Bill Debney, managing director with Strata Finance estimates that about $3bn worth of repair works are needed in New South Wales alone.
"These figures are of real concern," he said. "Extrapolated across to Australia, we could be looking at a $10bn problem."
Debney believes this backlog would have a detrimental impact on the value of these properties. "Poorly maintained strata buildings fall in value. The owners, most of whom are in the 'mums and dads' category, rather than investment company group, lose money and prospective buyers are put off. At the community level, it leads to a failure in confidence in the multi-dwelling apartment sector," he said.
An estimated two million people are currently living in Australia's one million strata scheme units.
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