Hi all,
i'm thinking of buying an apartment in Sydney CBD and thought i'd get some opinions.
Some of the buildings i'm looking at are fairly old, is there any risk that they may be ordered to be torn down or anything like that? if so, how does that impact the owners?
Thanks
PropertySeekerHi
I've purchased an apartment in the Sydney CBD earlier this year and have looked at countless apartments ranging from older ones (e.g. regal, regis, millenium etc) to new ones (e.g. world tower, lumiere) etc. In the end I settled for an apartment on george street which is roughly 6 years old.
I dont really know if the older ones will risk being torn down but I guess if they do, then I guess all the owners would get some sort of payout figure. However, should note that older apartments will usually attract higher strata levies because generally more stuff usually goes wrong.
At the moment, the NSW govt is reviewing whether or not under the Strata Legislation that it should require a lesser % of owners to agree upon a sale/redevelopment than the current threshold. That is, at the moment, it is very difficult for a developer to buy up an entire strata building for redevelopment unless almost all of the owners agree consequently, there are many original strata scheme buildings which have passed their use-by dates and should be redeveloped (this will also take advantage of any changes in zoning/density allowances for these sites). Stay tuned.
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