It has been almost one year since residents were evacuated from their homes at Opal Tower due to cracks appearing in the walls of the building.
Owners have been feeling the final stress of owning an apartment in the Opal Tower. Not only are the rectification costs causing financial stress, but Owners are fearful that as the building defects have been so publicised, they will struggle to sell.
For one owner their 2014 investment has paid off, their lot has reportedly sold for $950,000. The sale price was $158,000 more than the lot was originally purchased for in 2014 as an off-the-plan sale.
The apartment was located on the 10th floor of the building, one of the most affected levels.
The builder of Opal Towers purchased the apartment. The purchase of the apartment appears to be a one-off sale from the builder. The solicitor declined to comment on the reasoning behind the sale. It is speculated that they purchased the apartment due to the builder needing ongoing access to the building.
The $950,000 sale was the first apartment to sell at Opal Towers since the evacuation last year.
As more apartments begin to sell in buildings that have been highlighted by the media as having building defects, we anticipate that buyer confidence will begin to be restored.
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