Unknown costs looming over rectification works are causing major pain in the property market — with would-be buyers unable to finance. Here’s why
Then-resident Diego Rey outside the Lacrosse Tower in Docklands in 2017. Picture: Stuart McEvoy
Cladding rectification works are yet to be confirmed for this building in St Georges Rd, Fitzroy North.Mr Borg, also a director of Masters Broker Group, said lenders “don’t like to lend against anything that’s uncertain” and not knowing what rectification works would cost was a no-go., priced at $450,000-$475,000, for about seven months, with about 25 buyers on it and a deal close but the unknown cladding cost has stalled a sale.
“We’ve held back a couple of $1000, sometimes $5000, $10,000, until those cladding issues were resolved, which made them easier to sell … so if that money is not spent by the time the cladding issue’s resolved, that goes back to the vendor,” she said. As of June 30 last year, CSV had expended about $263m funding the rectification of private apartment buildings and is continuing to fund further projects.
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