Building Confidence in The Apartment Property Market
Recent media reports on the Opal Towers defects, and now in apartments in the Mascot area, have rocked confidence in the apartment market. While the quality of buildings in Sydney are generally of a high standard, there will likely be new stories emerging in the future because of the sheer volume of apartments developed in recent years.
Developers are now experiencing tougher times for off the plan sales partially because of the reports denting purchaser confidence. It is in everyone’s interest to ensure that confidence returns to the market and that can only occur with improved processes for certifying development but to also ensure that processes are in place to ensure all defects are deal with prior to the expiration of statutory warranties.
Protecting owners also protects developers and the industry in general. Strata Plus has risk management strategies that will help owners and schemes address remediation issues prior to the end of the statutory warranty period. As we now know, this approach also benefits the developers.