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For too long governments have ignored the key stakeholder in the apartment building boom: the resident. In fact, under current consumer laws, you receive more protection buying a refrigerator than a $1 million apartment. With population projections showing NSW will be home to 9.9 million people by 2036, and 70% of newly approved dwellings estimated to be apartments, a significant loss of confidence in strata living would be devastating for the state. You would think that such a reliance on apartment living would see governments ensure that citizens who live in vertical villages are protected if things go wrong. Sadly, this is not the case. Apartment owners in NSW, and across the country, have little consumer protections, while developers are not held accountable for their actions. If governments fail to act, there will undoubtedly be more issues and zero accountability, which will continue to undermine confidence in this vitally important form of housing.
The Sydney Morning Herald