A brand new ratings system for property developers and builders will give prospective buyers a welcome edge over dodgy businesses.
The ratings system came to be after developers were forced to remove 1500 bathrooms in apartment buildings in NSW as a result of new laws passed in 2020.
“The Fair Trading data assets now are second only to the Australian Defence data assets – that’s how powerful they are,” he said. “If [buyers] are in a situation where you’re seeing a sales brochure that doesn’t have a rating ... you can cross the road to one that is, or you can take the risks that go with one that’s not so well-regarded,” he said.
Executive officer of the Owners Corporation Network Karen Stiles was highly in favour of evening up the playing field between buyers, who stand to invest substantial years of their income into an apartment, and the developers.
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