In a not so surprising twist, older style low rise apartments across Sydney are currently the preferred choice for apartment buyers and investors in the wake of the cracking issues with the Opal and Mascot Towers.
Last Christmas Eve, the cracks started to appear literally in the new apartment market, with the Sydney Olympic Park Opal Tower block residents having to evacuate due to the risk of the building collapsing.
This was followed up in June with cracks appearing in the primary support structure and façade in the Mascot Towers, again forcing residents to leave.
The recent cracking issues has led to a resurgence in would-be home owners and investors looking at low-rise older style apartments across Sydney, with agents reporting bigger numbers than usual at opens and strong sales results.
A Chance To Do Your Homework
Unlike the newer off-the-plan properties, these older 1960’s – 2000 styled apartments have recorded works history, where you can look back through time to see what work has been carried out plus access how healthy the sinking fund is to cover any future works.
These older style apartments often offer lockup garages and are identified by their red, orange or blonde brick exteriors. They also offer big savings on strata levies, as compared with the modern apartments, because you don’t have to pay for lifts, gyms, pools or large landscaped grounds which need to be maintained.
Things to keep an eye out for, when doing your research, include checking if the property will need any upgrades to the roof, balconies, building structure and fire safety. On the plus side, you can find well-constructed properties made from good old fashioned brick that are generous in size, so you feel like you are living more in a stand alone home than an apartment, making it a favoured choice right now for owners and tenants.
If you are starting to think that a solid bricks and mortar low rise property investment is the next step in your property portfolio then be sure to call the team at Plan Assist who can help you navigate all of the dos and don’ts for this type of investment.