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Game-changer rating system for apartment buyers

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A “game changing” new system allowing prospective home buyers access to ratings of up to 100 NSW property developers has been introduced in NSW. All buildings will have a defect of some form. What you get from ratings of players is the high likelihood that the developer or builder will go back to fix it.

The NSW Building Commissioner David Chandler backed the ratings system as a means of putting more power in the hands of the buyer. The five-star rankings will sort property developers on key points such as credit ratings to judge developers’ character, capability, capital and defect history.

https://amp.smh.com.au/national/nsw/apartment-buyers-start-pulling-deposits-after-commissioner-rates-developers-20220613-p5atcq.html

https://www.news.com.au/finance/real-estate/sydney-nsw/new-game-changer-ratings-system-for-apartment-hunters-to-launch-next-year/news-story/0c9cd5c0e0a6e47d16c7e9ab68ca76d8?amp



What do you think?


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Comments
David Gibbons @ 2022.07.27 5:46 AM
Apartment owners, tenants and would-be buyers have been freaking out over some poorly built buildings here in Sydney. There is an immense fear over the Grenfell Tower block fire in London where 72 people died. This should never happen anywhere in the modern era. But it did, and the new system backed by NSW Building Commissioner David Chandler will bring back confidence. It only takes one dodgy builder to ruin the reputation of all the good ones.

IdeaSpies @ 2022.07.29 5:48 AM
Good point David. A property is probably our biggest purchase and we need to be protected from dodgy builders. 


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