Association (NSW) has called for mass reforms to help property owners recover from potential losses.

The association outlined that it has called for legislation that would closely reflect that put in place after Victoria’s cladding crisis, where $600 million was designated by the state government for the removal of highly flammable cladding from newly built buildings.

In calling for mass funding to fix damages in a number of recently built NSW buildings, the state’s Strata Community Association president, Chris Duggan, said the government needs to help all investors and not just residents in bigger cases.

“The NSW government moved quickly to support the residents of Mascot Towers, but we all know now that this is just the tip of the iceberg,” he stated, considering that iceberg to be impacting on property owner confidence.

Impact on investors

Advertisement
Advertisement

According to Mr Duggan, the federal government should be working with state legislators on the issue, as the problems facing investors in NSW could be replicated Australia-wide.

While the NSW government moved quickly on Mascot Towers, it is now obvious that the building and construction integrity problem requires a whole of government strategic response that is properly funded, the Strata Community Association outlined.

He noted that some Mascot Towers residents had been offered $10,000 to purchase their million-dollar apartments, adding that “no resident in NSW should have to suffer that sort of disgraceful proposition”.

Call to action

Working on behalf of 2 million members, the Strata Community Association said it has called for government intervention to stop such issues from continuing.

Mr Duggan highlighted that NSW still has “hundreds of kilometres of poor-quality electrical cabling that poses a fire risk” that can’t be tracked down.

He also said that the government is still allowing poor quality Chinese-made glass panels to come into this country that can explode under stress.

As a result, Mr Duggan said insurance premiums are on the rise.

He said that this isn’t the only impact that has arisen out of the new building drama, with the private certifiers issue off the back of flammable cladding having brought “the construction industry to its knees”.

This email address is being protected from spambots. You need JavaScript enabled to view it.

Building defects lead to calls for purchaser protection
Mascot Towers
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article
author image

About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Copyright © 2019 MOMENTUM MEDIA