How YOU can avoid buying a shonky high-rise flat: Real estate experts reveal the best ways to ensure your new apartment has no nasty surprises
- Real estate experts say buyers should steer clear from investing in high-rises
- They ask people to assess the developer and builder’s reputation before buying
- Warning comes after evacuations at Mascot Towers and Opal Tower in Sydney
Real estate experts have shared their tips for buyers looking to snap up apartments in the wake of evacuations at shonky buildings in Sydney.
Buyers’ agent Henny Stier said investors should give preference to double-brick, walk-up buildings over high-rises.
Ms Stier asked buyers to assess the developer and builder’s reputation before making a purchase.
Sydney-based buyers’ agent Henny Stier said investors should give preference to double-brick walk-up buildings over high-rises. She said what’s happening in the Mascot Towers (pictured) is not something new
‘It’s easy to change a kitchen or a bathroom, but it’s hard to change a building with major defects. What’s happening in Mascot is by no means something that is new,’ Ms Stier, principal of OH Property Group, told Domain.
The 10-year-old Mascot Towers was evacuated two weeks ago over concerns about continued cracking in the primary support structure and facade masonry.
Since then, residents of its 132 units have been forced to sleep elsewhere.
The 10-year-old Mascot Towers was evacuated two weeks ago over concerns about continued cracking (pictured) in the primary support structure and facade masonry
Last year, Opal Tower in Sydney Olympic Park was evacuated after residents reported the building had shifted.
And on Sunday a burst water main forced hundreds of residents to evacuate from a Melbourne CBD apartment block, the cause of which is still unknown.
Paul Osborne, the director of Melbourne-based Secret Agent, said most buyers are concerned about apartments that have been built in the past decade.
A burst water main forced hundreds of residents to evacuate from a Melbourne CBD apartment block (pictured) on Sunday.
They, especially the younger demographics, are now searching for low-density apartments built from the 1960s through to 1990s.
‘One of the main reasons was that they weren’t complicated. They were simple and easy to understand. With huge amounts of apartments, it’s difficult to understand the body corporate,’ Mr Osborne said.
BIS Oxford Economics senior manager Angie Zigomanis said owner-occupiers may opt for ‘something that’s a bit less risky’.
‘Something that is old and has got a bit of history helps because you’re less likely to have issues.’
Experts believe the latest reports about new buildings could push up prices of old dwellings.
Experts tips on buying high-rise apartments
1. Give preference to double-brick, walk-up buildings over high-rises
2. Assess the developer and builder’s reputation before making a purchase
3. Track their previous developments
4. Look for something that is old and has got a bit of history
5. Start with something that’s a bit less risky