Our cities are growing at a rapid rate. Apartments account for a large part of this, with strata being the fastest growing form of residential property ownership in Australia. Hot property markets in our capital cities will see a forecast 162,650 new apartments hit the Australian market over the next three years, according to market researcher BIS Shrapnel.
For those looking to purchase their first apartment, this may be welcome news. But it may also raise concern due to an alarmingly high number of apartment blocks with building defects. "It's just rife," says Karen Stiles, executive officer of the Owners Corporation Network (OCN).