What you need to know before buying a new apartment | Four Corners
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- เผยแพร่เมื่อ 7 ส.ค. 2024
- Buying an apartment could be one of the biggest purchases you ever make.
But according to experts who’ve been researching the industry closely, the majority of apartment blocks built across Australia in the past 20 years are likely to have some kind of defect.
A landmark study published this year found that 97% of buildings reviewed in NSW had at least one defect.
That figure is 74% in Victoria and 71% in Queensland.
So how did we get into this mess? Four Corners explains.
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You have more rights buying a toaster than an apartment
Find out how to avoid living in a 'lemon' here: ab.co/32gos5v
God I love being a renter.
I know for a fact that a building in Docklands that was built in 2013 with a known architect firm attached has major defects. According to insistance repair builders the bathrooms in all the apartments that they inspected completely failed to meet Australian building water containment standards. It’s sister building had its flammable cladding replaced last month. How would a prospective buyer do their due diligence with confidence?
Faysal Sekkouah You can’t do due diligence. Because the owners are cowed into keeping it a secret to resell it to the next poor sod. Developers and builders and contractors don’t bear the costs or liability after a few years. State and Territory govts are complicit because they are addicted to the stamp duty and don’t want the cost or litigation of proper regulation
For Kenyan property buyers, one has 6 months after purchase to sue if defects are detected and the developer refuses to amend them.
The only perfectly finished properties are the Architects and the builders own homes. I've worked in tens of thousands of buildings. They don't build them like the pyramids anymore.
Tens of thousands of building?! Is that a figure of speech or your first building was the first pyramid ?!
Adam Sahr 😭😭😭
@@AdamSahr-cj4kf Been installing curtains and blinds for over 30 years. 5 to 10 houses per day 6 days a week. Didn't do the maths but it feels like tens of thousands.
@@hopebear06 A house is not exactly a building...
@@AdamSahr-cj4kf You're obviously an expert. What is it then. Builders build them. People live in them. If their highrise or single story they are a building ya' clown
Unless you have inside knowledge, then STAY AWAY FROM APARTMENTS!
If you had the inside knowledge, you would definitely stay away from them.
Older apartments are okay. YAY :)
I stay away from apartments because I have inside knowledge.
we're determined to become a poor mans' china aren't we
I think you mean to become the next Hong Kong.
Don't buy a new apartment.
And buy monero
Link to buyer’s guide?
Time to start regulating it like they do sparkies I have to jump through 17 hoops just to change an existing power point
What was the name of that model again? Design and Destruct Model was it?
And yet they still ask for ridiculous prices for substandard structures
not anymore they don't. lol they can barely give them away. The avalanche will be long and sustained
day spoiler .... yeah.... interesting. I kind of agree and I think that’s coming BUT for some strange reason I’m noticing (in Melbourne anyway) the apartment prices are holding strong for the most part. What I did hear from an agent is that they are not dropping the prices yet but increasing the commissions to agents instead. But that can only last so long
Can confirm in Far North QLD that many new apartment complexes in the last 5 years do not meet the required building codes, yet charge exorbitant prices for poorly built structures. Apartment rentals are astronomical, and a studio apartment can easily be more expensive than renting a 4 bedroom house on a 600m2 block on the same street.
a girlfriend.. brought a high-rise apartment in Detroit 300k aussie unbelievable views looking over the Detroit River into Canada..Built 1960 solid as a rock tower
Track down those companies and make them pay for the defects. If they try to get away through loopholes then fix it.
you mean every builder in Australia, that wont happen. Too much corruption
@@pixelmasque talk about corruption, I thought it only happened in Thailand. It's a common practice here.
Australia is much much better in this sense. You guys are good model for many countries to follow.
You couldn't give me an apartment, I would sell it that same day even if someone offered f all. Land has always been of value not necessarily the building on it.
With the changing economic climate and the future job market, city's are not going to be in demand as much as they use to be. You will be able to like 2 hours away and work from home, or run your business.
The only limiting factor that is driving this demand is the council or state government zoning. Look at Australia it has a shit load of land, only restricted to keep prices growing.
To prove you wrong, they will issue hundreds of thousands of visas a year to Chinese and Indian students to occupy those dormitories !!!
@@AdamSahr-cj4kf well that has been true so far, I don't have a problem with well managed steady immigration, but mass immigration just to keep a bubble inflated is out of this world. It's going to be terrible for the immigrants and also for the residents.
We live in crazy times, the lengths individuals and companies alike go to for yield is crazy, just shows how little true wealth is floating around.
@@KillaDukeBadMan Wait till hyperinflation sets in and you'll see unprecedented wealth destruction... Billionaires back to millionaire status and middle class back to pauper standards !!!
@@AdamSahr-cj4kf I started a massive garden this month, and also instaling a off grid solar setup. Next it's time so get some more animals. I plan to weather the storm, hopefully it only lasts a few years.
Good information at the end for people thinking of buying an apartment (people are still looking at apartments? they must be living under a rock)
My favourite: Don't buy an apartment in a complex more than three-floors high.
Isnt that most of them? Anything 3 levels or less would be super premium wouldnt they? Better get yourselves a better job and parents.
Have fun with the problems youve created for yourselves Sydney, Melbourne and Brisbane residents. Oh and never forget, you voted for this. Yeah, if you voted Labor, Liberal, Greens or National, you voted for this. Hopefully you'll all start to figuring out why we had to wave through all of these hurriedly built sky kennels in the first place.
Sky kennels.... spot on.
well pointed mate)
Don’t you think that brand new houses would have problems too, not just apartments? Those houses are built super quick ...
Yes Helen, new houses are weak too. From concrete foundation to the insulations to roof...
Buy an older hardwood house made in the 50s at least you know it was built under better inspections and better quality of workmanship.
With demand for apartments falling, the price of older houses are going to skyrocket. If we weren't in a bubble before. We sure will be soon!
No land no value.
exactly. i dont understand how apartments go up in price. No land yet people expect their apartments to go up in value......whats valuable about it?
@@wallstreethamster8341 And if the building burns down or gets into a state of disrepair, you are left with nothing.
would never buy an apartment off plan. legally, the builder is able to change the plan and they dont need your approval. Im sure any changes will benefit the builder not the purchaser.
people used to warn me about that, I was naive and didn't understand, how good do the brochures look, lucky I didnt, I still bought a lemon in older building, cracked base floor, flooding in the room when it rained, black mold throughout under carpet, I was a fortunate one, I won the strata vote 2 to 1 to get it fixed from a quality repairer otherwise I would have been stuck with a huge debt without being able to sell at profit. Got out real fast. A strata check or $200 reported nothing, I didnt know about a builders report ($800). Live and learn hard.
Never ever buy new apartment and home and land package.
why will not governments act ,,,,,,they get action from all developers ,! until people demand a royal commission into the building industry ,,,,,,,,,,, nothing will happen !!!!!!!!!
Who else knows this better than me. IT job done by tradie, architect job by arts student, n so on. U dont need education in Australia to get proper job, only reference. This is what happens when people with no proper skills gets the job, questions based on behaviour interview. Sydney twin tower. Not new thing. And forgot to mention, corruption.
I was thinking of the same, jobless miners went into construction and about to dive into infrastructure work soon.
But we always made sure that only white Anglo-Saxon builders get those contracts. As a Chinese I got one because I was not Chinese.
@@qwertyui5086 well, unfortunately you are not wrong
apartments suck full stop
your cameraman has really tightened his depth of field a bit too much on this one. it was a little distracting. most of the face should be in focus always.
It’s the new craze. Tiny DOF.
The fire dampers are checked thoroughly during testing and commissioning
Did you watch the full documentary?
@@kundaigotore992 the contractor does the testing and commissioning not the building surveyor/ building certifier
@@JustAnotherBigAl the person who profits from cutting corners... Yeah good move..
@@limacnaughton3352, mate I've been in the building industry for over 20 years and never seen anyone intentionally cut corners.
@@JustAnotherBigAl I've seen it when they built my house. They got called on it by my uncle who dropped by - who is a master builder... (Including taking fittings we had brought and left on site for them to install and replacing them with cheaper ones - I saw the ones I'd brought in the guy's truck).
I've seen it on friends houses, on the apartment building my sister brought into.
Quite frankly I wouldn't buy a building built in the last 15 years again.
Wow thats an insane system, how did that get government approved?
it doesnt it just get built, but if you or i were to do something like that, whuoh look out youll be in deep shit
like all things govt approved, sweet corruption and pressure to create jobs and GDP
Maybe better to rent 🤔
Rent these defective apartments? Lol.
@@dgs3002 depends on your lease agreement wouldn't it?
Thats why you always buy from the best developer like Mirvac or Meriton
lol meriton... you`re being sarcastic right? I lived in a meriton, in bondi junction, so many leaks, water damage, aircon central cooling failures, glass panels flying of balconies, elevator cladding collapsing. Meriton were the original master of shit builds, but it made Trigaboff the richest man in town.
Strata frees
Strata frees
Strata frees
Strata frees
Strata frees
Strata frees
DON’T
i don't think infecting is the right word....
Shonky apartments?...blame Labor! Right?
All political parties are guilty here.
Just don't buy it
The Fountain Head
What you need to know before buying an apartment is that you need to buy an apartment.
Anything could always be better but I think expecting a building to remain defect free for twenty years is pretty unrealistic.
Shonky Leb concreters
Only poor people and Chinese use to live in apartments, now everyone feels poor because housing is pumped. Somehow we ran out of land to build houses 😂 we are overpopulated and have no land left in this country so now we need to live is highrise apartments.
So, now it's been revealed that the property actuality status are in question. Devaluation manifest itself creates some very scary cycle of property prices keeps dropping every year. The blame lies with the government, ombudsmen and greedy property developers. Victims should now start making claims against these irresponsible people or bodies including government who've been charging home owners, or flat, or apartment, stamp duties, etc., for useless fees which does nothing to protect them from wrong doings. Anyone can see a forthcoming Sell, Sell, Sell!!! But, who's going to buy?
1:15 who designed his teeth.
3:10 It's the eye brows that frighten me. Is this guy part ware-wolf?
More ABC (Australia) Propaganda.
How is this propaganda? Anyone who knows anything who knows anything about the building industry knows about this.
@@limacnaughton3352 true. i worked in a white goods manufacturing plant. in the 10 years i was there the quality of the product went down hill very fast. all for more and more profits. I can only imagine the same thing happening in the building industry.
Link to buyer’s guide?
Turn on annotations at 8:13