Flammable apartment values up in flames

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Via the AFR:

British owners of apartments clad in combustible aluminium panels are struggling to sell their units in the wake of London’s Grenfell Tower tragedy, as the financial costs of replacing cladding and fixing buildings are unclear to both owners and potential buyers.

…Once registers of buildings with combustible cladding, such as the one NSW says will come into effect later this year, are completed, the picture will be clearer and the buyers would start to pay less for affected apartments, said Sydney strata lawyer David Bannerman.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.