The ABS’ latest data shows that the ACT experienced a monumental boom in high-rise apartment approvals before crashing 48%:
And developer Geocon has driven the high-rise boom across Canberra:
While many developers across the country, facing lacklustre demand for apartments during the housing downturn, have scaled back their construction pipeline, Geocon is continuing full steam ahead.
Since, its inception 10 years ago, Geocon has delivered 1460 apartments to the Canberra market, and now has triple that number – another 4,300 units – in the pipeline…
Now ACT Strata has warned that Canberra’s apartments are “plagued by defects”:
Strata Community Association (ACT)’s president Chris Miller says Canberra apartment owners are facing potential financial hardship because they’re footing the bill to fix flammable cladding and building defect problems, which are out of their control.
He says the ACT government should step in to assist these people…
“They should not be financially penalised due to the lack of proper building regulations…
[The] concerns follow the release of a report by Equity Economics this week, which estimates that it’ll cost about $268 million to rectify the apartment defects in Canberra.
It also estimates that hundreds of Canberra residents are living in or own apartments and units that pose a serious risk to personal safety.
It looks like Canberra has built the same kind of junk that’s proliferated across the East Coast.