CLANCY OVERELL | Editor | CONTACT
Thousands of residents in high-rise unit blocks through South and Western Sydney have been urged to stop reporting any cracks they see or hear in the buildings.
That’s unless they want to see this country go through an Ireland-style housing bubble deflation and subsequent economic recession.
This comes after the city’s second residential high-rise was evacuated for fear of collapse after cracks were reported in the structures.
According to one estimate, 80 per cent of all new residential strata schemes are constructed with defects – however this didn’t really get flagged while the property market was rising at an unsustainable level over the last five years.
However, with the housing boom now starting to falter and the the statutory warranty periods of these lego towers now expired – the structural faults are there for all to see and none of the developers are in sight.
This has caused a headache for the local councils who can’t believe how badly this sugar hit of one-coat-of-paint unit blocks has gone for them.
“We didn’t think allowing dodgy overnight developers with literally no other builds to their name could turn out so badly for us” said the mayor of Mascot council, Corey Uptasfuk.
“Who are we going to sue? Some of these units were bought by residents who are actually from Sydney, not just foreign investors”
“Man, imagine if all of these tens of thousands of new skyboxes for structurally unsound’
“That could have ruin our economy…. We need to find the people who built these things and make them tell us a lie about the structural faults being nothing more than a insignificant crack in the front facade and nothing to worry about”