Opal Tower at Olympic Park - Residential Tower Evacuation

What’s the basis for your comment that it ‘doesn’t seem structural’?

Wondering how you can tell from the couple of photos we have seen online?

 

Please enlighten. . I thought when you look at a house for example, and there are cracks in brickwork, it’s not a huge problem unless it’s load bearing. Again not an expert and would obviously still get professional advice before buying, but isn’t the case applicable to towers as well (ceteris paribus).

If that line of thought is off track, would be great if it is explained.

 

As Scott explained earlier: It’s a problem because it may indicate that a load bearing wall has failed and has transferred the load to a wall(s) that isn’t designed to be load bearing.

This could be a pretty serious issue if that is the case. However, how serious depends on where the failure is and how widespread. But, none of us know what has actually occurred and how serious it is (though people don’t seem to be letting that stop them making wild guesses).

 

Thanks. Must have missed that. I read somewhere that these buildings are designed to be in “zones” so if one zone fails doesn’t mean that the whole building will come down crashing. Have no clue how these zones work. Titanic was build in “zones” too and was thought to be unsinkable.

In any case. I feel sorry for the owners. I would imagine strata costs will go through the roof, even if this issue is rectified by the developer....

 

...along with plummeting valuations making resale a problem, and difficulty getting any sort of insurance.

Plus tenants flocking to the tribunal to have leases terminated, and problems securing tenants in the future.

However, reports say 30 units remain unsold. Could be a bargain for anyone prepared to take the gamble.

And how on earth will they find accommodation for the evacuated occupants of 300+ units over New Year when Sydney hotels usually fully booked?
Marg

 

and what happens when there's a moderate earthquake?
happened in Newcastle, could happen in Sydney!

 

So a 2 br apartment in this building originally sold for about $1mill.... Goodness.....

Opal residents ‘crippled for life’ — news.com.au

 

Always terrible when a comment is reported as fact.
It is Impossible to believe that units would be worth 40% of their purchase price. There are always bargain hunters at even 20% below market. So this lambasting tenant should not be given a platform to express his ignorance

 

Tell that to people who bought properties in mining towns at the height of the boom! Many losses far greater than 40%.
Marg

 

news.com - say no more

 

I was gobsmacked that a tenant with heresay on the price could be quoted as fact on what will happen to the values. He may well be right but FFS why didn't the journalist ask for a comment from an industry recognised person. They might as well asked a taxi driver who was driving past.

 

Tenants are a recognised group, just the wrong ones to be asking (they're potential FHB or rentvestors).

Taxi drivers on the other hand.....

 

If you want to succeed as a mass-market journalist, you don't need authoritative sources; you need to be good at finding ones whose comments will make good headlines/clickbait.

 

Maybe the tenant was a rentvestor with a very solid knowledge of market forces?
Why assume a tenant knows nothing?
Marg

 

More updates. Building seems OK, though more cracks found

 

Now prices will start to go up again ?

 

Buy before you miss out!

 

The tenant quoted a 60% loss to 40% of its value in August.
This is not a general loss of 60% the tenant is claiming but a drop in one building when the others are not seeing any such figures.
Those that couldn’t see the mining housing problem didn’t do their research. Mining towns are huge in the building phase and nothing in the operational stage. In the future very few staff will be needed on a mining site.

If I was a little younger I would ring the developer and offer 60c in the dollar on all unsold properties in one sale.
Give it 10 years and you’ll triple your money.

 

You’re in luck.
There are 30 unsold units.
Marg

 

Not really - apartment prices are already plummeting and that's the ones that are structurally sound. These apartments in Olympic Park were very overpriced as is. $1 million for a two bedder is absurd. The real value is around 400k IMO and that's on the generous side for one that is well built. There is so much overbuilding relative to real demand that the ones in this faulty building would barely be worth anything.