SYDNEY MORNING HERALD,
Harry Triguboff’s Meriton wants immediate reforms to the construction industry in NSW to stop substandard buildings from going up, as a growing number of experts argue the government should issue low-interest loans to apartment owners battling defects.
The perception of a crisis in Sydney’s residential apartment market snowballed this week after theHerald revealed another evacuation of a unit block at Zetland, while the Premier conceded that self-regulation had failed.
Some in the development industry have warned that buyers could be scared off by the focus on apartment defects. But a spokesman for Meriton, whose ubiquitous apartment blocks have made founder Mr Triguboff one of the country’s richest people, said the company had “full confidence that everything will be resolved.”
However, the Meriton spokesman also said the government should “immediately” implement a simple change to industry practice.
“We think the process can be improved, such as the engineers should be checked on their designs by an independent engineer like in Victoria where the private certifiers are required to do so,” the spokesman said…
Chris Johnson, the chief executive of the developer lobby group Urban Taskforce, said a lack of consumer confidence in the apartment market could emerge as a “big problem.”
“I think there could be a real lack of consumer confidence that could well start occurring by people saying, ‘Well, look, I just don’t want to buy one of these,” he said.
“I think the government needs to underpin some confidence level back by saying that, number one, that there be an independent engineering report on engineering for certain buildings.”
Read the Full Article Here