How to Ensure I’m Buying a Quality Apartment in Sydney?

Hi everyone,

I’m currently in the market for an apartment in Sydney, but I’ve heard many stories about buyers ending up with properties that have serious quality issues. I want to make sure I avoid any potential pitfalls and invest in a sound property.

Could anyone share their experiences or tips on how to vet apartments effectively here? What steps should I take to check the developer's reputation, the building's history, or any other due diligence tips?

Thank you all in advance for your help and advice!

 

Very broadly, find a block that was built before the year 2000 and you'll probably be ok.

If it's very old i.e. pre 1970s then we've seen concrete cancer in some blocks, but theoretically there should be records in strata records of findings/quotes etc.

You can also find shoddy any-company on the complaints register in NSW

Complaints register

There are also public registers on ASIC where you can view complaints against companies and/or action taken by ASIC.

Public registers

These are good starting points, but dive into the depths of the internet and you'll find what you need to know if you look hard enough

 

Im not an expert in the field, but as above... that circa 20 years old mark means that any problems have either been rectified or become pretty obvious.

Keeping it simple would also help. The taller or shinier the complex, or more amenities it has is also an invitation for expense and problems.

 

Anything recently built, find an iCert registered developer eg Mirvac and plenty of others.

 

All modern units fail that test.

Do some homework. You want a solid track record. Some signs

• iCert
• The parties who are selling it ...Is its a BIG multinational real estate agent or the developer ? The big guys choose who they work for. Its bad busienss to sell bad property. eg CBRE
• Any recent completions and feedback etc. Danger is there is always a complaint somewhere.
• Is it actually being built with actual activity ??
• Is the build on hold ?
• Developer past experience and track record. How many years, how many projects ? How many recently ?
• Developer ownership. Foreign ? How is it funded. Many chinese owned sites are encountering finance delays and issues

Sometimes a warning sign is poor proximity. A developer who buys cheaper land well away from a metro station and who says its "close" can be a warning v another who builds close buy and pays for the sites. Did the land developer pass them due to factors other than price ? eg Not a preferred sale ? eg Deicorp were a preferred tender sale for this site : Deicorp Tapped for Stage 2 of Hills Showground Station Precinct

Team - Showgrounds Village - New apartments for sale - Castle Hill