'No effective oversight': why the Opal and Mascot Towers cases may be the tip of a very large iceberg | Owners Corporation Network

'No effective oversight': why the Opal and Mascot Towers cases may be the tip of a very large iceberg

The Mascot Towers crisis is the second seismic shock delivered to the Sydney high-rise residential market in just six months, following the emergency evacuation of residents from the Opal Towers at Homebush on Christmas Eve. The Mascot Towers crisis is the second seismic shock delivered to the Sydney high-rise residential market in just six months, following the emergency evacuation of residents from the Opal Towers at Homebush on Christmas Eve. Residents from 156 of those 392 apartments are still not back in their homes, though builder Icon says it hopes to have repairs completed by next month. Owners Corporation Network spokesman Stephen Goddard says Mascot Towers owners have "only themselves upon whom they can rely”. For some, the only avenue of escape may be personal bankruptcy “ because they can’t afford the mortgage repayments or the special levies”. How, Goddard wonders, can the “aspiration of owning your own home go so terribly wrong, that the outcome could be bankruptcy [because] of the absence of consumer protection?”  
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