When the oldest standing apartment block in Sydney was built in 1904, life expectancy was just 57 years.
If like me, you were born in the 1962, the year the controversial Blues Point Towers at Milsons Point was built, your life expectancy is 71. Yes, we only have 23 to go.
People born in Australia this year the CIA tell us will live until they are 81.81 years – just why the CIA can tell us this and our own Government can’t is perhaps the subject of another blog.
In extending our life expectancy, we must be doing something right. The question for the strata industry is this; what are we doing about extending the life expectancy of our strata titled buildings?
The answer is; ‘not much’. City Futures research shows despite laws for compulsory replacement plan studies, only 37 % of strata buildings in Sydney are using specialist consultants to estimate the cost. Less than 2 % are using finance to renew their buildings and the rest are striking special levies or doing nothing.
The trouble with using finance and special levies to do major works rather than progressive savings is that when the time comes, it’s just too hard. It’s like doing your first exercise class when you are 78. So if we want to make our apartments last as long as we do, it’s time to get moving.
Click here for a full copy of my latest presentation, ‘How to Make Your Apartments Last as Long as You Do’