1 00:00:10,614 --> 00:00:15,294 Speaker 1: You're listening to a Muma Mia podcast. Mumma Mea acknowledges 2 00:00:15,334 --> 00:00:18,174 Speaker 1: the traditional owners of land and waters that this podcast 3 00:00:18,214 --> 00:00:18,934 Speaker 1: is recorded on. 4 00:00:21,894 --> 00:00:22,054 Speaker 2: Hi. 5 00:00:22,174 --> 00:00:25,174 Speaker 1: I'm Claire Murphy. This is Mumma MIA's daily news podcast, 6 00:00:25,214 --> 00:00:27,974 Speaker 1: The Quickie. We are now just a couple of months 7 00:00:28,014 --> 00:00:31,974 Speaker 1: away from Australia's peak property selling period. As we emerge 8 00:00:31,974 --> 00:00:35,054 Speaker 1: from our winter hibernation into the spring air of September, 9 00:00:35,214 --> 00:00:37,414 Speaker 1: Ozzie is start to get out into the property market 10 00:00:37,494 --> 00:00:40,814 Speaker 1: in larger numbers and with a housing crisis still impacting 11 00:00:40,854 --> 00:00:43,974 Speaker 1: most of the nation, many will consider buying a unit 12 00:00:44,094 --> 00:00:47,574 Speaker 1: or apartment before a house due to the lower entry cost. 13 00:00:48,094 --> 00:00:50,534 Speaker 1: But buying an apartment comes with its own set of 14 00:00:50,574 --> 00:00:52,974 Speaker 1: rules and risks that you need to be very aware 15 00:00:52,974 --> 00:00:56,094 Speaker 1: of before you sign on the dotted line. So today 16 00:00:56,174 --> 00:00:59,094 Speaker 1: we're speaking to a woman who knows apartments inside and 17 00:00:59,134 --> 00:01:01,214 Speaker 1: out and can get us all the pros and cons 18 00:01:01,214 --> 00:01:03,974 Speaker 1: for owning one of your own. Before we check in 19 00:01:03,974 --> 00:01:06,414 Speaker 1: with Amanda. Here's the latest from the Quikie newsroom. Wednesday, 20 00:01:06,534 --> 00:01:10,974 Speaker 1: July seventeen. Today marks ten years since Malaysian Airlights Flight 21 00:01:11,094 --> 00:01:14,774 Speaker 1: MH seventeen were shot down by Russian missile over Ukraine, 22 00:01:14,974 --> 00:01:17,774 Speaker 1: killing all two hundred and ninety eight passengers on board, 23 00:01:18,054 --> 00:01:21,854 Speaker 1: including thirty eight Australians. Nearly one hundred family members of 24 00:01:21,894 --> 00:01:24,494 Speaker 1: those who were lost that day will attend a commemorative 25 00:01:24,534 --> 00:01:28,374 Speaker 1: service at Parliament House in Canberra, along with diplomatic representatives 26 00:01:28,414 --> 00:01:32,294 Speaker 1: from countries impacted by the incident and Australian officials who 27 00:01:32,334 --> 00:01:35,214 Speaker 1: were involved in the response on that day a decade ago, 28 00:01:35,334 --> 00:01:39,214 Speaker 1: Foreign Minister Penny Wong saying those killed remain in our hearts. 29 00:01:39,494 --> 00:01:42,934 Speaker 1: The Ukrainian Ambassador to Australia says it's still important to 30 00:01:42,974 --> 00:01:45,814 Speaker 1: hold the criminals of the Kremlin to account for the shooting, 31 00:01:46,134 --> 00:01:49,094 Speaker 1: as well as the invasion of his country. A Romanian 32 00:01:49,134 --> 00:01:52,654 Speaker 1: court has overturned a decision to allow Internet personality in 33 00:01:52,694 --> 00:01:56,454 Speaker 1: alleged sex trafficker Andrew Tate from leaving the country. Tate 34 00:01:56,614 --> 00:01:59,214 Speaker 1: was indicted along with his brother Tristan and two women 35 00:01:59,294 --> 00:02:02,974 Speaker 1: last year for suspected human trafficking, rape, and forming a 36 00:02:02,974 --> 00:02:06,534 Speaker 1: criminal gang to sexually exploit women. In April this year, 37 00:02:06,614 --> 00:02:09,214 Speaker 1: the court in Bucharest ruled that the trial could begin, 38 00:02:09,654 --> 00:02:12,654 Speaker 1: which Tate appealed. Pending a ruling on the appeal, The 39 00:02:12,694 --> 00:02:16,334 Speaker 1: four suspects were banned from leaving Romania earlier this month. 40 00:02:16,374 --> 00:02:19,334 Speaker 1: The court lifted that ban, but restricted the force movements 41 00:02:19,334 --> 00:02:23,174 Speaker 1: to within the European Union. The prosecutors challenged the decision, 42 00:02:23,254 --> 00:02:26,774 Speaker 1: which led to yesterday's overturning of the travel freedom, again 43 00:02:26,974 --> 00:02:30,894 Speaker 1: restricting them to within Romania. Tate told reporters outside the 44 00:02:30,934 --> 00:02:32,894 Speaker 1: court that God has made a plan for him and 45 00:02:32,934 --> 00:02:36,934 Speaker 1: he's simply following his decisions, saying he's not emotionally involved 46 00:02:36,934 --> 00:02:39,494 Speaker 1: in the process, so he's just going to follow the 47 00:02:39,574 --> 00:02:43,974 Speaker 1: law and respect the Romanian judicial system, breaking with tradition. 48 00:02:44,134 --> 00:02:46,694 Speaker 1: Donald Trump has made an appearance on the first day 49 00:02:46,734 --> 00:02:50,294 Speaker 1: of the Republican National Convention, his ears sporting a white 50 00:02:50,334 --> 00:02:54,254 Speaker 1: bandage from the attempted assassination two days before, receiving a 51 00:02:54,334 --> 00:02:58,454 Speaker 1: hero's welcome from the party Faithful. The crowd chanted fight, Fight, 52 00:02:58,614 --> 00:03:01,334 Speaker 1: Fight as Trump entered the arena late in the evening, 53 00:03:01,654 --> 00:03:04,374 Speaker 1: referring to the word the former president mouthed as he 54 00:03:04,494 --> 00:03:07,094 Speaker 1: was helped off the stage at the rally in Pennsylvania 55 00:03:07,214 --> 00:03:10,014 Speaker 1: after he'd been shot at the gunman also so taking 56 00:03:10,054 --> 00:03:12,174 Speaker 1: the life of a member of the crowd who jumped 57 00:03:12,174 --> 00:03:13,294 Speaker 1: over his family. 58 00:03:12,974 --> 00:03:13,734 Speaker 2: To protect them. 59 00:03:14,134 --> 00:03:17,214 Speaker 1: Trump named his running mate and Vice president candidate J. D. 60 00:03:17,414 --> 00:03:18,414 Speaker 1: Vance from Ohio. 61 00:03:18,494 --> 00:03:18,974 Speaker 2: On the night. 62 00:03:19,374 --> 00:03:22,134 Speaker 1: Vance is the first millennial to ever appear on a 63 00:03:22,174 --> 00:03:26,614 Speaker 1: presidential ticket. The movie that saw Alec Baldwin face caught 64 00:03:26,654 --> 00:03:30,214 Speaker 1: for the shooting death of cinematographer Helena Hutchins is being finished, 65 00:03:30,534 --> 00:03:33,414 Speaker 1: but the scene that saw the tragedy unfold has been cut. 66 00:03:33,854 --> 00:03:36,294 Speaker 1: The Western was being filmed in New Mexico in twenty 67 00:03:36,334 --> 00:03:39,054 Speaker 1: twenty one when Baldwin was rehearsing, drawing the gun and 68 00:03:39,094 --> 00:03:42,374 Speaker 1: pointing at the camera where Hutchins and director Joel Susa 69 00:03:42,454 --> 00:03:45,294 Speaker 1: was standing. Baldwin pulled the trigger, not knowing there was 70 00:03:45,334 --> 00:03:48,934 Speaker 1: a live round inside. The bullet discharged, killing Hutchins and 71 00:03:48,974 --> 00:03:52,654 Speaker 1: seriously injuring Sousa. The camera wasn't rolling at the time. 72 00:03:52,814 --> 00:03:57,454 Speaker 1: A criminal charge of involuntary manslaughter against Baldwin was dismissed. However, 73 00:03:57,534 --> 00:04:00,534 Speaker 1: there are still civil lawsuits pending from Hutchins's parents and 74 00:04:00,534 --> 00:04:03,934 Speaker 1: her sister. Rust returned to filming last year with Hutchins's 75 00:04:04,014 --> 00:04:06,854 Speaker 1: husband and now widow, Matthew on board as an executive 76 00:04:06,894 --> 00:04:10,054 Speaker 1: producer after he reached a settlement with the film makers. 77 00:04:10,334 --> 00:04:12,374 Speaker 1: The film is now finished, but the scene in the 78 00:04:12,454 --> 00:04:15,334 Speaker 1: church where the shooting unfolded is not included in the 79 00:04:15,374 --> 00:04:18,694 Speaker 1: final cut. That's what's going down around the globe today. Next, 80 00:04:18,774 --> 00:04:21,294 Speaker 1: if you're thinking about buying an apartment because the house 81 00:04:21,374 --> 00:04:23,894 Speaker 1: is just way too far out of the budget, we'll 82 00:04:23,934 --> 00:04:26,574 Speaker 1: get you across everything you need to know before you 83 00:04:26,654 --> 00:04:42,574 Speaker 1: take the plunge. A recent story from an apartment block 84 00:04:42,614 --> 00:04:46,814 Speaker 1: in Melbourne is sadly becoming more common. The Frankston South block, 85 00:04:46,854 --> 00:04:50,254 Speaker 1: where residents purchased individual apartments for around three hundred and 86 00:04:50,334 --> 00:04:53,574 Speaker 1: sixty thousand nearly twenty years ago, is now costing them 87 00:04:53,814 --> 00:04:56,854 Speaker 1: tens of thousands of dollars more in repairs, with some 88 00:04:56,934 --> 00:05:01,494 Speaker 1: saying their apartments are now worth nothing. The thing is 89 00:05:01,814 --> 00:05:05,054 Speaker 1: they can't not pay the money they're obligated to as 90 00:05:05,134 --> 00:05:08,414 Speaker 1: part of special levees strata fees. They found out just 91 00:05:08,454 --> 00:05:11,614 Speaker 1: two weeks before Christmas twenty twenty three via email from 92 00:05:11,654 --> 00:05:14,654 Speaker 1: the local council that their apartment building was now subject 93 00:05:14,654 --> 00:05:18,014 Speaker 1: to an emergency works order. Their homes posed a danger 94 00:05:18,054 --> 00:05:21,174 Speaker 1: to life arising out of the conditions of the building. 95 00:05:23,294 --> 00:05:26,694 Speaker 1: There'd been multiple balcony collapses. Water leagues had rotted the 96 00:05:26,734 --> 00:05:29,294 Speaker 1: carpet and gotten into the structure to the point that 97 00:05:29,414 --> 00:05:32,934 Speaker 1: some had mushrooms growing out of the walls, there were cracks, 98 00:05:33,054 --> 00:05:36,774 Speaker 1: black mold, and the underground car park had started to collapse. 99 00:05:37,454 --> 00:05:39,974 Speaker 1: It's estimated the cost to repair the building is nine 100 00:05:40,054 --> 00:05:42,814 Speaker 1: million dollars. The majority of that will be to replace 101 00:05:42,854 --> 00:05:45,014 Speaker 1: the cladding on the outside due to it being made 102 00:05:45,054 --> 00:05:48,854 Speaker 1: from a flammable material. While the builder behind the apartment 103 00:05:48,854 --> 00:05:52,174 Speaker 1: block has since been suspended by the Victorian Builders Association 104 00:05:52,334 --> 00:05:56,014 Speaker 1: and had his license canceled, he is not held responsible 105 00:05:56,054 --> 00:05:58,934 Speaker 1: for the repayments to the apartment owners, who News dot 106 00:05:58,974 --> 00:06:01,334 Speaker 1: Com or reporting have now just been sent a five 107 00:06:01,454 --> 00:06:04,294 Speaker 1: hundred dollars land tax bill to pay on top of 108 00:06:04,334 --> 00:06:07,134 Speaker 1: the repair bills for apartments they can no longer live in, 109 00:06:07,614 --> 00:06:12,094 Speaker 1: and their story isn't an isolated one. Earlier this year, 110 00:06:12,174 --> 00:06:15,054 Speaker 1: a newly built set of nine hundred apartments in Sydney's 111 00:06:15,054 --> 00:06:18,134 Speaker 1: Macquarie Park were also told they're living in a building 112 00:06:18,174 --> 00:06:21,214 Speaker 1: that's under threat of collapse due to the concrete slab 113 00:06:21,254 --> 00:06:24,934 Speaker 1: in the basement being defective. And in January, the residents 114 00:06:24,934 --> 00:06:27,814 Speaker 1: of Mascot Towers in Sydney's Inner South were offered a 115 00:06:27,854 --> 00:06:31,014 Speaker 1: settlement after they were forced to evacuate the complex due 116 00:06:31,054 --> 00:06:33,614 Speaker 1: to the amount of defects, they haven't been able to 117 00:06:33,654 --> 00:06:37,134 Speaker 1: live in them for years. Amanda Farmer knows how this 118 00:06:37,214 --> 00:06:39,974 Speaker 1: feels all too well. She's been an apartment owner for 119 00:06:40,014 --> 00:06:43,094 Speaker 1: many years, but found out recently that her most recent 120 00:06:43,174 --> 00:06:45,374 Speaker 1: purchase needed some unexpected work. 121 00:06:45,774 --> 00:06:49,654 Speaker 3: I bought my first apartment in my twenties. I was 122 00:06:49,894 --> 00:06:53,094 Speaker 3: lucky enough at that stage to be able to afford 123 00:06:53,094 --> 00:06:54,974 Speaker 3: an apartment. I have to say that's about twenty years 124 00:06:54,974 --> 00:06:58,174 Speaker 3: ago now, and since then have bought and sold a few, 125 00:06:58,414 --> 00:06:59,654 Speaker 3: lived in a few, both as. 126 00:06:59,534 --> 00:07:01,054 Speaker 2: A tenant and as an owner. 127 00:07:01,494 --> 00:07:04,254 Speaker 3: And the apartment that I currently own I bought together 128 00:07:04,294 --> 00:07:07,414 Speaker 3: with my husband about six years ago and it is 129 00:07:07,574 --> 00:07:09,374 Speaker 3: in Bondai Junction in Sydney. 130 00:07:09,654 --> 00:07:14,494 Speaker 1: Perfect great location. Apartment living's pretty popular around Bonde, isn't. 131 00:07:14,254 --> 00:07:16,694 Speaker 3: It It is and it was all about the location 132 00:07:16,814 --> 00:07:19,414 Speaker 3: when we decided to move to an apartment. It is 133 00:07:19,454 --> 00:07:22,614 Speaker 3: a three bedroom apartment and our little boy was six 134 00:07:22,734 --> 00:07:25,614 Speaker 3: years old when we moved in, so we really enjoyed 135 00:07:25,654 --> 00:07:28,414 Speaker 3: having that extra space right across the road from a 136 00:07:28,494 --> 00:07:33,854 Speaker 3: park close to that awesome westfield, lots of ease of 137 00:07:33,934 --> 00:07:37,974 Speaker 3: access to transport and great people, great culture around. 138 00:07:38,014 --> 00:07:39,854 Speaker 2: So we've really loved being in that area. 139 00:07:40,534 --> 00:07:44,374 Speaker 1: What happened though for you as an apartment owner when 140 00:07:44,374 --> 00:07:47,454 Speaker 1: you found out that there were some major repairs required 141 00:07:47,694 --> 00:07:50,014 Speaker 1: on the apartment that you owned at the time. Can 142 00:07:50,054 --> 00:07:52,894 Speaker 1: you talk us through how you found out, how much 143 00:07:52,974 --> 00:07:56,134 Speaker 1: you had to pay to go towards those repairs, and 144 00:07:56,294 --> 00:07:57,774 Speaker 1: what you learned from that experience. 145 00:07:58,454 --> 00:07:58,734 Speaker 2: Yeah. 146 00:07:58,774 --> 00:08:02,334 Speaker 3: So the building that we brought into was about forty 147 00:08:02,374 --> 00:08:06,174 Speaker 3: odd years old, and when I'm looking to buy into 148 00:08:06,174 --> 00:08:09,374 Speaker 3: an apartment building, I do look for those older buildings 149 00:08:09,694 --> 00:08:13,694 Speaker 3: with the idea that they're passed that early stage where 150 00:08:13,694 --> 00:08:16,814 Speaker 3: they might be building defects from the developer or the 151 00:08:16,854 --> 00:08:21,134 Speaker 3: original builder doing a dodgy job. So buying into an 152 00:08:21,134 --> 00:08:25,494 Speaker 3: older building generally considered quite safe. However, when you're getting 153 00:08:25,534 --> 00:08:28,934 Speaker 3: to that age thirty forty years and not a lot 154 00:08:28,974 --> 00:08:31,334 Speaker 3: of maintenance has been done on the building, you can 155 00:08:31,774 --> 00:08:37,294 Speaker 3: run into unexpected expenses. So for our building, it needed 156 00:08:37,374 --> 00:08:41,694 Speaker 3: a new waterproof membrane on the roof to stop water 157 00:08:41,934 --> 00:08:47,094 Speaker 3: coming into the top floor. Really important, really expensive. So 158 00:08:47,614 --> 00:08:51,654 Speaker 3: that has been about a two million dollar job, and 159 00:08:52,134 --> 00:08:56,134 Speaker 3: each owner in the building has had to contribute, roughly speaking, 160 00:08:56,414 --> 00:08:59,414 Speaker 3: forty to fifty thousand dollars each and that is something 161 00:08:59,934 --> 00:09:03,334 Speaker 3: that many owners buying into that building were not aware 162 00:09:03,334 --> 00:09:06,054 Speaker 3: of at the time they bought and were not prepared for. 163 00:09:06,854 --> 00:09:09,814 Speaker 1: Was there anything you could have done that might have 164 00:09:10,414 --> 00:09:13,494 Speaker 1: exposed that before you bought? Was there any building inspection 165 00:09:13,574 --> 00:09:14,934 Speaker 1: possible that would have shown that up? 166 00:09:15,574 --> 00:09:15,814 Speaker 2: Yes. 167 00:09:16,134 --> 00:09:18,214 Speaker 3: The inspection to do is to have a look at 168 00:09:18,294 --> 00:09:22,014 Speaker 3: the records that are held by the strata manager. So 169 00:09:22,094 --> 00:09:26,454 Speaker 3: these are the owners corporations or the body corporates books 170 00:09:26,494 --> 00:09:27,014 Speaker 3: and records. 171 00:09:27,054 --> 00:09:29,174 Speaker 2: They belong to the building, and. 172 00:09:29,134 --> 00:09:34,694 Speaker 3: They will often include things like engineers reports, builders, investigations 173 00:09:34,774 --> 00:09:39,654 Speaker 3: that the committee has arranged to take place, reports about 174 00:09:39,654 --> 00:09:42,814 Speaker 3: water leaks from residents. You might see an email from 175 00:09:42,894 --> 00:09:45,414 Speaker 3: the resident in that top floor unit saying, Hey, this 176 00:09:45,454 --> 00:09:47,174 Speaker 3: has been going on for a few months now, I'm 177 00:09:47,214 --> 00:09:49,334 Speaker 3: starting to get mold. There's something wrong with the roof. 178 00:09:49,734 --> 00:09:52,094 Speaker 3: Is there anything that's going to be done to fix this? 179 00:09:52,374 --> 00:09:54,854 Speaker 3: So if you kind of know what you're looking for 180 00:09:55,054 --> 00:09:58,454 Speaker 3: when you're looking at those strata books and records, then 181 00:09:58,814 --> 00:10:00,974 Speaker 3: you can go in with your eyes open and be aware, 182 00:10:01,574 --> 00:10:04,094 Speaker 3: looks like some major repair work will need to be done. 183 00:10:04,454 --> 00:10:06,734 Speaker 2: What's the cost of that looking like, and what might 184 00:10:06,814 --> 00:10:08,134 Speaker 2: my contribution be? 185 00:10:10,494 --> 00:10:12,734 Speaker 1: So how do you avoid finding yourself in the position 186 00:10:12,854 --> 00:10:15,934 Speaker 1: the apartment owners we've spoken about have and what should 187 00:10:15,974 --> 00:10:18,134 Speaker 1: you know about the fees you could expect to pay 188 00:10:18,494 --> 00:10:20,774 Speaker 1: all the things you can and cannot do in an 189 00:10:20,814 --> 00:10:24,694 Speaker 1: apartment compared to owning a house. Not only is Amanda 190 00:10:24,734 --> 00:10:29,014 Speaker 1: an apartment owner, she's also a strata lawyer. Amanda, let's 191 00:10:29,054 --> 00:10:31,334 Speaker 1: look at the pros and cons of owning an apartment. 192 00:10:31,534 --> 00:10:34,534 Speaker 1: I guess the first lure of apartment or unit living 193 00:10:34,694 --> 00:10:37,494 Speaker 1: is the price. It's often a lot more affordable, depending 194 00:10:37,494 --> 00:10:39,094 Speaker 1: on the location, than a house, right. 195 00:10:39,454 --> 00:10:43,574 Speaker 3: Yeah, I do think affordability is the number one positive 196 00:10:43,694 --> 00:10:46,774 Speaker 3: and the reason why people are looking at apartments before 197 00:10:46,774 --> 00:10:48,214 Speaker 3: they're looking at houses. 198 00:10:48,294 --> 00:10:48,374 Speaker 2: Now. 199 00:10:48,454 --> 00:10:51,854 Speaker 3: Of course, that differs in different parts of the country, 200 00:10:52,334 --> 00:10:54,974 Speaker 3: and if you're looking at some parts of our big cities, 201 00:10:55,214 --> 00:10:57,774 Speaker 3: we're seeing very expensive apartments. 202 00:10:57,894 --> 00:11:00,974 Speaker 2: But absolutely that location piece is key. 203 00:11:01,094 --> 00:11:06,014 Speaker 3: People are wanting to live close to transport, close to amenities. 204 00:11:06,494 --> 00:11:09,014 Speaker 3: Our cities are growing up, they are not growing out, 205 00:11:09,254 --> 00:11:12,294 Speaker 3: so there are plenty more apartments than there are houses 206 00:11:12,294 --> 00:11:15,774 Speaker 3: in these areas, and that is certainly making those properties 207 00:11:15,854 --> 00:11:16,614 Speaker 3: more affordable. 208 00:11:16,734 --> 00:11:18,814 Speaker 2: But there's a lot of other great reasons to buy 209 00:11:18,814 --> 00:11:19,774 Speaker 2: an apartment as well. 210 00:11:20,374 --> 00:11:22,014 Speaker 1: Well, let's have a look at one of those reasons. 211 00:11:22,014 --> 00:11:24,414 Speaker 1: One is that you will have to pay fees to 212 00:11:25,334 --> 00:11:28,854 Speaker 1: the body corporate whoever's running your apartment building. But that 213 00:11:28,974 --> 00:11:31,094 Speaker 1: means they take care of most of the repairs and maintenance. 214 00:11:31,214 --> 00:11:34,334 Speaker 2: Right, that's it worry free living. 215 00:11:34,414 --> 00:11:37,174 Speaker 3: You don't have to be spending in your weekends doing 216 00:11:37,174 --> 00:11:41,334 Speaker 3: the back garden, mowing the lawn, painting the outside of 217 00:11:41,374 --> 00:11:43,414 Speaker 3: the house. All of those things that you might do 218 00:11:43,534 --> 00:11:45,374 Speaker 3: or you might have to pay somebody to do if 219 00:11:45,414 --> 00:11:47,974 Speaker 3: you live in a house, they are generally covered by 220 00:11:48,334 --> 00:11:50,694 Speaker 3: the body corporate. You can put your rubbish in the 221 00:11:50,734 --> 00:11:52,694 Speaker 3: bin room and not worry about it. If you're lucky 222 00:11:52,774 --> 00:11:55,014 Speaker 3: enough to have a garbage shoot, as we are in 223 00:11:55,054 --> 00:11:57,654 Speaker 3: our building, you can just step outside your front door 224 00:11:57,654 --> 00:11:58,894 Speaker 3: and throw your rubbish down the chute. 225 00:11:58,934 --> 00:11:59,414 Speaker 2: That's great. 226 00:11:59,774 --> 00:12:02,614 Speaker 3: Having a cleaner around to clean those common areas, having 227 00:12:02,654 --> 00:12:06,894 Speaker 3: secure parking, all of these things that can make living 228 00:12:07,054 --> 00:12:10,054 Speaker 3: in a city especially much more enjoyable. You get a 229 00:12:10,094 --> 00:12:12,934 Speaker 3: lot of that with apartment living for what feels like 230 00:12:13,334 --> 00:12:14,614 Speaker 3: no extra cost. 231 00:12:14,974 --> 00:12:18,894 Speaker 1: Security is another big one, right because with the population 232 00:12:19,054 --> 00:12:21,414 Speaker 1: growth the way it is, with less people getting married, 233 00:12:21,454 --> 00:12:24,134 Speaker 1: with the less people having children, there's a lot of 234 00:12:24,334 --> 00:12:28,014 Speaker 1: single houses or couples in houses, and it's nice to 235 00:12:28,094 --> 00:12:30,814 Speaker 1: know that without that sort of extended village around you, 236 00:12:30,894 --> 00:12:34,374 Speaker 1: maybe like having the security of swipe cards to get 237 00:12:34,374 --> 00:12:37,494 Speaker 1: you into the building and security cameras. It's peace of 238 00:12:37,534 --> 00:12:39,654 Speaker 1: mind for people who might be doing it alone. 239 00:12:40,294 --> 00:12:42,534 Speaker 3: So true, and in some buildings there is an on 240 00:12:42,694 --> 00:12:46,894 Speaker 3: site building manager or in our more luxurious buildings, of 241 00:12:47,014 --> 00:12:51,974 Speaker 3: concierge who's there to receive your packages as well. Definitely, 242 00:12:52,014 --> 00:12:56,854 Speaker 3: that lock up and leave lifestyle is attractive to professionals 243 00:12:56,894 --> 00:13:02,334 Speaker 3: who are traveling, to retirees who are going away on cruisers. 244 00:13:02,494 --> 00:13:03,774 Speaker 2: To be able to just shut that. 245 00:13:03,774 --> 00:13:06,174 Speaker 3: Door, know that if something goes wrong, you've got neighbors 246 00:13:06,174 --> 00:13:07,694 Speaker 3: you can call on, you can leave the key with, 247 00:13:08,214 --> 00:13:10,894 Speaker 3: who can check in. That is definitely one of the 248 00:13:10,934 --> 00:13:13,294 Speaker 3: big positives for apartment living as well. 249 00:13:13,454 --> 00:13:16,214 Speaker 1: Let's have a little look at some cons for a second, 250 00:13:16,294 --> 00:13:18,774 Speaker 1: because we mentioned you pay those body corporate fees and 251 00:13:18,814 --> 00:13:21,174 Speaker 1: they take care of repairs and maintenance. But the thing 252 00:13:21,334 --> 00:13:24,054 Speaker 1: is you still have to pay fees, which you don't 253 00:13:24,134 --> 00:13:26,294 Speaker 1: have to do when you own a house, and I'm 254 00:13:26,294 --> 00:13:30,134 Speaker 1: guessing those fees will increase with the more facilities that 255 00:13:30,174 --> 00:13:32,454 Speaker 1: you might have access to, say, if your apartment building 256 00:13:32,454 --> 00:13:34,254 Speaker 1: has a pool or a gym or any of those 257 00:13:34,374 --> 00:13:37,054 Speaker 1: kinds of things, you might be paying some pretty steep fees. 258 00:13:37,774 --> 00:13:38,734 Speaker 2: Yeah, it's true. 259 00:13:38,934 --> 00:13:42,654 Speaker 3: We call those fees levees, and it's important that anyone 260 00:13:42,694 --> 00:13:46,214 Speaker 3: buying into an apartment understands that there will be regular 261 00:13:46,414 --> 00:13:49,734 Speaker 3: levies payable, usually on a quarterly basis. So that's going 262 00:13:49,774 --> 00:13:53,174 Speaker 3: to be in addition to your council rates and to your. 263 00:13:53,014 --> 00:13:54,894 Speaker 2: Water and your electricity bills. 264 00:13:55,174 --> 00:13:57,894 Speaker 3: And if you're in a building with those great amenities, 265 00:13:57,934 --> 00:14:00,534 Speaker 3: as you say, a gym, a pool, a billing manager, 266 00:14:01,134 --> 00:14:04,414 Speaker 3: then yes, often the levees per quarter are going to 267 00:14:04,414 --> 00:14:06,894 Speaker 3: be a little bit higher. But those are the kind 268 00:14:06,934 --> 00:14:10,054 Speaker 3: of expenses that you can probably be a cross be 269 00:14:10,134 --> 00:14:11,734 Speaker 3: aware of ahead of time. 270 00:14:12,134 --> 00:14:15,894 Speaker 2: Where we see apartment purchases run into trouble is when 271 00:14:16,134 --> 00:14:20,814 Speaker 2: they hit unexpected expenses. So this is where my earlier example, 272 00:14:21,094 --> 00:14:24,574 Speaker 2: the roof is leaking. Theccordingly levies are generally not going 273 00:14:24,614 --> 00:14:25,134 Speaker 2: to cover that. 274 00:14:25,494 --> 00:14:27,774 Speaker 1: The thing about owning an apartment as opposed to buying 275 00:14:27,774 --> 00:14:31,054 Speaker 1: a house is that you don't own the land that 276 00:14:31,254 --> 00:14:33,694 Speaker 1: your apartment sits on the way that you would a house. 277 00:14:33,734 --> 00:14:35,614 Speaker 1: And a lot of capital growth from people who are 278 00:14:35,894 --> 00:14:39,854 Speaker 1: investing in property comes from the increase in the land. 279 00:14:40,854 --> 00:14:43,694 Speaker 1: Is an apartment still a good investment when you look 280 00:14:43,734 --> 00:14:44,974 Speaker 1: at it from a land perspective. 281 00:14:45,334 --> 00:14:46,774 Speaker 2: Yeah, it's a really good question. 282 00:14:46,894 --> 00:14:49,374 Speaker 3: I think again, we come back to that location piece, 283 00:14:49,614 --> 00:14:52,134 Speaker 3: and where is it that people are wanting to live 284 00:14:52,454 --> 00:14:55,214 Speaker 3: and what does the apartment. 285 00:14:54,774 --> 00:14:56,774 Speaker 2: Supply look like in that area. 286 00:14:56,934 --> 00:14:58,974 Speaker 3: When you're buying into an area with lots and lots 287 00:14:59,014 --> 00:15:02,654 Speaker 3: of cookie cutter apartments that all look the same, you're 288 00:15:02,654 --> 00:15:05,774 Speaker 3: probably not going to see that capital growth. If you're 289 00:15:05,774 --> 00:15:09,094 Speaker 3: buying into a more established area where you've got some 290 00:15:09,174 --> 00:15:11,534 Speaker 3: older buildings and not a lot of room for more 291 00:15:11,574 --> 00:15:14,334 Speaker 3: buildings to go up, then you may see that capital growth. 292 00:15:14,774 --> 00:15:17,894 Speaker 3: The data coming out of our big cities is that 293 00:15:18,134 --> 00:15:21,974 Speaker 3: investors buying into strata often the rental yield is higher 294 00:15:22,134 --> 00:15:24,254 Speaker 3: than what you're seeing in our free standing homes. 295 00:15:24,934 --> 00:15:27,574 Speaker 1: I guess with laws changing around the country around this 296 00:15:27,694 --> 00:15:31,054 Speaker 1: kind of thing, people do want to understand more about 297 00:15:31,254 --> 00:15:34,254 Speaker 1: being able to have a pet in an apartment complex, 298 00:15:34,294 --> 00:15:37,774 Speaker 1: because it does change people's lives to have that company, 299 00:15:37,854 --> 00:15:40,494 Speaker 1: especially if they're living by themselves. But sometimes it can 300 00:15:40,534 --> 00:15:43,054 Speaker 1: be quite restrictive. What do you need to do if 301 00:15:43,054 --> 00:15:45,374 Speaker 1: you have a pet and you're looking at buying an apartment. 302 00:15:45,694 --> 00:15:49,854 Speaker 3: It's really important to look at the by laws or 303 00:15:50,014 --> 00:15:53,734 Speaker 3: often called the rules as well for a strata building 304 00:15:53,934 --> 00:15:57,574 Speaker 3: to check what the position is on pets. In most 305 00:15:57,574 --> 00:16:01,894 Speaker 3: states of the country now it is very hard for 306 00:16:02,174 --> 00:16:05,654 Speaker 3: strata buildings to ban residents from keeping pets, which I 307 00:16:05,654 --> 00:16:08,054 Speaker 3: think is a great thing, But there is usually an 308 00:16:08,094 --> 00:16:11,734 Speaker 3: application process that you'll have to go through to get approval, 309 00:16:11,934 --> 00:16:13,934 Speaker 3: and you want to make sure that you're ticking all 310 00:16:13,934 --> 00:16:15,654 Speaker 3: those boxes that might be set out. 311 00:16:15,894 --> 00:16:18,294 Speaker 1: What other things do you find residents struggle with because 312 00:16:18,334 --> 00:16:22,134 Speaker 1: you are looking at having a relationship as sorts with 313 00:16:22,214 --> 00:16:24,294 Speaker 1: a whole bunch of other people who you are sharing 314 00:16:24,294 --> 00:16:26,934 Speaker 1: this property with. What are some other than car parking 315 00:16:26,934 --> 00:16:28,294 Speaker 1: common disputes that might arise. 316 00:16:28,934 --> 00:16:33,814 Speaker 3: The biggest mistake that I see apartment purchases making is 317 00:16:33,854 --> 00:16:37,974 Speaker 3: that they assume buying an apartment is just like buying 318 00:16:38,014 --> 00:16:42,014 Speaker 3: a little house. It is nothing like buying a house. 319 00:16:42,134 --> 00:16:44,654 Speaker 3: When you buy into an apartment community, as you say, Claire, 320 00:16:45,094 --> 00:16:49,534 Speaker 3: you are sharing space with other people. You are buying 321 00:16:49,574 --> 00:16:55,654 Speaker 3: into a democratic process. Your neighbors can make decisions about. 322 00:16:55,374 --> 00:16:57,454 Speaker 2: The way you use your property. 323 00:16:57,574 --> 00:17:00,974 Speaker 3: So if you want to renovate the bathroom, for example, 324 00:17:01,094 --> 00:17:03,534 Speaker 3: or the kitchen, you want to add some value. Once 325 00:17:03,654 --> 00:17:07,054 Speaker 3: you've bought in, you generally need to get permission from 326 00:17:07,174 --> 00:17:09,974 Speaker 3: the body corporate and it is possible that you're neighbors 327 00:17:10,014 --> 00:17:12,214 Speaker 3: will go to a meeting and they will vote on 328 00:17:12,254 --> 00:17:14,534 Speaker 3: whether or not you should be allowed to renovate your bathroom, 329 00:17:14,574 --> 00:17:16,774 Speaker 3: and they might say no, or that you can't do 330 00:17:16,814 --> 00:17:18,934 Speaker 3: it at certain times, or you have to do it 331 00:17:18,974 --> 00:17:20,854 Speaker 3: in a certain way, and that can come as a 332 00:17:20,894 --> 00:17:21,614 Speaker 3: real surprise. 333 00:17:24,294 --> 00:17:27,414 Speaker 1: The Australian buying season is now just two months away. 334 00:17:27,454 --> 00:17:30,334 Speaker 1: With the clear weather making for better curb appeal and 335 00:17:30,374 --> 00:17:33,254 Speaker 1: the garden in full bloom, real estate agents will be 336 00:17:33,294 --> 00:17:35,814 Speaker 1: making the most and holding options when the threat of 337 00:17:35,814 --> 00:17:38,814 Speaker 1: freezing rain or chili wins thin the crowd out. But 338 00:17:38,894 --> 00:17:41,494 Speaker 1: if an apartment is in your sits now that you're 339 00:17:41,534 --> 00:17:44,934 Speaker 1: better prepared for it. Amanda says, once you're in, get 340 00:17:44,974 --> 00:17:47,294 Speaker 1: involved and maximize the experience. 341 00:17:47,454 --> 00:17:49,574 Speaker 3: As much as I deal with conflict day to day 342 00:17:49,574 --> 00:17:54,094 Speaker 3: and apartment buildings, ninety percent of apartment communities are operating really, 343 00:17:54,134 --> 00:17:57,974 Speaker 3: really well. My advice is be engaged in the community, 344 00:17:58,254 --> 00:18:03,374 Speaker 3: join the Strata committee, go to your general meetings. This 345 00:18:03,654 --> 00:18:08,214 Speaker 3: is probably your biggest financial investment, so pay attention to it, 346 00:18:08,374 --> 00:18:12,374 Speaker 3: have your voice heard, and understand what's going on so 347 00:18:12,414 --> 00:18:15,414 Speaker 3: that you can join in the process of making that 348 00:18:15,494 --> 00:18:16,974 Speaker 3: community the best it can be. 349 00:18:20,414 --> 00:18:22,374 Speaker 1: Thanks for taking some time to feed your mind with 350 00:18:22,454 --> 00:18:24,374 Speaker 1: us today. If there's a new story you'd like us 351 00:18:24,414 --> 00:18:27,094 Speaker 1: to investigate for you, hit us up on socials. You 352 00:18:27,094 --> 00:18:29,894 Speaker 1: can find us on Instagram, threads, and Facebook, or you 353 00:18:29,934 --> 00:18:32,374 Speaker 1: can send us an email The Quiki at mammamea dot 354 00:18:32,414 --> 00:18:35,334 Speaker 1: com dot au. The Quiki is produced by me Claire 355 00:18:35,414 --> 00:18:39,054 Speaker 1: Murphy and our senior producer, Taylorstrano, with audio production by 356 00:18:39,094 --> 00:18:39,654 Speaker 1: Tom Lyon.