Martin North and property insider Edwin Almeida have delved into the high-rise apartment crisis, which they claim could become a $1 trillion problem for Australia, with owners and taxpayers likely to be left footing the bill.
The video includes a bunch of alarming photos showing the types of faults prevalent across high-rise developments.
Earlier this week, Edwin Almeida described Australia’s high-rise as “death traps” and claimed the problems discovered so far are “just the tip of the iceberg”:
“It’s a mess, a lot of these buildings will need to get pulled down,” he told Yahoo News Australia. “They’re death traps”…
While Sydney built more apartments than anywhere else during the recent real estate boom, Mr Almeida says serious problems exist in other cities and it’s simply a matter of time until more problem buildings become public.
“It’s a big problem in all states,” he said. “It’s not different in Melbourne, it’s not different in Brisbane.
“What you, I and the general public see, is just the tip of the iceberg.”
He believes there are plenty of body corporates battling with developers over major building defects but don’t want them to become public out of fear it will cause the value of their apartments to drop.
As we keep saying, a Royal Commission is desperately needed into Australian building regulations and practices.
