Its Edwin’s Monday Evening Property Rant!

More this week from our property insider Edwin Almedia, on the dynamics of the markets, as listing rise and interest rates stay high. We also look at the battle between the RBA and The Treasurer, and at the Grenfell Tower UK report which really spotlights the severe defects across the building system and which is directly relevant to Australia too!

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

Find more at https://digitalfinanceanalytics.com/blog/ where you can subscribe to our research alerts

Today’s post is brought to you by Ribbon Property Consultants.

If you are buying your home in Sydney’s contentious market, you do not need to stand alone. This is the time you need to have Edwin from Ribbon Property Consultants standing along side you.

Buying property, is both challenging and adversarial. The vendor has a professional on their side.

Emotions run high – price discovery and price transparency are hard to find – then there is the wasted time and financial investment you make.

Edwin understands your needs. So why not engage a licensed professional to stand alongside you. With RPC you know you have: experience, knowledge, and master negotiators, looking after your best interest.

Shoot Ribbon an email on info@ribbonproperty.com.au & use promo code: DFA-WTW/MARTIN to receive your 10% DISCOUNT OFFER.

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
Its Edwin's Monday Evening Property Rant!
Loading
/

Wanted: More High-Rise Purchases Willing To Play Russian Roulette!

Well, finally, the problems in Australian high-rise construction are getting airtime, but many households are caught up with these rolling disasters, as estimates suggest well more than half of recently built apartments are defective.

It frankly remains a game of “Russian roulette” when buying off-the-plan apartments and consumers could be forgiven for asking themselves if it is safe to buy an apartment off the plan with issues frequently emerging in Sydney’s building developments. The current legislation is not effective, and of course the question is who would foot the bill for repairs.? Yet the industry keeps making empty promises, and is claiming things are now fixed. No surprise there.

Lets look back at some of the issues so far in NSW. In recent years building developments such as Opal Towers and two buildings owned by Toplace have hit the headlines for all the wrong reasons, leaving some owners and occupiers out of pocket and traumatised. Last year NSW regulators issued work rectification orders across building sites, including The Laneways Rosebery, which has serious structural defects, and Toplace’s Vicinity complex in Canterbury over “potential serious defects”.

At Mascot Towers in Sydney’s inner-south, residents were offered a settlement at the start of January after being forced to evacuate their defect-ridden apartment building years prior.

Less than a fortnight later, NSW Building Commissioner David Chandler has moved to reassure residents there was no immediate threat to an apartment and retail development in Macquarie Park after concerns about concrete were identified in the building’s basement and ground floor.

“What we have done so far is we’ve told the developer, ‘You are responsible and you are going to fix this under the powers of the NSW [Residential Apartment Buildings] Act’,” Mr Chandler said last Thursday.

But Lachlan’s Line is just one of many, with building work rectification orders “issued all the time” by Building Commission NSW. “We’re probably issuing four or five orders a week at the moment,” Mr Chandler said.

The ABC writes, In December, the NSW Building Commission was given extra powers to order fixes during construction, aimed at boosting public confidence in buying homes off the plan.

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
Wanted: More High-Rise Purchases Willing To Play Russian Roulette!
Loading
/

From The Property Market Front Line – A Deep Dive Into The Investment Property Sector

Property insider Edwin Almeida and I discuss the rental property sector from the point of view of the agencies, and investors. There are traps for the unwary!

Please consider supporting our work via Patreon

Please share this post to help to spread the word about the state of things….

Caveat Emptor! Note: this is NOT financial or property advice!!