Pity the poor resident apartment owners at Sydney Olympic Park. Not only do they find themselves saddled with a potentially defective asset and a mortgage but they discover their residential community is not that at all. Apparently, they share their 'modern' building with hoards of potentially illegal holiday makers courtesy of remote uncaring landlords and AirBnB.
So what next for the owners of this building? A protracted expensive legal claim on the builder and/or developer? And, if they are allowed to live in their new home at all, they will be living in a quasi hotel that they are responsible for keeping safe and well maintained. Sadly, the only response from Government is to make it harder on strata home owners by going soft on building standards and holiday letting in residential strata schemes.
Chairman - Owners Corporation Network