With two Sydney apartment blocks reported to have serious structural damage over the last six months one wonders wether this will have yet a further detrimental effect on apartment prices Australia wide. There have been many comments made about the standards of building and supervision of apartment blocks and I believe it will be even harder to sell apartments in large blocks and even harder to achieve a good market price. One of my daughters sold her apartment in an inner west Melbourne suburb about four years ago and they were new apartments and were having continuing water leakage problems in the complex. The builder had gone out of business and there was no one to take on to repair the damage so the only way to rectify such damage ended up being continual increases in the body corporate fees. Buyers need to BE AWARE when buying in such complexes in my view.
