Nicole Johnston | What’s behind the wall?: 85% of developments have defects

In this insightful episode Veronica Morgan and Chris Bates chat with Dr. Nicole Johnston, socio-legal researcher and senior lecturer at Deakin University. Nicole has spearheaded the development industry, shining the spotlight on defective developments in her university published report “An Examination of Building Defects in Residential Multi-owned Properties”. The report highlights the severity of the development industry, analysing 3227 defects across 212 buildings in NSW, Victoria and Queensland.

In today’s episode our hosts discuss the problems plaguing the development industry and how they can redeem themselves in the coming years when truth surrounding their dodgy dealings spills.

Here’s what we covered:

• The risks of buying brand new.

• Why NSW is the riskiest state to buy a new apartment.

• Why is there very little research on new buildings?

• What happens to tenants with defects and the red tape involved?

• Water related defects are the most costly and common defect.

• Why does home and contents insurance not protect you from defects?

• Why you should always invest more into a specialised property lawyer

• How do we make quality builds and also solve the housing affordability crisis

• Will developers make the first stand and take ownership for defects?

• Rectification costs never capitalised when you go to sell.

• Cheap apartment = Costly endeavour.

MENTIONED EPISODES:Episode 87 | Kerry Hunt Episode 91 | Rod Fehring Episode 106 |  Dodgy Developers

GUEST LINKS:Deakin University: Nicole Johnston Deakin University: Home Research Hub Home Buyer Academy

HOST LINKS: Looking for a Sydney Buyers Agent? www.gooddeeds.com.au Work with Veronica: info@gooddeeds.com.au 

Looking for a Mortgage Broker? www.wealthful.com.au Work with Chris: hello@wealthful.com.au

Buy the book - AUCTION READY How to buy property at auction even though you’re scared s#!tless: www.getauctionready.com.au Use the coupon ELEPHANT for your 30% listener discount.

EPISODE TRANSCRIPT: Please note that this has been transcribed by half-human-half-robot, so brace yourself for typos and the odd bit of weirdness… This episode was recorded on 26 February, 2020.

https://www.theelephantintheroom.com.au/podcasts/112

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