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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Building defects lead to calls for purchaser protection

By Cameron Micallef · July 23 2019

Reading:

Invest

Building defects lead to calls for purchaser protection

By Cameron Micallef
July 23 2019

Reading:

Building defects lead to calls for purchaser protection

By Cameron Micallef · July 23 2019

Reading:

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

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”.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. 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 leverage their insights to grow your portfolio.