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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the property price movements, fintok and finfluencers, and tax time.

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Steve Waters, director of Right Property Group, chats about the resilience of the property market in Victoria, where another lockdown is currently in place, as well as Westpac’s latest surprising predictions for property price movements.

RMIT’s senior lecturer of finance, Dr Angel Zhong, reveals the rise of fintok and finfluencers and the dangers social media presents to financial markets.

And lastly, tax and super guru Timothy Munro talks about tax time. He reveals what Aussies need to be mindful of as we head towards 30 June, and why some should look at engaging a professional this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Property investors slugged by poor construction

By Cameron Micallef

September 12 2019
Share

Invest

Property investors slugged by poor construction

By Cameron Micallef
September 12 2019

Investors are being slugged nearly $6,000 in additional costs due to poor construction standards leaving leaks, cracks and other defects, a report has found.

Property investors slugged by poor construction

By Cameron Micallef

September 12 2019
Share

Investors are being slugged nearly $6,000 in additional costs due to poor construction standards leaving leaks, cracks and other defects, a report has found.

According to research released by Mozo, Australians have spent an additional $10.5 billion on such defects over the past decade alone.

Commenting on the report’s findings, Mozo’s property expert, Steve Jovcevski, said that “while buying a bright and shiny new property might seem like a good idea, the reality for many Australians is one of costly repairs and years of remediation”.

The new costs finding comes as regulators continue to grapple with fallout over the serious safety issues plaguing apartments in Sydney, Melbourne and Brisbane.

Internal water leaks, cracking to internal or external structures, water penetration from the outside, guttering faults, tiling problems and defective plumbing have been indicated as the most common problems for newer property owners.

“Australia is in the middle of the perfect storm when it comes to building defects,” Mr Jovcevski indicated.

He said the “construction boom that saw some developers and builders cut corners to meet demand coupled with the weakening of regulatory oversight has seen defects rain down on home owners”.

Mozo found that 58 per cent of apartment owners facing defects have had to contribute to a sinking fund and 25 per cent were forced to pay special levies to fund the repairs.

Most apartment repairs (57 per cent) were completed in under three months, but 21 per cent of buyers had to wait up to six months.

Nine per cent of affected owners are still waiting for the defects to be fixed.

Building defects tips and traps

Mozo’s report provided the following tips for investors to try to mitigate some of the costs caused by dodgy building practices.

Before you buy:

If buying off the plan:

Research the developer and builder
Engage your own consultant to check critical stages of the development
Run a body corporate records search on an existing apartment to check the minutes for any issues raised around building defects
Get an independent building inspection done on the property when completed.

After you buy:

Notify your apartment’s strata manager of any defects as soon as they occur
Get an independent assessment of any defects
Seek remediation work and/or costs from the developer
Don’t delay making a claim as builders’ warranty has fixed time frame in each state and territory
If your builder goes into liquidation and you are still facing repair costs, make sure you disclose your debt to the administrator as soon as possible.

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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.

About the author

Cameron Micallef

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